恒生指数周四下跌63点，跌幅0.2%，收于26283点，扭转了早盘涨势，标志着第二个交易日下跌。鉴于过去的谈判最初显示出了希望，但后来出现了动摇，市场质疑特朗普总统和Xi会晤后可能达成的美中贸易协议是否会持续，市场情绪变得谨慎。特朗普表示，美国将很快将中国的芬太尼关税降至10%，而北京的稀土出口限制将暂停一年，但交易员仍对该协议的持久性持谨慎态度。在中国10月PMI数据和香港第三季度GDP报告发布之前，谨慎也有所增加。美联储今年第二次降息后，美国期货涨跌互现，这表明进一步宽松政策没有保证。大多数行业以房地产和科技股领跌。Techtronic Industries下跌（-5.0%），紧随其后的是Sunny Optical Tech（-4.8%）、Prada Spa（-4.3%）、Trip.com（-3.4%）和Henderson Land Development（-2.6%）。

The Hang Seng fell 63 points, or 0.2%, to close at 26,283 on Thursday, reversing early gains and marking the second session of declines. Sentiment turned cautious as markets questioned whether the potential U.S.-China trade deal following a meeting between President Trump and Xi Jinping would hold, given past negotiations that initially showed promise but later faltered. Trump said the U.S. will soon cut China’s fentanyl tariffs to 10%, while Beijing’s rare earth export curbs will be suspended for one year, but traders remained wary about the deal’s durability. Caution also grew ahead of China’s October PMI readings and Hong Kong’s Q3 GDP report. U.S. futures were mixed after the Fed’s second rate cut of the year, which signaled that further easing is not guaranteed. Most sectors ended in the red, led by property and technology. Techtronic Industries slipped (-5.0%), followed by Sunny Optical Tech (-4.8%), Prada Spa (-4.3%), Trip.com (-3.4%), and Henderson Land Development (-2.6%).

香港股市周四早盘上涨145点，涨幅0.6%，至26487点，扭转了前一交易日的小幅下跌，周三假期后交易恢复。金融和消费板块领涨，受美联储降息25个基点后美国期货小幅上涨的支撑，而香港金融管理局也反映了这一行动，将借贷成本降至2022年11月以来的最低水平。在贸易方面，经过数月的紧张局势，美国总统特朗普和中国领导人Xi今天准备在韩国正式宣布贸易和关税休战。然而，在中国10月PMI数据和香港第三季度GDP报告发布之前，进一步的增长受到限制。与此同时，美联储鲍威尔表示，进一步降息并非板上钉钉。早期投资者包括黄金矿商紫金黄金国际（5.3%）和招金矿业（3.3%），以及重量级的腾讯控股。（1.6%）、美团（1.1%）和中国虹桥集团（6.3%）。

Hong Kong stocks rose 145 points, or 0.6%, to 26,487 on Thursday morning trade, reversing modest losses from the previous session as trading resumed after Wednesday’s holiday. Gains were mainly led by financial and consumer sectors, supported by slight rises in U.S. futures following the Fed’s 25bps rate cut, while the ong Kong Monetary Authority mirrored the action, bringing borrowing costs to the lowest level since November 2022. On the trade front, U.S. President Trump and Chinese leader Xi Jinping are poised to formalize a trade and tariff truce today in South Korea after months of tensions. However, further advances were capped ahead of China’s October PMI readings and Hong Kong’s third-quarter GDP report. Meanwhile, Fed Powell signaled that a further rate cut is not a foregone conclusion. Early movers included gold miners Zijin Gold Intl. (5.3%) and Zhaojin Mining (3.3%), alongside heavyweight Tencent Holdings. (1.6%), Meituan (1.1%), and China Hongqiao Group (6.3%).

继美联储采取类似举措后，香港金融管理局（金管局）于10月30日将基准利率下调25个基点至4.25%，这是自2022年11月以来的最低水平。这是金管局继9月份降息25个基点后，今年第二次降息。通过隔夜贴现窗口应用的基准利率突显了香港与美国的政策一致性，因为香港的货币仍与美元紧密挂钩。此举是在香港公布第三季度GDP数据之前做出的。第二季度，在出口强劲和国内需求改善的支撑下，经济同比增长3.1%。然而，政府警告称，持续的贸易政策不确定性可能会对投资和跨境贸易造成压力。

The Hong Kong Monetary Authority (HKMA) cut its base rate by 25 basis points to 4.25% on October 30, following a similar move by the U.S. Federal Reserve and marking the lowest level since November 2022. It was the HKMA’s second rate reduction this year, after a 25-basis-point cut in September. The base rate, applied through the overnight discount window, underscores Hong Kong’s policy alignment with the U.S., as the city’s currency remains tightly pegged to the U.S. dollar. The move came ahead of the release of Hong Kong’s third-quarter GDP data. In the second quarter, the economy expanded 3.1% year-on-year, supported by strong exports and improving domestic demand. However, the government cautioned that persistent trade policy uncertainty could weigh on investment and cross-border trade.

恒生指数周二下跌87点，跌幅0.3%，收于26346点，扭转了连续三个交易日的涨势，因为美国期货在周一反弹后指向华尔街开盘走低。大陆股市在连续六个交易日走强后也有所回落，从10月官方采购经理人指数公布前的十年高点回落，同时人们对最近美中贸易紧张局势缓解的持久性越来越怀疑。香港消费和科技板块拖累该指数，紫金黄金国际（-4.5%）、安踏体育（-4.2%）、中国宏桥集团（-3.7%）和小米公司（-2.3%）大幅下跌。中国人民银行行长潘功胜的讲话缓和了跌势，他表示，政策制定者将保持支持性的货币政策立场，并实施适度宽松的措施。另外，北京计划放宽投资者规则以吸引长期资本，中国证监会强调稳定和多元化是关键优先事项。

The Hang Seng fell 87 points, or 0.3%, to finish at 26,346 on Tuesday, reversing three consecutive sessions of gains as U.S. futures pointed to a lower open on Wall Street following Monday’s rally. Mainland stocks also eased after six straight sessions of strength, retreating from a decade high ahead of official October PMI data and amid growing doubts over the durability of the recent easing in U.S.-China trade tensions. Hong Kong's consumer and tech sectors weighed on the index, with steep losses from Zijin Gold Intl. (-4.5%), Anta Sports (-4.2%), China Hongqiao Group (-3.7%), and Xiaomi Corp. (-2.3%). Losses were tempered by remarks from People’s Bank of China Governor Pan Gongsheng, who said policymakers will maintain a supportive monetary policy stance and implement moderately loose measures. Separately, Beijing plans to ease investor rules to attract long-term capital, with the China Securities Regulatory Commission highlighting stability and diversification as key priorities.