周三，恒生指数下跌153点，跌幅0.6%，收于25343点，连续第二天下跌。由于对全球财政压力的担忧日益加剧，全球股市下跌。与此同时，道琼斯期货价格明显下跌，受到美国制造业连续第六个月下跌的压力。美国一家意见分歧的上诉法院裁定特朗普总统的大部分关税是非法的，这增加了不确定性，尽管这些措施将一直持续到10月14日，等待最高法院可能的上诉。在俄罗斯普京和朝鲜金正恩参加的中国阅兵式引发了国防相关股票的获利回吐后，所有行业都出现了亏损。在当地，香港监管机构启动了一项涉及港交所至少两名个人的内幕交易调查。私人调查数据显示，8月份中国服务业活动增长15个月来最多，这缓冲了损失。跌幅最大的包括恒基兆业地产（-3.7%）、太古地产（-3.2%）和比亚迪（-2.5%）。

The Hang Seng fell 153 points or 0.6% to end at 25,343 on Wednesday, slipping for the second day as global equities retreated due to growing concerns over fiscal strains worldwide. Meanwhile, Dow Jones futures were notably lower, pressured by the sixth straight monthly drop in U.S. manufacturing. Adding to uncertainty, a divided U.S. appeals court ruled most of President Trump’s tariffs illegal, though the measures will remain in place until October 14 pending a likely Supreme Court appeal. All sectors moved in the red after a military parade in China, attended by Russia’s Putin and North Korea’s Kim Jong Un, prompted a profit-taking in defense-related shares. Locally, Hong Kong regulators launched an insider trading probe involving at least two individuals at HKEX. Losses were cushioned by private survey data showing China’s services activity rose the most in 15 months during August. Major decliners included Henderson Land (-3.7%), Swire Properties (-3.2%), and BYD Co. (-2.5%).

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Equities in Hong Kong slipped 66 points or 0.3% to 25,438 in early trade on Wednesday, marking losses for the second consecutive session after a weak lead from Wall Street overnight, where investors weighed the outlook for President Donald Trump’s tariffs following a federal appeals court ruling that most of his sweeping measures were illegal. A further drop in mainland shares also dampened sentiment, even as a private survey showed China’s composite PMI rose to a 9-month high in August, pointing to a third straight month of private sector growth on broad-based gains in manufacturing and services. Property stocks led declines, with Swire Properties down 3.4%, followed by Henderson Land Development (-2.9%), and China Overseas Land (-0.9%). By contrast, tech and consumer names advanced as markets looked ahead to Chinese President Xi Jinping’s address at the country’s largest-ever military parade today, joined by Russia’s Vladimir Putin and North Korea’s Kim Jong Un.

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Equities in Hong Kong slipped 66 points or 0.3% to 25,438 in early trade on Wednesday, marking losses for the second consecutive session after a weak lead from Wall Street overnight, where investors weighed the outlook for President Donald Trump’s tariffs following a federal appeals court ruling that most of his sweeping measures were illegal. A further drop in mainland shares also dampened sentiment, even as a private survey showed China’s composite PMI rose to a 9-month high in August, pointing to a third straight month of private sector growth on broad-based gains in manufacturing and services. Property stocks led declines, with Swire Properties down 3.4%, followed by Henderson Land Development (-2.9%), and China Overseas Land (-0.9%). By contrast, tech and consumer names advanced as markets looked ahead to Chinese President Xi Jinping’s address at the country’s largest-ever military parade today, joined by Russia’s Vladimir Putin and North Korea’s Kim Jong Un.

标普全球香港特别行政区PMI从7月的49.2升至2025年8月的50.7，标志着私营部门商业状况七个月来首次扩张，尽管幅度不大。这一增长反映了产出的再次增长，这是五个月来的首次，也是自2024年11月以来的最大增幅，这得益于国内需求的相对稳定。然而，来自国际市场和中国大陆的新订单继续大幅下降，受到美国关税上调和全球环境疲软的拖累。与此同时，就业人数略有增长，结束了三个月的失业，而采购活动则以较温和的速度收缩。在价格方面，在原材料和工资压力的推动下，投入成本进一步上升，尽管公司保持销售价格大致不变以维持需求。尽管经济温和复苏，但对未来一年前景的看法仍然是负面的，对全球贸易和经济逆风的担忧依然存在。

The S&P Global Hong Kong SAR PMI rose to 50.7 in August 2025 from 49.2 in July, signaling the first expansion in private sector business conditions in seven months, albeit marginal. The growth reflected a renewed rise in output, the first in five months and the sharpest since November 2024, supported by a relative stabilization of domestic demand. However, new orders from international markets and Mainland China continued to decline sharply, weighed down by higher US tariffs and subdued global conditions. Meanwhile, employment grew slightly, ending three months of job losses, while purchasing activity contracted at a softer pace. In terms of prices, input costs increased further, driven by raw material and wage pressures, though firms kept selling prices broadly unchanged to sustain demand. Despite the modest recovery, sentiment towards the year-ahead outlook remained firmly negative, with concerns over global trade and economic headwinds persisting.