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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.

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The Hang Seng fell 121 points or 0.5% to close at 25,497 on Tuesday, swinging from a 2% surge in the prior session amid a sharp drop in U.S. futures ahead of August’s jobs report and concerns over aggressive U.S. trade policy. Tech stocks led declines as traders took profits after a sharp rally in AI-related names. Property and consumer shares also slipped, mirroring a pullback in mainland equities following three days of gains. Losses were partly cushioned by upbeat August manufacturing growth in China, according to a private survey. Meanwhile, President Xi Jinping unveiled plans to speed up the creation of a development bank and an international energy cooperation platform at a summit with Russia and India, underscoring Beijing’s global ambitions. Locally, Hong Kong retail sales rose 1.0% yoy in July, rebounding from 0.3%. Among major laggards were Simcere Pharma (-7.6% on discounted share sale), SMIC (-4.2%), China Unicom (-4.6%), Kuaishou Tech (-2.7%), and HKEX (-2.3%).

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The Hang Seng fell 121 points or 0.5% to close at 25,497 on Tuesday, swinging from a 2% surge in the prior session amid a sharp drop in U.S. futures ahead of August’s jobs report and concerns over aggressive U.S. trade policy. Tech stocks led declines as traders took profits after a sharp rally in AI-related names. Property and consumer shares also slipped, mirroring a pullback in mainland equities following three days of gains. Losses were partly cushioned by upbeat August manufacturing growth in China, according to a private survey. Meanwhile, President Xi Jinping unveiled plans to speed up the creation of a development bank and an international energy cooperation platform at a summit with Russia and India, underscoring Beijing’s global ambitions. Locally, Hong Kong retail sales rose 1.0% yoy in July, rebounding from 0.3%. Among major laggards were Simcere Pharma (-7.6% on discounted share sale), SMIC (-4.2%), China Unicom (-4.6%), Kuaishou Tech (-2.7%), and HKEX (-2.3%).