周五，恒生指数上涨111点，涨幅0.5%，收于24140点，在内地股市看涨的势头下连续第二次上涨，因为人们越来越希望北京方面采取政策应对通货紧缩风险。周表现为0.9%，从之前的下跌中反弹。这得到了中国新的就业措施的支持，其中包括增加失业保险退款和对面临劳动力成本的企业的援助。然而，当天晚些时候，由于特朗普总统对欧洲和加拿大的关税威胁，美国期货大幅下跌，涨幅有所回落。本周早些时候，特朗普将7月9日的最后期限推迟到8月1日，但对铜征收50%的关税，并扩大了关税战。与此同时，在定于周六公布的中国6月贸易数据和下周发布的主要数据（包括6月经济活动数据和第二季度GDP）之前，交易员表现出谨慎。涨幅最大的包括无锡生物制品（4.1%）、香港交易所（3.4%）、友邦保险集团（2.8%）、中芯国际（2.6%）和美团（2.3%）。

The Hang Seng rose 111 points or 0.5% to finish at 24,140 on Friday, marking its second straight gain amid a bullish momentum in mainland stocks as hopes grew for a policy response from Beijing to address deflation risks. Weekly performance stood at 0.9%, bouncing back from previous losses. This was supported by China’s new employment measures, which include increased unemployment insurance refunds and aid for firms facing labor costs. However, gains were trimmed later in the day after U.S. futures slipped sharply following President Trump’s tariff threats against Europe and Canada. Earlier in the week, Trump delayed his July 9 deadline to August 1 but imposed a 50% tariff on copper and broadened his tariff war. Meantime, traders showed caution ahead of China’s June trade data, set to be due Saturday, and major releases next week, including June activity readings and Q2 GDP. Top movers included Wuxi Biologics (4.1%), HKEX (3.4%), AIA Group (2.8%), SMIC (2.6%), and Meituan (2.3%).

香港股市周五上午上涨424点，涨幅1.8%，至24454点，延续了前一交易日的涨幅，并创下两周新高。华尔街收盘时，标准普尔500指数和纳斯达克指数创下新高，创下历史新高。在6月份生产者价格指数出现近两年来最大跌幅后，人们对中国更加协调的政策反应也越来越乐观。所有板块均上涨，科技股、金融股和消费类股领涨。本周迄今为止，市场上涨了约2%，从上一次的下跌中反弹。然而，在周六公布的中国6月贸易数据以及下周公布的6月经济活动和第二季度GDP的关键数据之前，市场的谨慎态度限制了进一步的上涨。与此同时，据报道，特朗普总统计划在8月1日宣布对加拿大进口商品征收35%的关税后，对大多数主要贸易伙伴征收15-20%的一揽子关税。领涨股包括无锡生物制品（3.9%）、商汤科技（3.3%）、友邦保险（2.9%）和美团（2.6%）。

Shares in Hong Kong jumped 424 points or 1.8% to 24,454 on Friday morning, extending gains from the prior session and hitting a two-week high. The uptrend tracked record closes on Wall Street, with the S&P 500 and Nasdaq reaching fresh highs. Optimism also mounted over a more coordinated policy response from China after June’s producer prices posted the steepest drop in nearly two years. All sectors climbed, led by tech, financials, and consumer stocks. The market is up about 2% so far this week, rebounding from losses in the previous one. However, further gains were capped by caution ahead of China’s June trade data due Saturday, along with next week’s key releases on June activity and second-quarter GDP. Meanwhile, President Trump reportedly plans to impose blanket tariffs of 15–20% on most major trade partners after announcing 35% tariffs on Canadian imports starting August 1. Leading gainers included Wuxi Biologics (3.9%), SenseTime Group 3.3%), AIA Group (2.9%), and Meituan 2.6%).

周四，恒生指数上涨136点，涨幅0.6%，收于24028点，部分从前一天的大幅下跌中恢复过来，金融和房地产股强劲上涨。在上个月中国生产者价格指数出现近两年来最大跌幅后，交易员们寻找政策支持的迹象。与此同时，6月份联邦公开市场委员会会议纪要显示，“大多数参与者”预计今年晚些时候降息是合适的，关税带来的任何通货膨胀都被视为“暂时或适度的”。市场基本上对美国总统特朗普的新关税威胁不屑一顾，分析师指出，投资者似乎对不断变化的言论越来越“麻木”。然而，在周末中国6月贸易数据公布之前，谨慎的态度限制了涨幅。排名靠前的包括KE-Hlds。（6.8%）、Smoore International（6.2%）、华润置地（4.5%）和中国海外发展（4.3%）。下跌方面，香港科技股小幅下跌，尽管纳斯达克综合指数收盘创下历史新高，英伟达创下历史最高纪录。

The Hang Seng rose 136 points or 0.6% to close at 24,028 on Thursday, partly recovering from a sharp drop the day before amid strong gains in financial and property stocks. Traders looked for signs of policy support after China’s producer prices last month shrank the most in near two years. Meanwhile, minutes from the June FOMC meeting showed that “most participants” expected rate cuts would be appropriate later this year, with any inflation from tariffs seen as “temporary or modest.” Markets largely brushed off fresh tariff threats from U.S. President Trump, with analysts noting investors appear increasingly “numb” to the shifting rhetoric. However, gains were capped by caution ahead of China’s June trade data due over the weekend. Top movers included KE Hlds. (6.8%), Smoore Intl. (6.2%), China Resources Land (4.5%), and China Overseas Land (4.3%). On the downside, Hong Kong's tech stocks fell slightly despite a record close on the Nasdaq Composite, where Nvidia hit an all-time high.

香港股市在周四的一个动荡交易日上涨44点，涨幅0.2%，至23937点，扭转了前一交易日的大幅下跌，主要来自金融和房地产。一夜之间，华尔街科技股上涨，提振了市场情绪。与此同时，美国总统特朗普再次向美联储施压，敦促降息至少30个百分点，以降低国债再融资成本。另外，6月份联邦公开市场委员会会议纪要显示，大多数官员认为今年晚些时候有可能降息，尽管决策将取决于经济数据和风险。在中国，消费者价格小幅上涨，但未能缓解通货紧缩的担忧，而在需求疲软和关税相关压力下，生产者价格指数出现了两年来的最大跌幅。然而，在中国将于周末公布的6月贸易数据公布之前，市场的谨慎态度限制了进一步的上涨。早期上涨股包括KE控股（4.4%）、中国海外发展（3.1%）、中通快递（2.8%）和中芯国际（1.6%）。

Hong Kong stocks increased 44 points or 0.2% to 23,937 in a volatile Thursday session, reversing a sharp decline in the prior session amid gains mainly from financials and property. A positive lead from Wall Street overnight, where tech stocks rallied, lifted sentiment. Meanwhile, U.S. President Trump renewed pressure on the Fed, urging a rate cut of at least 3ppts to ease national debt refinancing costs. Separately, minutes from the June FOMC meeting showed most officials saw a rate cut as likely later this year, though decisions would depend on economic data and risks. In China, consumer prices edged up slightly but failed to ease deflation worries, while producer prices posted their sharpest decline in two years amid weak demand and tariff-related pressures. However, further gains were limited by caution ahead of China’s June trade data, set to be released over the weekend. Among early gainers were KE Holdings (4.4%), China Overseas Land (3.1%), ZTO Express (2.8%), and SMIC (1.6%).