The Hang Seng Index declined 0.1 per cent to 23,572.63 as of 10.45am local time, adding to a loss of 3.2 per cent since March 6. The Tech Index retreated 1 per cent. On the mainland, the CSI 300 Index was little changed, while the Shanghai Composite Index lost 0.2 per cent.
Sportswear brand Anta Sports slumped 2.3 per cent to HK$95.85, and peer Li Ning retreated 1.5 per cent to HK$17.48. E-commerce giant Alibaba Group Holding tumbled 2.6 per cent to HK$131.30, and short-video platform Kuaishou Technology plunged 2.7 per cent to HK$64.05.
Gains in Chinese car makers tempered losses, as Li Auto jumped 0.7 per cent to HK$113.10, peer BYD added 1.4 per cent to HK$359.80 and smartphone and electric car maker Xiaomi increased 0.4 per cent to HK$52.25. PC producer Lenovo Group advanced 0.3 per cent to HK$11.68.
US President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25 per cent tariffs on steel and aluminium, escalating fears of recession risk globally.
US economic policy was “driving uncertainty” with a flurry of tariffs and tariff threats escalating trade tensions, Moody’s economists including Stefan Angrick said in a report entitled “Global Economy On Unsteady Ground”. Markets were “rattled” and business and consumer confidence were deteriorating, they added.
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