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The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China’s 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China’s economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).

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The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China’s 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China’s economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).

周三中午左右，香港股市暴跌536点，跌幅2.5%，至20934点，结束了连续六个交易日的上涨势头，在恒生指数本周早些时候创下两个月新高后，投资者获利回吐。美国期货也大幅下跌，反映了华尔街隔夜的下跌，此前英伟达股价因美国政府对向中国和其他市场出口H20 AI芯片实施新限制的消息而暴跌。恒生科技指数下跌超过4%，美团领跌7.0%，而腾讯控股和阿里巴巴集团分别下跌2.4%和1.5%。消费者、金融和房地产股也下跌，尽管在北京刺激措施的支持下，第一季度GDP增长强于预期，但面对中美贸易紧张局势加剧，人们对中国增长前景的担忧日益加剧。尽管如此，乐观的3月经济活动数据帮助限制了进一步的下行。电动汽车制造商大幅下跌，小鹏汽车下跌7.4%，其次是吉利汽车（-4.9%）和李汽车（-3.9%）。

Hong Kong stocks plunged 536 points or 2.5% to 20,934 around midday Wednesday, snapping a six-session winning streak as investors took profits after the Hang Seng hit a two-month high earlier this week. U.S. futures also dropped sharply, mirroring overnight losses on Wall Street, after Nvidia shares slumped on news that the U.S. government imposed new restrictions on H20 AI chip exports to China and other markets. The Hang Seng Tech Index sank over 4%, led by a 7.0% decline in Meituan, while Tencent Holdings and Alibaba Group slipped 2.4% and 1.5%, respectively. Consumer, financial, and property shares also declined amid growing concerns about China’s growth outlook in the face of rising trade tensions with the U.S., despite stronger-than-expected Q1 GDP growth supported by Beijing’s stimulus efforts. Still, upbeat March activity data helped limit further downside. Electric vehicle makers posted sharp losses, with Xpeng down 7.4%, followed by Geely Auto (-4.9%) and Li Auto (-3.9%).

恒生指数周二上涨49点，涨幅0.23%，收于21466点，连续第六个交易日上涨，并保持在两个月高点。美国对特定电子产品的关税豁免继续支持市场情绪，这有助于缓解人们对特朗普总统对中国征收互惠关税的担忧。与此同时，美国期货在周一华尔街标准普尔500指数连续上涨后小幅上涨，注意力转向即将公布的第一季度收益结果。然而，由于投资者等待贸易发展的进一步明确，尤其是在美国加强对半导体进口的调查之后，进展受到限制。在周三公布的中国主要经济数据（包括第一季度国内生产总值、工业生产、零售额和失业率）之前，也出现了谨慎的态度。香港的金融和消费类股票小幅上涨，而房地产股则表现疲软。涨幅较大的公司包括H World Group（3.7%）、老铺Old（3.5%）、Pop-Mart International（3.1%）和Mixue Group（2.3%）。

The Hang Seng rose 49 points or 0.23% to finish at 21,466 on Tuesday, extending its winning streak to a sixth session and holding at a two-month peak. U.S. tariff exclusions on specific electronics continued to support sentiment, which helped ease concerns about President Trump’s reciprocal tariffs on China. At the same time, U.S. futures were slightly higher after back-to-back gains on Wall Street S&P 500 Monday, with attention shifting to upcoming Q1 earnings results. However, advances were capped as investors awaited more clarity on trade developments, particularly after the U.S. intensified probes into semiconductor imports. Caution also emerged ahead of key Chinese economic data due Wednesday, including Q1 GDP, industrial production, retail sales, and the jobless rate. Financial and consumer stocks in Hong Kong increased modestly, while property shares saw muted moves. Notable gainers included H World Group (3.7%), Laopu Old (3.5%), Pop Mart Intl. (3.1%), and Mixue Group (2.3%).