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The Hang Seng dropped 38 points or 0.15% to close at 25,524 on Tuesday, reversing gains from the previous session as most sectors weakened. Traders grew cautious over potential downsides of the U.S.-EU trade deal, including its implications on growth and inflation. Meanwhile, President Trump floated a global tariff rate of 15% to 20% on non-negotiating partners, levels not seen since the Great Depression. Profit-taking also weighed after benchmarks in Hong Kong and China recently hit multi-year highs. Still, the benchmark index trimmed its earlier heavy losses after Commerce Secretary Howard Lutnick indicated Washington may extend a 90-day tariff pause with Beijing, possibly paving the way for a Trump-Xi Jinping meeting later this year. Investors now turn to key macro events this week, including the Fed’s rate decision, U.S. inflation data, and China’s July PMI. Among notable decliners were KE Holdings. (-3.0%), Xiaomi Corp. (-2.6%), HKEX (-1.7%), and Want Want China (-1.6%).

香港股市周二早盘下跌282点，跌幅1.1%，至25277点，从周一的涨幅回落，因为所有行业都出现了亏损。投资者对香港6月份疲软的贸易数据做出反应，由于贸易风险增加，全球和国内需求疲软，出口和进口增长放缓。在华尔街隔夜收盘温和的情况下，恒生指数重新触及近四年高点，一些交易员获利回吐。本周美国关键事件之前的谨慎态度进一步影响了市场情绪，包括美联储的利率决定和通胀数据。在中国，预计未来几天将公布官员公布的7月份采购经理人指数数据，以及一项私营部门调查。希望在斯德哥尔摩举行的美中贸易谈判能导致关税休战90天，并为今年晚些时候特朗普总统和Xi可能举行的会晤奠定基础，进一步的损失受到限制。跌幅包括中通快递（-3.9%）、KE控股（-3.6%）和小米公司（-2.4%）。

Hong Kong shares fell 282 points or 1.1% to 25,277 in early trade Tuesday, pulling back from Monday’s gains as all sectors were in the red. Investors reacted to weak June trade data in the city, with both export and import growth moderating due to softening global and domestic demand as trade risks mounted. Some traders took profits after the Hang Seng revisited near four-year highs amid a muted close on Wall Street overnight. Sentiment was further weighed by caution ahead of key U.S. events this week, including the Fed’s rate decision and inflation readings. In China, July PMI data from officials is expected in the coming days, along with a private sector survey. Further losses were capped by hopes that U.S.-China trade talks in Stockholm could lead to a 90-day extension of the tariff truce and set the stage for a potential meeting between President Trump and Xi Jinping later this year. Decliners included ZTO Express (-3.9%), KE Holdings (-3.6%), and Xiaomi Corp. (-2.4%).

2025年6月，对香港的进口同比增长11.1%，达到4767亿美元，为五个月来的最慢速度，低于5月18.9%的增幅。越南（+50.6%）、英国（+44.7%）、中国大陆（+17.3%）、泰国（+15.9%）和美国（+3.9%）的进口明显增长，而韩国（-27.1%）的出口则有所下降。按产品类别划分，大多数行业的进口都有所增长，其中电动机械、仪器和电器及其电气部件（5月份为14.6%对23.7%）、电信和录音及音响设备（17.7%对14.8%）、办公机器和自动数据处理机器（9.8%对69.4%）、杂项制成品（12.6%对2.8%）和发电机械设备（38.7%对22.7%）领涨。相比之下，非金属矿物制品（-15.6%对-4.1%）、专业、科学和控制仪器和设备（-9.4%对9.2%）以及石油及相关产品（-10.5%对-9.5%）的进口下降。

Imports to Hong Kong rose 11.1% year-on-year to $476.7 billion in June 2025, the slowest pace in five months, easing from an 18.9% gain in May. Imports rose notably from Vietnam (+50.6%), the United Kingdom (+44.7%), mainland China (+17.3%), Thailand (+15.9%), and the US (+3.9%), while declining from South Korea (-27.1%). By product category, imports rose across most sectors, led by electrical machinery, apparatus and appliances, and electrical parts thereof (14.6% vs 23.7% in May), telecommunications and sound recording and reproducing equipment (17.7% vs 14.8%), office machines and automatic data processing machines (9.8% vs 69.4%), miscellaneous manufactured articles (12.6% vs 2.8%), and power-generating machinery and equipment (38.7% vs 22.7%). In contrast, imports declined in non-metallic mineral manufactures (-15.6% vs -4.1%), professional, scientific and controlling instruments and apparatus (-9.4% vs 9.2%), and petroleum and related products (-10.5% vs -9.5%).

2025年6月，香港出口同比增长11.9%，达到4178亿美元，为五个月来最慢，低于5月的15.5%。对亚洲市场的出口强劲增长17.2%，其中马来西亚（+526%）、菲律宾（+48.3%）、越南（+37.6%）、中国大陆（+18.3%）和印度（+12.5%）显著增长。相比之下，运往非亚洲目的地的货物有所减弱，尤其是运往美国（-12.1%）和荷兰（-35.5%）的货物。按产品类别划分，大多数行业的出口均有所增长，其中电动机械和设备（5月份为20.2%对15.5%）、办公和自动数据处理机器（10.4%对44.9%）、电信和录音及音响设备（2.6%对21.3%）、杂项制成品（8.9%对13.0%）、发电机械和设备。相比之下，科学和精密仪器（-9.2%对5.7%）和非金属矿产品（-8.3%对-16.3%）的出口下降。

Exports from Hong Kong climbed 11.9% year-on-year to $417.8 billion in June 2025, the slowest pace in five months, easing from a 15.5% gain in May. Exports to Asian markets expanded robustly by 17.2%, with notable gains in Malaysia (+52.6%), the Philippines (+48.3%), Vietnam (+37.6%), mainland China (+18.3%) and India (+12.5%). In contrast, shipments to non-Asian destinations weakened, notably to the US (-12.1%) and the Netherlands (-35.5%). By product category, exports rose across most sectors, led by electrical machinery and apparatus (20.2% vs 15.5% in May), office and automatic data processing machines (10.4% vs 44.9%), telecommunications and sound recording and reproducing equipment (2.6% vs 21.3%), miscellaneous manufactured articles (8.9% vs 13.0%), power generating machinery and equipment (19.3% vs 23.2%), and non-ferrous metals (80.8% vs -19.7%). In contrast, exports fell in scientific and precision instruments (-9.2% vs 5.7%) and non-metallic mineral goods (-8.3% vs -16.3%).