周三，恒生指数下跌347点，跌幅1.4%，收于25177点，在广泛下跌的情况下延续了前一交易日的跌幅。科技股下跌2.7%，而消费和金融板块各下跌约1.5%，此前美中贸易谈判没有取得实质性进展，将关税的最终决定留给了特朗普总统。在美联储今天晚些时候做出利率决定之前，人们也越来越谨慎，分析人士表示，大多数官员更愿意评估关税的通胀影响，尤其是在特朗普8月1日的最后期限临近的情况下。与此同时，由于对通货紧缩的担忧和广泛贸易壁垒的影响，中国即将公布的7月份官方和私人采购经理人指数数据引起了人们的关注。由于投资者为可能出现的牛市做好了准备，内地股市连续第三次上涨限制了跌幅。恒生银行在上半年利润暴跌30%后暴跌7.3%。CATL股价下跌5%，因特斯拉与LG能源签署了供应协议。李汽车、Mixue和Pop-Mart也大幅下跌。

The Hang Seng lost 347 points or 1.4% to finish at 25,177 on Wednesday, extending losses from the prior session amid broad-based declines. Tech stocks slumped 2.7%, while consumer and financial sectors each fell around 1.5%, after U.S.-China trade talks concluded without substantial progress, leaving the final decision on tariffs to President Trump. Caution also grew ahead of the Fed’s rate decision later today, with analysts saying most officials prefer to assess the inflationary impact of tariffs, especially with Trump’s August 1 deadline looming. Meanwhile, upcoming official and private PMI data for July in China drew attention amid deflation fears and the effect of widespread trade barriers. Losses were capped by the third straight gain in mainland stocks, as investors positioned for a possible bull market. Hang Seng Bank plunged 7.3% after its H1 profit tumbled 30%. CATL fell 5% as Tesla signed a supply deal with LG Energy. Li Auto, Mixue, and Pop Mart also posted steep falls.

香港股市连续第二个交易日下跌46点，跌幅0.2%，至周三上午的25469点，此前美中贸易谈判没有取得实质性突破。虽然延长目前的关税休战仍然是可能的，但财政部长贝森特表示，特朗普总统将拥有最终决定权。在美联储今天晚些时候做出利率决定之前，人们也普遍持谨慎态度，分析师指出，大多数美联储官员更愿意在采取行动之前等待并评估关税的通胀影响，尤其是在特朗普8月1日关税最后期限临近的情况下。科技股领跌，紧随其后的是消费者和房地产股，交易员正在等待中国7月份的官方和私人PMI数据。大陆股市的进一步上涨抵消了跌幅，这得益于北京在本月晚些时候举行的关键政治局会议之前推出了旨在提高中国出生率的国家儿童保育补贴。早期落后者包括李汽车（-10.5%）、中芯国际（-3.7%）和泰克工业。（-3.0%）和Pop-Mart（-2.8%）。

Hong Kong stocks fell for the second session, down 46 points or 0.2% to 25,469 on Wednesday morning, after U.S.-China trade talks ended without a meaningful breakthrough. While extending the current tariff truce remains possible, Treasury Secretary Bessent said President Trump will have the final say. Caution also prevailed ahead of the Fed’s rate decision later today, with analysts noting most Fed officials prefer to wait and assess the inflationary impact of tariffs before acting, especially with Trump’s August 1 tariff deadline looming. Tech shares led the fall, followed by consumers and property, as traders awaited official and private PMI data for July in China. Losses were offset by further gains in mainland stocks, helped by Beijing’s rollout of a national childcare subsidy aimed at lifting the country’s birth rate, just ahead of the key Politburo meeting later this month. Among early laggards were Li Auto (-10.5%), SMIC (-3.7%), Techtronic Inds. (-3.0%), and Pop Mart (-2.8%).

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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%).