Hong Kong Stocks Close Higher as US Blocks Trump’s Tariffs in Win for Global Trade
Hong Kong stocks closed higher on Thursday after a US court blocked President Donald Trump’s sweeping “reciprocal tariffs”, fuelling bets global trade tensions will ease.
The Hang Seng Index advanced 1.4%, while the Hang Seng Tech Index rallied 2.5%.
In terms of star stocks, Meituan rose 7%; XPeng and Kuaishou rose 5%; JD.com and NIO rose 4%; Baidu rose 3%; Alibaba, NetEase, and SMIC rose 2%; Tencent rose 0.9%.
The US Court of International Trade in Manhattan ruled on Wednesday against Trump’s move to impose punitive tariffs on the nation’s trading partner, saying the president overstepped his authority. Twelve US states, led by Oregon, and five American businesses challenged Trump’s April 2 “Liberation Day” measure. The Trump administration said it would appeal against the decision.
The verdict may strengthen a 15 per cent rebound in the Hang Seng Index from an April low, adding to market optimism since the US and China reached a 90-day truce earlier this month. It would also allow investors to focus on economic data and corporate earnings, analysts said.
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