Hong Kong Stocks Slip Ahead of Powell Speech, US-Russia Talks; Xtep Rises on Earnings Beat

MT Newswires Live
Aug 18

Hong Kong equities ended lower Monday as investors tracked US-Russia talks and awaited US Federal Reserve Chair Jerome Powell's speech this week for policy cues.

The Hang Seng Index marginally fell 93.22 points, or 0.4%, to 25,176.85, while the Hang Seng China Enterprises Index (HSCEI) slipped 5.41 points, or 0.1%, to 9,033.68.

US President Donald Trump met Russian President Vladimir Putin in Alaska, signaling alignment on pushing for a peace deal over a ceasefire.

Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and European leaders later Monday as he presses Kyiv to agree to a settlement to end the war.

Investors will keep a close watch on the Jackson Hole retreat this week, with US Fed Chair Jerome Powell's Friday speech expected to offer clues on the scale of US rate cuts in September.

In corporate news, earnings stayed in focus as the reporting season gathered pace, with more than 20 heavyweight companies set to report this week, including Xiaomi (HKG:1810), Baidu (HKG:9888), and Hong Kong Exchanges and Clearing (HKG:0388).

Meanwhile, Xtep International (HKG:1368) closed over 7% higher after posting first-half attributable profit and revenue above estimates.

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