Hong Kong stocks rise despite trade tensions with EU, supported by China retail sales increase.

From South China Morning Post: 2024-06-16 23:10:23

Hong Kong stocks rose on Monday despite caution due to heightened trade tensions with the EU. The Hang Seng Index increased by 0.73%, with the Hang Seng Tech Index rising by 0.61%. China’s industrial production slowed, but retail sales in May showed a 3.7% increase.

The People’s Bank of China kept the interest rate unchanged at 2.50%. Chinese developer Longfor Group Holdings led declines, dropping by 2.6%. China’s Vice-Premier Ding Xuexiang will visit the EU to deepen the green partnership amid trade tensions post-EU’s announcement of extra duties on imported electric vehicles from China from July 4.

In response to EU tariffs, China may investigate importing dairy and pork products from the EU. Other Asian markets like Japan’s Nikkei 225, South Korea’s Kospi, and Australia’s S&P/ASX 200 saw declines.



Read more at South China Morning Post: Hong Kong stocks rally after China retail sales data lifts mood