Hong Kong stocks fall as investors await Fed's Jackson Hole insights

Hong Kong stocks fell on Thursday in the absence of catalysts ahead of the Federal Reserve's annual Jackson Hole symposium.

The Hang Seng Index declined 0.2 per cent to 25,104.61 at the close of Thursday trading, after rising as much as 0.2 per cent. The Hang Seng Tech Index slipped 0.8 per cent. On the mainland, the CSI 300 Index added 0.4 per cent, while the Shanghai Composite Index advanced 0.1 per cent.

Search-engine leader Baidu slid 2.6 per cent to HK$85 after quarterly revenue fell by the most in nearly three years. Smartphone and car maker Xiaomi dropped 2.3 per cent to HK$51.35, on-demand delivery-service giant Meituan shed 3.1 per cent to HK$117.10, and logistics firm ZTO Express lost 3.2 per cent to HK$149.80. Online travel-booking agency Trip.com slipped 0.9 per cent to HK$495.80, while electric-vehicle maker Li Auto tumbled 1.3 per cent to HK$91.

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Aluminium producer China Hongqiao Group rose 1.7 per cent to HK$24.10, while digital health services provider JD Health International increased 1.3 per cent to HK$64.45, and clothing manufacturer Shenzhou International strengthened 1.4 per cent to HK$59.65.

Overnight in the US, the S&P 500 fell 0.2 per cent and the Nasdaq 100 dropped 0.6 per cent. Investors are awaiting Jerome Powell's final keynote speech as Fed chair on Friday to look for hints of an interest-rate cut in September. The markets have already priced in a quarter-point rate cut next month.

Federal Reserve chair Jerome Powell will address the Jackson Hole summit on Friday. Photo: EPA-EFE alt=Federal Reserve chair Jerome Powell will address the Jackson Hole summit on Friday. Photo: EPA-EFE>

"Powell doesn't need to commit until mid-September, which gives him every incentive to keep his powder dry," said Stephen Innes, a managing partner at SPI Asset Management in Bangkok. "Expect a balanced-to-hawkish lean - inflation framed as the bigger risk, jobs data still under review. Another payroll, another CPI print: those will set the dice. Until then, the market will keep circling levels like sharks around the boat, waiting for the chair to toss in the churn."

Hong Kong Exchanges and Clearing (HKEX), which reported a 39 per cent jump in net profit to a record HK$8.52 billion, rose 0.2 per cent to HK$442.20. HKEX CEO Bonnie Chan said that the exchange was preparing its infrastructure for a shorter settlement cycle after enhancing its IPO allotment regime.

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Two spot bitcoin and ether exchange-traded funds (ETFs) debuted. MicroBit Bitcoin Spot ETF lost 0.2 per cent to HK$7.795 and MicroBit Ether Spot ETF gained 2.4 per cent to HK$8.

Elsewhere in Asia-Pacific, Japan's Nikkei 225 dropped 0.7 per cent and South Korea's Kospi advanced 0.4 per cent, while Australia's S&P/ASX 200 added 1.1 per cent.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

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