The Hang Seng dipped 401 points or 1.5% to end at 25,889 on Monday, marking a sixth session of losses as all sectors weighed on the index. Sentiment weakened further after President Trump announced Friday 100% tariffs on Chinese exports and new export controls on critical software starting Nov. 1, in retaliation for Beijing’s rare earth curbs. Traders shrugged off his later remarks that “trade relations with China will be fine.” Hong Kong’s markets hit a one-month low, tracking a drop from decade highs in mainland stocks. Losses were offset by stronger-than-expected Chinese trade data showing both exports and imports rose strongly in September, while U.S. futures jumped ahead of earnings seasons. Xiaomi slumped 6.1% after news of a fire involving its SU7 car, and China Vanke fell 3.3% following its chairman’s resignation. Other laggards included HKEX (-3.2%), Meituan (-2.4%), and Tencent (-2.4%), while Zijin Mining surged 7.8% on record gold prices and a Kazakhstan mine acquisition.
