Hong Kong stocks rose 145 points, or 0.6%, to 26,487 on Thursday morning trade, reversing modest losses from the previous session as trading resumed after Wednesday’s holiday. Gains were mainly led by financial and consumer sectors, amid slight rises in U.S. futures following the Fed’s 25bps rate cut overnight, with the Hong Kong Monetary Authority mirroring the action and bringing borrowing costs to the lowest level since November 2022. On the trade front, U.S. President Trump and Chinese leader Xi Jinping are set to formalize a trade and tariff truce today in South Korea after months of tensions. However, further advances were capped ahead of China’s October PMI readings and Hong Kong’s Q3 GDP report. Meanwhile, Fed Powell signaled that a further rate cut in the U.S. is not a foregone conclusion. Early movers included gold miners Zijin Gold Intl. (5.3%) and Zhaojin Mining (3.3%), alongside heavyweight Tencent Holdings. (1.6%), Meituan (1.1%), and China Hongqiao Group (6.3%).
