Hong Kong shares tumbled 513 points, or nearly 2%, to 25,776 on Monday morning, marking the sixth session of losses and the lowest level in a month. Sentiment soured after U.S. President Trump announced Friday a 100% tariff on all Chinese goods effective November 1, in retaliation for China’s new export curbs on rare earth minerals. Traders brushed off Trump’s later remarks suggesting openness to a trade deal, as Beijing warned it “is not afraid to fight.” Caution also grew ahead of China’s September trade data, after August figures showed weaker-than-expected exports and imports. Broad-based selling hit all sectors, as Chinese markets saw profit-taking near decade highs. Tech, consumer, and financials each dropped about 2%, while property shares lost 1.5%. China Vanke slipped around 6% following the chairman’s resignation. Major decliners included Lenovo (-4.6%), Wuxi Biologics (-4.4%), AIA (-3.9%), and Xiaomi (-3.1%). In contrast, Zijin Mining jumped 5.8% while SMIC gained 1.6%.
