Hong Kong Market Rebounds Slightly from Previous Decline

In a surprising turn of events, Hong Kong's stock market gained a modest 44 points, or 0.2%, reaching 23,937 during Thursday morning trading. This uptick comes on the heels of a sharp drop in the previous session, primarily fueled by gains in the financial and property sectors.

Wall Street Boosts Sentiment as Tech Stocks Soar

The positive momentum was bolstered by a favorable performance on Wall Street, where tech stocks experienced a notable rally, lifting investor sentiment across the globe.

Trump Calls for Major Rate Cuts to Tackle National Debt

In a separate development, U.S. President Donald Trump intensified his call for the Federal Reserve to implement significant rate cuts, suggesting a reduction of at least 3 percentage points. This move aims to alleviate the financial burden of refinancing national debt.

Fed Signals Possible Rate Cuts Ahead

Meanwhile, minutes from the Federal Open Market Committee's June meeting revealed that many officials are leaning towards a likely rate cut later this year, contingent upon forthcoming economic data and emerging risks.

China's Inflation Concerns Persist Amid Price Pressure

Across the border in China, consumer prices have inched up slightly but have done little to quell growing deflation concerns. Additionally, producer prices have seen their steepest decline in two years, pressured by weak demand and the fallout from tariffs.

Hong Kong Takes Action Against Financial Fraud

On the local front, Hong Kong's regulatory body has launched the Anti-Scam Consumer Protection initiative to combat the rising tide of financial fraud, a move aimed at safeguarding investors.

Notable Early Gainers in the Market

Among the early market winners were KE Holdings, surging 4.4%, along with China Overseas Land, which rose by 3.1%. ZTO Express and SMIC also showed strong gains of 2.8% and 1.6% respectively.