Hong Kong Stocks Fall Amidst Slowing China Growth & US Tariff Fears

The Hang Seng Index fell 0.7 per cent to 26,649.01 as of 10.34am local time. The Hang Seng Tech Index also dropped 0.7 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index was little changed. Gold and silver both refreshed record highs on haven demand after US President Donald Trump said he would slap 10 per cent tariffs on eight European nations – including Denmark, France, Germany and the UK – starting next month. The levy would rise to 25 per cent in June, unless there was a deal for a “purchase of Greenland”, he said. Pharmaceutical stocks led the declines, with Wuxi Biologics sliding 6 per cent to HK$37.38 and Hansoh Pharmaceutical Group retreating 4.4 per cent to HK$41.10. Alibaba Group Holding slumped almost 3 per cent to HK$161.30 and Tencent Holdings slipped 1 per cent to HK$611.50.