Hong Kong Stocks Slip as China's Factory Activity Contracts

Hong Kong stocks fell after China's manufacturing activity unexpectedly contracted in July, raising growth concerns. The Fed left rates unchanged, but Hong Kong is not expected to cut rates until 2025. Tech stocks and major companies like JD.com, NetEase, and Baidu lost ground.

The Caixin/S&P Global manufacturing PMI contracted, reinforcing worries about China's economic slowdown. The Hong Kong Monetary Authority left the base rate unchanged.

Budweiser Brewing reported a 5.9% earnings decline, while Shenzhen Boshijie Technology surged 106% on its first day of trading. Markets are pricing in a 67% chance of three Fed rate cuts this year.

Other Asian markets showed mixed trends with Japan's Nikkei 225 sliding 3%, South Korea's Kospi adding 0.2%, and Australia's S&P/ASX 200 gaining 0.4%.