The winning streak has stretched to six sessions now for the Hong Kong stock market, which has surged nearly 900 points or 4.3 percent in that span. The Hang Seng Index finished just below the 20,975-point plateau, and now analysts are expecting the rally to slow when the market opens for business on Wednesday.
The global forecast for the Asian markets is mixed as economic data and corporate results provide no clear lead. Property, airline, steel and retail stocks are expected to see continued selling, while technology, financial and utility stocks counter with support. The European markets ended broadly higher, while the U.S. bourses finished mixed but little changed - and the Asian markets are also expected to see inconsistent trading.
The Hang Seng finished modestly higher on Tuesday as gains from the financial sector were pared by selling among the property stocks.
For the day, the index collected 133.48 points or 0.64 percent to finish at 20,973.39 after trading between 20,824.05 and 21,008.78 on turnover of 53.93 billion Hong Kong dollars.
Among the actives, HSBC added 1.7 percent, Standard Chartered Bank climbed 3.0 percent and Agricultural Bank of China gained 0.3 percent, while Cheung Kong shed 0.4 percent and Sun Hung Kai eased 0.3 percent.
The lead from Wall Street provides little guidance as stocks closed on opposite sides of the unchanged mark on Tuesday, with a mixed batch of economic data and solid quarterly earnings results dividing market sentiment. While the Dow eked out a modest gain, the NASDAQ and the S&P 500 declined by slim margins.
On the economic front, the Conference Board released a report showing that its consumer confidence index fell to 50.4 in July from an upwardly revised 54.3 in June. Economists had expected the index to slip to a reading of 51.0 compared to the 52.9 originally reported for the previous month.
Meanwhile, Standard and Poor's said the S&P/Case-Shiller 20-City Composite Home Price rose at an annual rate of 4.6 percent in May compared to the 3.8 percent growth seen in April. Economists had expected prices to increase at an annual rate of 4.0 percent. S&P also said that the 20-City Composite Index rose 1.3 percent on a monthly basis in May following a 0.9 percent increase in April.
In earnings news, chemical giant DuPont (DD) firmly beat second quarter earnings and revenue estimates while also boosting its full-year earnings forecast.
Meanwhile, BP PLC (BP) posted a heavy second-quarter loss compared to a year-ago profit due to $32.2 billion in charges related to the oil spill in the Gulf of Mexico. The firm also named managing director Robert Dudley as its new chief executive, set to replace Tony Hayward in October. Dudley will be the first American to head the company.
The major averages ended the day mixed, with the Dow posting a modest gain and reaching a new two-month closing high. The Dow gained 12.26 points or 0.1 percent to close at 10,537.69, while the NASDAQ declined by 8.18 points or 0.4 percent to 2,288.25 and the S&P 500 slipped by 1.17 points or 0.1 percent to 1,113.84.
In economic news, Hong Kong's merchandise exports increased at a faster pace in June. Exports value of goods grew 26.7 percent on an annual basis to HK$267.6 billion in June, faster than a 24.4 percent growth in the previous month, a report by the Census and Statistics Department showed on Tuesday. Economists were looking for an increase of 22.8 percent. The value of re-exports increased 26.8 percent to HK$261.7 billion, while the value of domestic exports increased 25.3 percent to HK$5.9 billion.
Similarly, the value of imports of goods increased 31 percent annually to HK$298.2 billion in June, faster than a 29.7 percent growth in the previous month. Economists had expected an increase of 25.2 percent. Thus, the visible trade deficit totaled HK$30.6 billion, compared to HK$25.6 billion deficit expected by economists'. A year earlier, the trade deficit was HK$16.5 billion.
Also, the People's Bank of China said on Tuesday that the country's economic growth may slow further, but won't face a double-dip. The central bank stressed the need to remain cautious about the future price developments.
In its second quarter economic review, the central bank said China's basic fundamentals are strong, although economic growth eased during the April to June period. The PBoC also said the European Debt crisis is unlikely to have any strong impact on the domestic economy.
Also, China will continue its expansionary fiscal policy in the second half of the year, the country's Finance Minister Xie Xuren said.
According to a statement published on the ministry's website Tuesday, he said the government will, however, make the policy flexible so as to promote the stable growth of domestic demand. In order to boost consumption, Xie said the government will implement the minimum wage system and increase rural income.
As agricultural disaster relief, the government will ensure timely disbursement of funds. The government also wants to support small and medium enterprises and technological innovation.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.