Hong Kong stocks ended their four-day slide on Tuesday, shaking off a drop of nearly 1,230 points or 6 percent. The Hang Seng Index closed modestly higher at 18,595.78, gaining 44.67 points or 0.24 percent. However, it remains near a soft start, with market participants watching for further moves. The broader Asian markets face a muted outlook as traders prepare to take profits before the release of key U.S. jobs data later this week. While the Hang Seng finished up on Tuesday, it reflected a mixed day across financials, real estate, and tech sectors, which remain under pressure.
Among the top performers, Alibaba Group rose 1.29 percent and Alibaba Health Info climbed 1.94 percent, signaling positive momentum in the tech and healthcare space. Country Garden surged 2.97 percent, and Galaxy Entertainment jumped 2.14 percent, highlighting gains in property and entertainment sectors. Hang Lung Properties also rose strongly by 2.28 percent. However, others struggled, with China Life Insurance dropping 0.44 percent and CNOOC sliding 0.81 percent. The uneven performance points to market uncertainty as investors balance optimism over some recovery signs with worries about debt and economic conditions.
In the U.S., Wall Street showed early strength after a deal to raise the debt ceiling was reached over the weekend, preventing a potential government default. However, by the close, the optimism had faded as traders began to shift focus toward Friday’s employment report and the possibility of continued interest rate hikes. The Nasdaq closed up 0.32 percent at 13,017.43, while the S&P 500 barely moved, closing at 4,205.52. The Dow Jones Industrial Average, however, finished in negative territory, falling 0.15 percent to 33,042.78. These mixed results highlight the fragile state of the market as it braces for more macroeconomic uncertainty.
Meanwhile, oil prices fell sharply, with West Texas Intermediate Crude futures for July ending down $3.21 to $69.46 a barrel, a 4.4 percent drop. The decline reflects growing doubts about China's economic recovery and lingering concerns over whether the U.S. Congress will pass the recent debt deal. This drop adds to the pressure on global markets, where investors are already navigating a patchwork of signals. The Nasdaq reported the developments, showing the interconnected nature of financial, commodity, and geopolitical factors.