FX.co ★ Hang Seng Falls to Near 2-Week Low as Super Typhoon Nears

On Tuesday, the Hang Seng Index fell by 185 points, or 0.7%, closing at 26,159. This marks its second consecutive decline and the lowest point in nearly two weeks. Investor sentiment was dampened as China's policy initiatives, after a press briefing by senior financial regulators including the governor of the People's Bank of China, did not meet expectations. Additionally, Hong Kong braced for Super Typhoon Ragasa, resulting in the cessation of most flights until Thursday. In the United States, three officials from the Federal Reserve emphasized the importance of remaining cautious about inflation, with markets anticipating a speech from Fed Chair Powell later in the day. The downturn was somewhat tempered by commitments from the China Securities Regulatory Commission to enhance the quality of listed companies, draw in global capital, and strengthen oversight. Most sectors witnessed declines, with the tech sector dropping nearly 1.5%, as traders largely overlooked reports of Nvidia's potential investment in OpenAI. The pharmaceutical sector also experienced significant losses, with Sino Biopharma plunging 4.9%, CSPC Pharma down by 4.2%, Wuxi Biologics slipping by 1.4%, and Innovent Biologics decreasing by 1.0%.