The Hang Seng fell 54 points or 0.2% to close at 25,123 on Tuesday, marking the fourth session of decline and the lowest close in almost three weeks. Investors stayed cautious ahead of the PBoC’s monthly loan prime rate review due Wednesday. Weaker U.S. futures also added to the risk-off tone before a Jackson Hole meeting later this week. Meantime, fresh data showed China’s youth jobless rate surged to 17.8% in July from 14.5% in June, the highest since August 2024. The broader surveyed jobless rate also climbed to a four-month high of 5.2%. Losses were limited by signs of progress toward ending the Russia–Ukraine conflict, with US President Trump proposing separate meetings with Putin and Zelensky, followed by a trilateral session. Most sectors ended lower, led by tech, financials, and consumer names. Li Auto slipped 2.4% on a weaker sales outlook, while SMIC (-3.8%) and pharma stocks such as Sino Biopharma (-5.4%), Innovent Biologics (-4.0%), and Wuxi Biologics (-3.9%) also weighed.