The Hang Seng edged down to finish at 25,530 on Thursday, reversing early gains amid declines in tech and consumer stocks. Sentiment weakened as Chinese markets fell for a third consecutive session after Mexico approved a new tariff package, many from China, with rates of up to 50% starting January 1, 2026. The levies target hundreds of products such as metals, vehicles, clothing, and appliances. At the same time, concerns grew that Beijing might delay stronger property stimulus after the December Politburo meeting made no mention of urbanization, with analysts expecting any major steps only in H2 2026. Traders also awaited China’s November credit figures after new yuan loans slumped in October, highlighting still-weak consumer demand. Investors in Hong Kong were also cautiously watching the upcoming Q3 industrial output and November jobless data. Major laggards included SMIC (-2.7%), Tencent Music Ent. (-2.6%), Sands China (-2.3%), China Hongqiao (-2.0%), and China Unicom (-1.2%).