Hong Kong stocks rose 48 points or 0.2% to 24,190 in early Monday trade, marking gains for the third session after Goldman Sachs upgraded equities in the city to market weight, citing stronger earnings growth amid improving capital markets and a pickup in property activity. Also, hopes grew for a policy response from Beijing to tackle deflation risks. However, further gains were capped by investor caution ahead of June trade data in China, due later in the day. In May, Chinese exports slowed sharply while imports fell more than expected, highlighting the impact of rising U.S. tariffs and subdued domestic demand. Markets also awaited key data later this week, including China's industrial output, retail sales, new yuan loans, and Q2 GDP. Meanwhile, U.S. futures dropped sharply after President Trump threatened to impose a 30% tariff on imports from the EU and Mexico starting August 1. Early movers included Nio Inc. (9.9%), Geely Auto (2.4%), Kuaishou Tech (2.1%), and SMIC (1.6%).