The Hang Seng fell 72 points or 0.3% to close at 24,518 on Wednesday, pulling back from a four-month high hit earlier in the session as traders booked profits. The eventual decline snapped a four-day winning streak, with sentiment weighed down by a drop in U.S. futures following June inflation data, which indicated that tariffs may be pushing prices higher and dampening hopes for Fed rate cuts. Meanwhile, President Trump said he may impose tariffs on pharmaceuticals by the end of July, with levies on semiconductors likely to follow soon after. He suggested these targeted import taxes could take effect alongside broader “reciprocal” tariffs scheduled for implementation on August 1. Adding to the pressure, Dutch tech giant ASML warned of flat growth in 2026, despite beating earnings and revenue estimates for Q2 2025. Notable laggards included Pop Mart International (-4.3%), Zhejiang Leapmotor Tech (-3.0%), KE Holdings (-2.7%), and China Longyuan Power (-2.5%).