The Hang Seng lost 347 points or 1.4% to finish at 25,177 on Wednesday, extending losses from the prior session amid broad-based declines. Tech stocks slumped 2.7%, while consumer and financial sectors each fell around 1.5%, after U.S.-China trade talks ended without substantial progress, leaving the final decision on tariffs to President Trump. Caution also grew ahead of the Fed’s rate decision later today, with analysts saying most officials prefer to assess the inflationary impact of tariffs, especially with Trump’s August 1 deadline looming. Meanwhile, upcoming official and private PMI data for July in China drew attention amid deflation fears and the effect of widespread trade barriers. Losses were capped by the third straight gain in mainland stocks, as investors positioned for a possible bull market. Hang Seng Bank plunged 7.3% after its H1 profit tumbled 30%. CATL fell 5% as Tesla signed a supply deal with LG Energy. Li Auto, Mixue, and Pop Mart also posted steep falls.