Shares in Hong Kong fell 222 points or 0.9% to 24,955 in early trade on Thursday, slipping for the third session following China’s weak PMI figures in July. Services activity grew the least in eight months, while manufacturing shrank for the fourth month, as growth momentum weakened. The data also highlighted rising trade risks amid steep U.S. tariffs and disruptions from extreme weather. Meanwhile, Fed Chair Powell pushed back on expectations for a September rate cut, after the central bank held rates for the fifth consecutive meeting. Losses were broad-based, led by property, consumers, and financials. Major laggards included China Overseas Land (-4.7%), Meituan (-4.4%), and KE Holdings (-3.9%). Still, the Hang Seng is on track for its third straight monthly gain, up around 3.3% so far, boosted by optimism over a possible extension of the 90-day U.S.-China tariff truce, though no concrete progress emerged from the recent talks in Stockholm, and President Trump has yet to decide.