The Hang Seng lost 154 points or 0.6% to close at 23,916 on Friday, marking a second straight session of losses amid broad-based sector declines. The benchmark dropped 1.5% for the week, reversing gains from the prior period as investors grew cautious ahead of U.S. President Trump’s July 9 tariff deadline. Adding pressure, China’s commerce ministry finalized its EU brandy investigation, imposing tariffs of up to 34.9% for five years starting July 5. Market participants also eyed key Chinese data due next week - including June CPI and PPI - amid lingering deflation risks. U.S. markets were closed for Independence Day after record highs in the S&P 500 and Nasdaq Thursday, buoyed by strong jobs data. Losses in Hong Kong were offset by optimism over possible stimulus at China’s upcoming Politburo meeting and news that the U.S. would ease export curbs on chip design software to China. Major decliners included AIA Group (-4.6%), Techtronic Industries (-2.9%), and China Overseas Land (-2.3%).