The Hang Seng fell 28 points or 0.12% to close at 23,888 on Monday, marking its third session of losses, weighed by falls in consumer and financial stocks. Cautious investors digested a fresh warning from U.S. President Trump that BRICS countries could face an additional 10% tariff. Traders also grew cautious ahead of China’s June CPI and PPI data, due later this week, after four months of falling consumer prices in May and the steepest producer deflation in nearly two years. Losses were trimmed as China, one of the BRICS members, is unlikely to be hit by new levies due to a trade truce with Washington. Major losers included China Hongqiao (-2.8%), Meituan (-2.6%), and Nongfu Spring (-2.2%). Pharma stocks dipped, including Wuxi Biologics (-4.6%), Innovent Biologics (-4.5%), and Akeso (-2.9%), after Beijing curbed government buying of EU medical devices in retaliation. On the upside, Zhejiang Leapmotor jumped 5.3% after signing a CO2 credits transfer deal with Stellantis subsidiaries.