Hong Kong stocks rose 93 points, or 0.4%, to 26,480 in early Monday trade, extending gains into a second session. Sentiment was supported by a modest uptick in U.S. futures ahead of this week’s Federal Reserve meeting, where a 25 bps rate cut is widely expected, though some traders are pricing in a deeper half-point move amid softening labor data and subdued inflation. Meanwhile, U.S.-China trade talks in Madrid will enter day two later today, signaling stepped-up diplomacy. Further gains were tempered by weak Chinese data: industrial output growth slowed to a one-year low, retail sales rose the least in eight months, and unemployment hit a six-month high. Tech and consumer names led the advance, with Li Auto (5.3%), Nongfu Spring (3.2%), CK Infrastructure (2.5%), and XPeng (2.2%) posting notable gains. In contrast, Pop Mart Intl. slumped 7.5% after JPMorgan downgraded the stock to “neutral” from “overweight,” citing stretched valuations.