0856 GMT - Hong Kong shares sank as the global trade war escalated. Markets are bracing for an accelerated decoupling of the world's two largest economies following China's tit-for-tat tariffs on the U.S. on Friday. The city's benchmark Hang Seng Index ended 13.2% lower at 19828.30, its steepest one-day percentage drop since the 1997 Asian financial crisis. The session's declines following a holiday-shortened week erased the HSI's gains year to date, taking the index into the red for 2025. The Hang Seng Tech Index slid 17.2%, with Xiaomi skidding 20.6% and Lenovo Group diving 22.9%. Tech giants Tencent and Alibaba tumbled 12.5% and 18.0%, respectively. Pharmaceutical stocks were also in freefall, with BeiGene slumping 22.8% and WuXi AppTec dropping 20.5%. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 04:57 ET (08:57 GMT)
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