Hong Kong residents warmly welcome visiting PLA naval fleet

Hong Kong residents extended a warm welcome to a fleet of the Chinese People's Liberation Army (PLA) Navy, which arrived in the southern China's special administrative region on Thursday morning for a five-day visit.

At around 08:00, the fleet entered the Victoria Harbor, comprising the aircraft carrier Shandong, the flagship, and three other vessels, namely the missile destroyers Yan'an and Zhanjiang, and the missile frigate Yuncheng.

The Shandong and Yan'an vessels were anchored near the west end of the Victoria Harbor, while the Zhanjiang and Yuncheng vessels docked at the PLA Hong Kong Garrison's naval base in Stonecutters Island.

The residents, who had waited ashore for the fleet, expressed their excitement and pride in the development of the motherland, upon seeing the arrival of the vessels.

"I'm very glad to see that the military equipment of our motherland is getting stronger and stronger, from the new fighter jets I saw at last year's Zhuhai Airshow, the previous aircraft carrier Liaoning to the current Shandong carrier which was self-built. I also hope that the Fujian carrier will come and that our motherland will become increasingly stronger," said Cheung, a resident.

"Eight years ago, I was also here watching the aircraft carrier Liaoning passing through this place. I was very excited. Later, I was so lucky to get aboard the Liaoning. Today, I see there are so many people, much more than last time. So, we are very happy," said Wong, another local.

"This activity has sparked my stronger desire for learning, and I want to be more capable to serve my country," said To Pui-lei, a student.

"I think through today's up close experience, I truly feel the powerful vitality of our motherland and feel our military modernization and the development of science and technology. So, we Hong Kong citizens feel very lucky," said Jin Ling, a member of the Legislative Council (LegCo) of the Hong Kong Special Administrative Region.

"This is not only a generous gift from the central government to Hong Kong, but also a vivid demonstration of the powerful strength of the motherland. This aircraft carrier, which was completely independently built, embodies the efforts of countless scientists and researchers and military personnel. From design to construction, it shows Chinese wisdom and strength. Seeing its majestic posture of cutting through waves, we Hong Kong compatriots are sincerely proud of the development achievements of our country," said Leung Hei, another member of the LegCo.

Hong Kong residents warmly welcome visiting PLA naval fleet

U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.

The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.

Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.

Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.

As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.

In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.

Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.

On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.

U.S. stocks sink as Middle East tensions trigger oil price surge