Tariff worries, Fed decisions contribute to Hong Kong stock decline: analyst

The Hong Kong stock market ended lower Friday, with the benchmark Hang Seng Index down 1.07 percent to close at 24,507.81 points, as tariff concerns and the U.S. Fed's unchanged interest rates contributed to the risk-off sentiment, according to an analyst.

The Hang Seng China Enterprises Index also fell, dropping 0.88 percent to end at 8,804.42 points. Similarly, the Hang Seng Tech Index declined 1.02 percent to finish at 5,397.4 points.

Japan's market followed the trend, with the 225-issue Nikkei Stock Average declining 270.22 points, or 0.66 percent, to close at 40,799.6.

Market analyst Timothy Pope provided insights into these movements, noting mixed results in the electric vehicle (EV) sector.

"The Hong Kong market was also sliding. The Hang Seng ended the session off by one percent. Tariff worries of course, and some slight disappointment that the U.S. Fed kept interest rates unchanged contributed to the risk-off mood," Pope said.

"EV companies were doing pretty well at least initially. Xpeng shares rose more than two percent in early trade after the company flagged a pretty huge jump in vehicle deliveries for July. However, perhaps investors remembered that some other EV maker sales have been questioned quite thoroughly lately with a number of schemes uncovered to make those figures look better than they really are. Xpeng's shares ended the session about half of one percent lower, giving up all their early gains. So while the brakes went on for Xpeng, Nio stocks though had their foot to the floor right through till the end of the market, ending 8.6 percent higher after the EV maker launched a new SUV today. Elsewhere we saw the markets were broadly lower. Chinese energy shares mirrored the losses we saw on the mainland markets, and investors were booking profits on biotech firms too. Consumer stocks were looking a little bit more resilient. There were gains for e-commerce giant Alibaba, and the food delivery group Meituan," he added.

Tariff worries, Fed decisions contribute to Hong Kong stock decline: analyst

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.

UNGA President warns global multilateral system "under attack"