Hong Kong Stock Markets Prepared to Halt Two-Day Decline

The global financial landscape showed a mixed picture on Wednesday, with European markets exhibiting a varied performance, and U.S. bourses inching slightly higher. The S&P 500, for instance, rose 15.46 points or 0.24 percent, ending at a record 6,481.40. The NASDAQ added 45.87 points or 0.21 percent, while the Dow climbed 147.16 points or 0.32 percent.

Meanwhile, the Asian markets are expected to move to the upside, with strength likely from the oil and technology sectors. Crude oil surged on Wednesday, with West Texas Intermediate crude for October delivery up $0.83 or 1.33 percent at $64.08 per barrel.

However, the Hong Kong stock market finished lower in consecutive trading days. The Hang Seng Index has tumbled almost 630 points or 2.5 percent, with damage across the board, especially among the financials, properties, oil companies, and technology stocks. Notable losers included Xiaomi, whose stock dropped by around 2.3%, and other specific companies with the largest losses were not explicitly listed. The Hang Seng Index currently rests just above the 25,200-point plateau.

Traders are reluctant to make big moves ahead of Friday's Commerce Department report on personal income and spending for July. CME Group's FedWatch Tool indicates an 87.2 percent chance the Fed will lower rates by a quarter point at its next monetary policy meeting in September.

In other news, NVIDIA (NVDA) reported earnings that increased from the same period last year and beat estimates. However, the report includes the Federal Reserve's preferred readings on consumer price inflation, but details were not provided in the search results.

In the Hong Kong market, some of the firms most affected by the daily losses included China Life Insurance, China Mengniu Dairy, and CSPC Pharmaceutical, which tanked 3.24 percent, plunged 3.86 percent, and plummeted 6.36 percent respectively.