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Hong Kong stocks kick off trading on a strong note after US-EU trade deal

Hong Kong stocks started the week on a solid note after the US and the European Union (EU) agreed on a trade deal with a lower-than-expected tariff rate that could prevent the global economy from slipping into a recession.

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The Hang Seng Index rose 0.6 per cent to 25,533.23 at 10.07am local time, while the Hang Seng Tech Index dropped 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both climbed 0.2 per cent.

China Life Insurance rallied 5.9 per cent to HK$24.10 and New Oriental Education & Technology rallied 3.9 per cent to HK$37.30. Ping An Insurance Group added 2.6 per cent to HK$56.10.

The framework trade deal between the US and the EU included a 15 per cent tariff on European goods entering the US and significant EU purchases of American energy and military equipment, according to President Donald Trump. The US also struck a trade agreement with Japan last week, which triggered a rally in global equities amid fading fears of a trade war.

Traders were gearing up for an eventful week: a third round of trade talks between China and the US are underway in Sweden. In addition, the US Federal Reserve will unveil its decision on interest rates and bellwether companies including HSBC Holdings are due to release first-half earnings reports.

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China and the US are expected to extend their tariff pause by another three months during the new round of negotiations, the Post reported, citing sources close to the matter on both sides.

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