Hong Kong SAR’s consumer price index (CPI) rose 1.7% year on year in July, while the Hang Seng Index gained 0.7%, or 171 points, to 25,868 as investors assessed local inflation and corporate developments. Underlying inflation also increased 1.7%, and the seasonally adjusted CPI rose 0.6% for the three months ending July compared with the previous three-month period. Meals out, takeaway food and private housing rents pushed prices higher, while electricity, gas, water, clothing and footwear costs declined. The CPI data pointed to manageable cost-of-living pressure and gave the Hong Kong Monetary Authority room to maintain its monetary stance, which is linked to U.S. Federal Reserve policy. Electronic technology, producer manufacturing and financial shares led the market advance. J&T Global Express rose strongly after reporting a 124% year-on-year increase in first-half adjusted net profit to US$350.6 million, while Xiaomi, MiniMax, AIA, Z.AI Co. and Kuaishou also gained. The market remained cautious because Brent crude was above US$93 a barrel and reports indicated that Shein had delayed its Hong Kong IPO to September. The source accounts differ on the recent inflation comparison: one says July matched June’s 1.7% increase, while another says inflation had been 2.0% in each of the previous two months.