The Hang Seng Index fell 1.7%, or 419 points, to 24,333 on Friday, extending its losses to a third consecutive session. Rising global bond yields intensified concerns about inflation and interest rates, weighing on demand for riskier assets. The decline followed a sharp increase in U.S. Treasury yields on Thursday: the 10-year yield reached about 5.20%, its highest level since 2007, while the 30-year yield climbed to its highest level since 2004. Those moves strengthened expectations that the Federal Reserve could keep interest rates higher for longer. Brent crude remained above $103 a barrel after a Houthi missile attack on Saudi Arabia revived concerns about supply disruptions. Technology and financial stocks led the retreat, with Tencent down 1.1%, AIA falling 2.2%, Xiaomi declining 3.4%, HKEX losing 1.4% and Meituan dropping 2.5%. Investors were also awaiting China’s PMI (business activity survey) data and assessing the Trump-Xi Jinping summit for indications on trade and economic policy.