Key Points:Hang Seng Index slumped 3.47% as US-China trade talks failed and Beijing withheld fresh stimulus measures.China’s July PMIs flash contraction, with new export orders falling as US tariffs weigh on external demand.Real estate and EV stocks tumbled; Longfor, Shimao, BYD, and Li Auto posted sharp weekly losses.Hang Seng Index Snaps Winning Streak as US Tariffs StayThe Hang Seng Index snapped its three-week winning streak as a third round of high-level US-China trade talks ended without a