Hang Seng falls 1% amid oil shock and Middle East tensions
The Hang Seng Index slipped 1.0%, or 257 points, to 24,691, extending weekly losses as Brent crude rose and global yields climbed.
0%, or 257 points, to 24,691 on Friday, deepening its losses for the week as Middle East tensions and higher oil prices dampened sentiment. Brent crude moved above US$109 a barrel after disruptions to key shipping routes raised concerns about global energy supply, while the firmer oil market added to inflation worries and expectations for tighter monetary policy. Global bond yields also rose, with the US 10-year Treasury yield nearing 5%, as investors looked ahead to the US August CPI report and the Federal Reserve’s policy meeting next week. Technology and financial shares were among the main decliners.
Chinese AI startup Moonshot was reportedly considering dual Hong Kong and Shanghai listings amid weaker performance in Hong Kong-listed AI stocks. 9%).