Hong Kong Stocks Extend Losing Streak
The Hang Seng Index slipped 1.7%, or 419 points, to 24,333 on Friday, extending losses for third consecutive sessions as surging global bond yields surged and concerns over inflation and interest rates weighed on risk appetite. The decline came after US Treasury yields climbed sharply on Thursday, with the 10-year yield rising to around 5.20%, its highest level since 2007, while the 30-year yield reached its highest level since 2004, reinforcing expectations that the Federal Reserve could keep rates higher for longer. Brent crude remained above $103 a barrel after a Houthi missile attack on Saudi Arabia revived concerns about potential supply disruptions. Technology and finance stocks led the decline, with Tencent (-1.1%), AIA (-2.2%), Xiaomi (-3.4%), HKEX (-1.4%), and Meituan (-2.5%) among the notable losers. Investors also awaited China’s PMI data and continued to assess the Trump-Xi Jinping summit for signals on trade and economic policy.
7%, or 419 points, to 24,333 on Friday, extending losses for third consecutive sessions as surging global bond yields surged and concerns over inflation and interest rates weighed on risk appetite. 20%, its highest level since 2007, while the 30-year yield reached its highest level since 2004, reinforcing expectations that the Federal Reserve could keep rates higher for longer. Brent crude remained above $103 a barrel after a Houthi missile attack on Saudi Arabia revived concerns about potential supply disruptions. 5%) among the notable losers.
Investors also awaited China’s PMI data and continued to assess the Trump-Xi Jinping summit for signals on trade and economic policy.