Hong Kong Stocks Still Under Pressure
The Hang Seng Index declined 0.3%, or 66 points, to 23,908 on Monday, extending losses after plunging 2.6% in the previous session as elevated US Treasury yields and lingering concerns over higher oil prices weighed on sentiment. The decline came despite gains across most Asian markets after weaker-than-expected US employment data reduced expectations for another Federal Reserve rate hike this month, while Treasury yields eased from recent highs. Brent crude remained elevated at around US$102 a barrel, keeping inflation concerns in focus amid continued Middle East tensions. Trading was subdued as mainland Chinese markets remained closed for the National Day holiday. Tencent (-0.8%), AIA (-1.5%), Meituan (-1.1%) and Xiaomi (-1.4%) fell, while Kingboard Laminates (5.1%) and Lenovo (3.6%) rose. Meanwhile, stronger-than-expected Hong Kong retail sales provided a positive domestic signal, rising 2.9% year-on-year in August and fastest in three months, suggesting improving consumer demand.
6% in the previous session as elevated US Treasury yields and lingering concerns over higher oil prices weighed on sentiment. The decline came despite gains across most Asian markets after weaker-than-expected US employment data reduced expectations for another Federal Reserve rate hike this month, while Treasury yields eased from recent highs. Brent crude remained elevated at around US$102 a barrel, keeping inflation concerns in focus amid continued Middle East tensions. Trading was subdued as mainland Chinese markets remained closed for the National Day holiday.
6%) rose. 9% year-on-year in August and fastest in three months, suggesting improving consumer demand.