Hong Kong Stocks Retreats
The Hang Seng Index fell 0.7%, to 24,380 on Wednesday, as renewed weakness in global technology stocks and concerns over elevated AI valuations weighed on investor sentiment. Wall Street retreated overnight following stronger-than-expected US inflation data, which reinforced expectations of further Federal Reserve tightening. The Nasdaq Composite dropped 0.7%, while Nvidia declined 5.4% despite CoreWeave's better-than-expected earnings. US-China competition in AI and uncertainty over technology cooperation added to sector concerns ahead of the November 18—19 Trump-Xi meeting Locally, Technology Services and Health Technology led sectoral losses, while Electronic Technology gained limiting some of the broader losses. Alibaba having fallen 2.87% in the previous session, while recent losses in Meituan following a broker downgrade underscored persistent competition in China's internet sector. Other notable losers were Tencent (-1.6%), AIA (-0.8%), HKEX (-0.8%), and MiniMax (-3.6%)
The Hang Seng Index fell 0.7%, to 24,380 on Wednesday, as renewed weakness in global technology stocks and concerns over elevated AI valuations weighed on investor sentiment. Wall Street retreated overnight following stronger-than-expected US inflation data, which reinforced expectations of further Federal Reserve tightening. The Nasdaq Composite dropped 0.7%, while Nvidia declined 5.4% despite CoreWeave's better-than-expected earnings.
US-China competition in AI and uncertainty over technology cooperation added to sector concerns ahead of the November 18—19 Trump-Xi meeting Locally, Technology Services and Health Technology led sectoral losses, while Electronic Technology gained limiting some of the broader losses. Alibaba having fallen 2.87% in the previous session, while recent losses in Meituan following a broker downgrade underscored persistent competition in China's internet sector. Other notable losers were Tencent (-1.6%), AIA (-0.8%), HKEX (-0.8%), and MiniMax (-3.6%)