The Hang Seng plunged 448 points, or 1.9%, to close at 23,784 on Monday, falling for a second session as U.S. futures fell amid concerns over an economic slowdown. Worries have been heightened by fresh levies on major trading partners, rising U.S. unemployment and federal layoffs.
Sentiment has been further dampened by deflationary pressures in China, with consumer prices posting their sharpest decline in 13 months in February and producer prices extending their decline to 29 months. On the trade front, tensions have been rising as China plans retaliatory tariffs on Canadian farm products.
Meanwhile, enthusiasm for China's AI sector faded, with hedge funds reportedly selling mainland equities for a fourth week. All sectors suffered sharp losses, led by technology, consumer and property. Limiting further declines was Beijing's commitment to maintaining stable employment. Among the laggards was Kingdee Intl. Software (-7.4%), Shenzhou Intl. (-5.3%), Meituan (-4.7%), and Kingsoft Intl. (-4.3%).
Source: Trading Economics
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