Hong Kong shares plunged 343 points, or 1.5%, to 23,205 during the morning session on Tuesday, ending an eight-day winning streak as investors locked in profits after the Hang Seng hit a 1-1/2-month high. U.S. futures also edged lower ahead of a key inflation report. At the same time, concerns over persistent deflation in China resurfaced after consumer prices fell for a third straight month in April, while factory-gate prices posted their sharpest drop in six months. However, losses were somewhat tempered by a significant lull in U.S.-China trade tensions after high-level talks, with the two countries set to cut tariffs by 115 percentage points on Wednesday. Expectations were also growing for direct talks between President Donald Trump and President Xi Jinping in the coming days. Selling was broad-based, with technology and consumer staples leading the decline. Among the largest laggards were Sunny Optical (-5.2%), BYD Electronic (-4.7%), SMIC (-3.2%), Meituan (-3.0%), and Xiaomi (-2.6%).(Newsmaker23)
Source: Trading Economics
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