The Hang Seng Index fell 114 points, or 0.4%, to close at 26,086 on Thursday (September 11), halting a four-day rally and retreating from a four-year high amid broad sector weakness. Sentiment weakened after the New York Times reported that the US may impose restrictions on Chinese pharmaceuticals and tighten oversight of licensing agreements for experimental drugs.
Pharmaceutical stocks led the decline, with Hansoh Pharma plunging 8.3%, followed by CSPC Pharma (-7.1%), Akeso Inc. (-4.7%), and Wuxi Biologics (-4.7%). Other stocks that also experienced significant declines included Meituan (-4.6%), Li Auto (-2.9%), and Geely Auto (-1.1%). However, the declines were partially pared after Bloomberg News reported that China may support local governments by directing state-owned banks to provide loans to cover outstanding bills, boosting mainland Chinese stocks.
Meanwhile, US futures prices rose slightly as weak producer price data reinforced speculation that the Fed will cut interest rates this year, with a 25 bps cut as early as next week. In Europe, the ECB is expected to keep interest rates unchanged at its second meeting today. (alg)
Source: Trading Economics
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