The Hang Seng Index plunged 331 points, or 1.3%, to close at a two-week low of 25,434 on Tuesday (December 9), extending its decline for a second session amid broad sector weakness.
Investors were nervous ahead of the US Fed's decision on Wednesday, with speculation growing that the central bank might make a "hawkish rate cut" amid a divided committee and uncertainty over Powell's successor when his term ends in May 2026. Mainland Chinese stocks also weakened after recent gains as caution grew ahead of China's November CPI and PPI data due on Wednesday, with deflationary risks still in focus.
Separately, US President Trump said Nvidia would be allowed to ship its H200 chips to approved buyers in China. Downward pressure eased slightly after the Politburo promised stronger support in 2026, signaling a more proactive fiscal policy and looser monetary policy. The biggest laggards included Pop Mart Intl. (-5.4%), SMIC (-4.2%), Xiaomi Corp. (-3.0%), Meituan (-2.0%), and China Resources Land (-3.9%). (alg)
Source: Trading Economics
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