Hong Kong shares dropped 371 points, or 1.4%, to 25,258 Tuesday morning's session, extending steep losses from the previous day as all sectors retreated. Risk appetite was burdened by declines in mainland markets after weak November data showed fragile industrial output and retail turnover amid soft external demand and shaky domestic conditions. Local equities neared their lowest in a week, following a negative lead from Wall Street, where AI and tech weakness persisted. Losses were partly offset by domestic data showing Hong Kong's manufacturing output rose for a fourth straight quarter in...
The Hang Seng rose 106 points or 0.4% to close at 25,541 on Wednesday, rebounding from morning losses and closing in the green for the first time in three sessions as most sectors gained. Sentiment improved as traders anticipated a third straight rate cut from the U.S. Fed later today, along with rate projections through 2026 in the "dot plot." Markets also looked ahead to guidance from the upcoming Central Economic Work Conference in China, which is expected to emphasize a more proactive fiscal stance alongside moderately accommodative monetary support. Fresh data showed China's annual...
Japanese stocks closed slightly lower on Wednesday, with the Nikkei 225 index down 0.1%, or 52.30 points, to 50,602.80. This weakening occurred ahead of the Fed's important decision, while the yen had fallen sharply overnight before stabilizing around 156.64 per dollar. The market currently rates the chance of a 25-bps Fed rate cut to a range of 3.50%–3.75% at 89%, but sees only a small chance of a further cut in January due to expectations of hawkish guidance. Data-wise, Japanese producer prices rose 0.3% in November, driven by the energy and metals sectors. Export prices rose slightly,...
Hong Kong's Hang Seng Index weakened again for the third consecutive day on Wednesday, falling 0.5% to 25,382.56 in the morning session. Sentiment was weighed down by investor concerns as they awaited signals on the direction of the Fed's interest rate policy next year, following Wall Street's sluggish overnight performance. Selling pressure was also felt in other indices: the Hang Seng Tech Index fell slightly by 0.1%, the CSI 300 in mainland China fell 0.7%, and the Shanghai Composite fell 0.5%. Large stocks such as WuXi AppTec, NetEase, and Kuaishou all fell around 1.6%-1.9%. One major...
Asian stock markets moved up slightly at the start of Wednesday's session, after Wall Street's sluggish overnight close, closing almost flat. Benchmark indexes in Australia and Japan rose slightly, while US stock futures barely moved. Meanwhile, Chinese stocks listed in the US actually fell around 1.4% due to the market's disappointment at the lack of stimulus signals from the Chinese Communist Party leadership meeting. In the bond market, the 10-year US Treasury yield held around 4.18% after a debt auction on Tuesday. The dollar index moved flat, and Bitcoin briefly reversed its initial...
The S&P 500 closed lower Tuesday as Federal Reserve kicked off its two-day meeting, which is expected to culminate in third rate cut for the year. At 4:0 ET p.m. (21:00 GMT), the Dow Jones Industrial Average fell 178 points, or 0.4%, and the S&P 500 index was 0.1%, while the NASDAQ Composite slipped 0.1%. Fed meeting kicks off as widely expected rate cut decision loomsThe Fed got its latest two-day policy meeting underway, which investors are expecting will end with a cut to U.S. interest rates on Wednesday. The chances of an easing from Fed's current target rate of 3.75%-4% now...