(RTTNews) – The Hong Kong inventory market has moved decrease in 5 straight periods, slumping greater than 1,600 factors or 7.6 p.c alongside the way in which. The Cling Seng Index now sits simply beneath the 19,435-point plateau and it is acquired one other detrimental lead for Friday’s commerce.
The worldwide forecast for the Asian markets is smooth on issues over the outlook for rates of interest. The European markets had been up and the U.S bourses had been down and the Asian markets determine to comply with the latter lead.
The Cling Seng completed sharply decrease once more on Thursday with injury in all sectors, particularly the know-how, leisure and property shares.
For the day, the index tumbled 387.64 factors or 1.96 p.c to complete at 19,435.81 after buying and selling between 19,392.59 and 19,859.17.
Among the many actives, Alibaba Group slumped 2.87 p.c, whereas Alibaba Well being Information and CITIC each stumbled 3.12 p.c, ANTA Sports activities skidded 2.40 p.c, China Life Insurance coverage fell 0.76 p.c, China Mengniu Dairy plunged 4.05 p.c, China Assets Land tanked 3.99 p.c, CNOOC sank 1.65 p.c, CSPC Pharmaceutical misplaced 1.14 p.c, Galaxy Leisure plummeted 4.54 p.c, Haier Sensible Residence eased 0.36 p.c, Cling Lung Properties dropped 1.69 p.c, Henderson Land added 0.40 p.c, Hong Kong & China Fuel slid 0.66 p.c, Industrial and Business Financial institution of China was down 0.65 p.c, JD.com plunged 4.72 p.c, Lenovo tanked 3.71 p.c, Li Auto declined 3.05 p.c, Li Ning retreated 3.11 p.c, Meituan surrendered 3.48 p.c, New World Growth stumbled 3.61 p.c, Nongfu Spring slumped 3.04 p.c, Techtronic Industries shed 1.50 p.c, Xiaomi Company tumbled 3.63 p.c and WuXi Biologics plummeted 5.60 p.c.
The lead from Wall Road is weak as the most important averages opened flat on Thursday however rapidly fell into the purple and stayed that approach, ending close to session lows.
The Dow dropped 207.33 factors or 0.47 p.c to complete at 43,750.86, whereas the NASDAQ slumped 123.07 factors or 0.64 p.c to shut at 19,107.65 and the S&P 500 sank 36.21 factors or 0.60 p.c to finish at 5,949.17.
The weak spot that emerged on Wall Road late within the session got here after Federal Reserve Chair Jerome Powell mentioned the central financial institution doesn’t “should be in a rush to decrease charges” as a result of power of the financial system.
Powell’s remarks got here as the newest batch of U.S. financial system information generated some uncertainty concerning the outlook for rates of interest after the Labor Division mentioned first-time claims for U.S. jobless advantages unexpectedly edged decrease final week.
Whereas the Fed remains to be extensively anticipated to decrease rates of interest by 1 / 4 level subsequent month, there’s some concern that sticky inflation will lead the central financial institution to sluggish the tempo of its fee cuts in early 2025.
Oil futures settled greater on Thursday, supported by information exhibiting a drop in gasoline stockpiles. West Texas Intermediate Crude oil futures for December closed up $0.27 or about 0.4 p.c at $68.70 a barrel.
Nearer to residence, Hong Kong will launch Q3 information for gross home product later as we speak; within the earlier three months, GDP was down 1.1 p.c on quarter and up 1.8 p.c on 12 months.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
