Hong Kong stocks snap six-day decline on US inflation report and China data

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Hong Kong stocks rose, halting a six-day slide, as slowing US core inflation reinforced bets the Federal Reserve will pause its policy tightening later this month. Other reports this week may add to signs of China’s economic recovery.

The Hang Seng Index climbed 0.3 per cent to 18,069.35 at 9.59am local time. It dropped 4.4 per cent over the past six days. The Tech Index gained 0.6 per cent while the Shanghai Composite Index added 0.2 per cent.

Coal producer China Shenhua Energy advanced 2.5 per cent to HK$24.40 and CNOOC gained 2.3 per cent to HK$58.95. Alibaba Group added 0.8 per cent to HK$86.15 and Tencent rose 0.3 per cent to HK$321.

Limiting gains, BYD fell 1.1 per cent to HK$245 after the European Union started an investigation into Chinese subsidies for electric-vehicle makers for unfair competition. Nio lost 0.6 per cent to HK$80 and Xpeng declined 0.1 per cent to HK$70.95.

Headline US inflation quickened 3.7 per cent in August, the government said overnight, while core prices excluding food and energy costs rose 4.3 per cent from a year earlier, the smallest gain in almost two years.

China’s modest stimulus measures may have helped stabilise growth last month, according to economists forecasts before official reports on Friday. Industrial production probably grew 3.9 per cent from a year ago, versus a 3.7 per cent increase in July. Retail sales likely rose 3 per cent versus 2.5 per cent.

Suzhou Centec Communications, a chip maker for communication networks, jumped 59 per cent to 68 yuan on the first day of trading in Shanghai.


Other major Asian markets advanced. Japan’s Nikkei 225 climbed 0.9 per cent, while South Korea’s Kospi rose 0.9 per cent and Australia’s S&P/ASX 200 added 0.3 per cent.


The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

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