Hang Seng drops 1% amid US data and mainland losses
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The Hang Seng fell by 190 points, or 1.0%, to close at 18,874 on Monday, marking its sixth consecutive session of declines, as US futures dropped following a strong US payrolls report.
Hang Seng drops 1% amid US data and mainland losses
This report drove up bond yields and dampened expectations for further interest rate cuts. The index hit its lowest level in nearly four months, with broad losses across sectors, following a third straight decline in mainland markets, which are approaching bear market territory. However, the index recovered some losses after PBoC Governor Pan Gongsheng stated that China would focus on boosting consumption and utilize tools such as interest rates and the RRR to support market liquidity.
On the trade front, China’s export growth accelerated in December, and imports unexpectedly rose as the economy braced for heightened trade risks with the incoming US administration. Notable losers included Miniso Group (-5.0%), BYD Electronic Intl. (-4.9%), J&T Global Express (-4.6%), and Galaxy Ent. (-2.3%).
