Hang Seng Dips 1.3% at Close
The Hang Seng tumbled 334 points, or 1.3%, to end at 25,761 on Wednesday, snapping a two-day rise as all sectors fell. Sentiment soured after a private survey showed China’s services activity grew the least in five months in November, adding to pressure from deepening financial woes at property giant Vanke.
The property sector led losses, down 1.6%, after Fitch placed Vanke on “Rating Watch Negative” and downgraded its subsidiary’s notes. Financials, tech, and consumer stocks also retreated amid fading hopes for new stimulus before year-end.
Still, the downside was limited by a Reuters report that China has issued the first batch of new rare earth export licences, expected to speed up shipments to select customers.
Meanwhile, U.S. futures edged higher on optimism that the Fed may cut rates next week as labor market data cools. Major laggards included PICC Property & Casualty (-4.1%), Wuxi XDC Cayman (-3.8%), Horizon Robotics (-3.4%), China Resources Land (-3.2%), and SMIC (-1.8%). (asd)
Source: Tradingeconomics.com
