Hang Seng Tumbles Almost 4% Monthly
The Hang Seng shed 63 points or 0.3% to close at 20,317 on Thursday, marking its second session of losses due to declines in tech and consumer stocks.
A slump in US futures dampened sentiment ahead of the PCE inflation data and October payrolls report. Also, concerns built around next week’s US election and the potential return of Donald Trump to the White House. The index sank 3.9% in Oct., its first monthly loss in three, as China reportedly asked its automakers to scale back investments in European markets that back new tariffs on Chinese-made EVs. However, a rise in China's factory activity last month after five months of contraction limited further losses.
Investors also awaited potential fiscal stimulus measures, expected to be discussed at a major Chinese leadership meeting next week. Budweiser Brewing plunged 1.8% after a decline in its 9-month net profit and revenue. Auto stocks also saw steep losses, notably Geely Auto (-5.3%), BYD Electronic (-5.0%), and Li Auto (-1.1%).
Source: Trading Economics
