The Hang Seng tumbled 580 points
The Hang Seng tumbled 580 points or 2.8% to end at 19,847 on Tuesday, extending losses from the prior session and hitting its lowest in 6 weeks after credit data in China for Oct. fell to the lowest amount in 15 years. Traders were also nervous as Donald Trump is poised to pick two persons with track records of criticizing China for key positions in his new administration.
Losses were broad-based, amid a notable fall in US futures, due to anxieties about Trump tariffs and the budget deficit. Capping the slump was news from Bloomberg that China is seeking to cut home-buying taxes.
Meantime, some traders anticipated positive outcomes from the central govt. work conference and the Politburo meeting in China next month after a legislative session last week failed to boost domestic demand and ease deflation risks. Big drags came from large-cap stocks such as China Hongqiao Group (-9.1%), Semicon Manufacturing (-8.1%), Miniso Group (-7.6%), Meituan (-5.5%), and Zhongjin Mining Inds. (-5.0%). (cay)
Source: Trading Economi