Hang Seng Ends 0.2% Lower
The Hang Seng fell 49 points, or 0.24%, to close at 20,041 on Monday, following a lackluster performance in the previous session. Losses were led by the technology, property and consumer discretionary sectors as traders remained cautious ahead of China’s official PMI data for December, due for release on Tuesday. China’s economic recovery remained uneven in November, with factory activity expanding for a second month while the services sector stagnated.
Meanwhile, U.S. futures plunged as Wall Street prepared for the final trading week of 2024, amid rising U.S. Treasury yields and concerns over the potential for more limited interest rate cuts in 2025. Limiting further declines were remarks by PBOC Governor Pan Gongsheng, who noted that the weighted average RRR for Chinese banks was around 6.6% after recent RRR cuts, leaving “some room” compared with central banks in major economies. The most prominent were Sands China (-5.3%), Trip.Com (-3.8%), Lenovo Group (-3.4%), Geely Auto (-2.3%), and Li Auto (-1.9%).
Source: Trading Economics
