Hong Kong Stocks Fall to One-Month Low Amid Global Market Shifts
Hong Kong stocks fell to their lowest point in over a month following strong U.S. employment data, which reduced expectations for Federal Reserve interest rate cuts. The Hang Seng Index dropped 1.67% to 18,059.96 points. Mainland China's Shanghai Composite Index also declined by 1.1% to 3,017.73 points, and the CSI300 Index fell by 1.21%. Key sectors such as consumer staples and non-ferrous metals saw significant drops of 2.33% and 3.34%, respectively.
Investors are now focused on upcoming economic data, particularly China's May credit lending figures, to gauge the health of the broader economy. A Reuters poll suggested that China's new yuan loans likely rebounded in May as the central bank instructed lenders to increase bank lending. Other Asian markets showed mixed results, with Japan's Nikkei 225 rising by 0.25% and South Korea's Kospi gaining 0.6%. However, Australia's S&P/ASX 200 lost 1.4%, and MSCI's Asia ex-Japan stock index weakened by 0.62%.
