Hong Kong stocks slip as China’s quarterly growth slows and US tariff threat adds pressure
Hang Seng Index drops as mainland China’s growth moderates in the fourth quarter and the US threatens Europe with new tariffs
The Hang Seng Index fell 1.1 per cent to 26,563.90 at the close. The Hang Seng Tech Index dropped 1.2 per cent. On the mainland, the CSI 300 Index rose 0.1 per cent and the Shanghai Composite Index added 0.3 per cent.
Gold and silver both smashed record highs on haven demand after US President Donald Trump said he would slap 10 per cent tariffs on eight European nations – including Denmark, France, Germany and the UK – starting next month.
Pharmaceutical stocks led the declines, with Wuxi Biologics sliding 4.8 per cent to HK$37.86 and Hansoh Pharmaceutical Group retreating 4 per cent to HK$41.28. Alibaba Group Holding slumped 3.5 per cent to HK$160.40 and Tencent Holdings slipped 1.2 per cent to HK$610.
China’s economy expanded 4.5 per cent last quarter, the National Bureau of Statistics said on Monday. While the figure fell in line with the consensus projection, it slowed down from 4.8 per cent growth in the previous three-month period. For the year, the economy grew 5 per cent, meeting the annual growth target set by the government.