Advertisement
Hong Kong stocks retreat as traders temper US rate-cut bets amid worries about sticky inflation
- Traders continue to dial back hopes for a Fed rate cut in June meeting amid signs of sticky inflation
- The Hang Seng Index remains 0.1 per cent higher in trading-shortened week; financial markets in mainland China are closed for a holiday
Reading Time:2 minutes
Why you can trust SCMP
Hong Kong stocks dropped, joining a broader retreat in Asian markets, after hawkish comments from a Federal Reserve official tempered bets for an interest-rate cut as early as June this year.
The Hang Seng Index weakened less than 0.1 per cent to 16,723.92 at the close of Friday trading, after an earlier loss of as much as 1.5 per cent. The Tech Index declined 0.3 per cent. Financial markets in mainland China are closed for a public holiday.
WuXi Biologics slumped 4.8 per cent to HK$13.36 while its affiliate WuXi AppTech tumbled 5.6 per cent to HK$35.10. Alibaba Health slid 5.7 per cent to HK$2.80 and peer JD Health lost 4.4 per cent to HK$25.25. Longfor declined 2.5 per cent to HK$10.20, leading losses among mainland Chinese developers.
Advertisement
Limiting losses, Tencent gained 1 per cent to HK$311.60 and food delivery platform Meituan strengthened 1.8 per cent to HK$100.70. HSBC Holdings jumped 2.1 per cent to HK$62.70.
Sticky inflation may close the door on US rate cuts this year, Neel Kashkari, president of the Minneapolis Federal Reserve Bank, said in an interview with Pensions & Investments on Thursday.
Advertisement
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x