Hong Kong Stocks Extend Weakness
Hong Kong's stock market witnessed a decline on Tuesday, with the index dropping 195 points, or 0.7%, to 26,160 in the early trading hours. This marks the second consecutive day of losses, attributed to retreats across most sectors. Investor sentiment weakened following a briefing by PBoC Governor Pan Gongsheng, which did not introduce the anticipated easing measures. Policymakers seemed to show little urgency for major stimulus actions, given the strong export figures and recent stock market rally.
In the United States, market futures remained steady. Federal Reserve officials moderated expectations for further interest rate cuts, although inflation is still above the target. Meanwhile, new Federal Reserve Governor Stephen Miran has continued to push for deeper cuts.
Hong Kong's losses were mitigated by data indicating stable inflation in August, with authorities predicting only modest price pressures in the near term. Furthermore, the China Securities Regulatory Commission committed to enhancing the quality of listed companies, attracting global capital, and tightening regulatory oversight.
Notable declines were observed in shares of Sino Biopharmaceutical (-4.7%), Horizon Robotics (-3.3%), SMIC (-3.1%), and China Hongqiao (-3.0%).
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