Mixed Performance in Asia: Mainland China Stocks Dip While Hong Kong Rises
Mainland China stocks slipped on Monday, led by declines in property shares, while Hong Kong's market gained, inspired by Federal Reserve Chair Jerome Powell hinting at a potential rate cut. Meanwhile, Asian markets showed cautious gains, anticipating inflation data could trigger rate cuts in the U.S. and Europe.
- Country:
- China
Mainland China stocks dipped slightly on Monday, with property shares leading the decline, as Hong Kong markets rose following Federal Reserve Chair Jerome Powell's dovish comments suggesting a potential rate cut in the U.S. economy.
Asian shares posted cautious gains, while the dollar and bond yields declined ahead of anticipated inflation data that investors hope will set the stage for rate cuts in the United States and Europe. In China, the central bank maintained interest rates, signaling potential further easing amid the ongoing economic struggle.
The Shanghai Composite index edged down 0.07% to 2,852.34 by midday, while the blue-chip CSI300 index also fell 0.07%. Sector performance was mixed, with the financial sector down 0.14%, consumer staples down 0.64%, real estate up 2.14%, and healthcare down 0.96%. In Hong Kong, Chinese H-shares rose 0.7%, pushing the Hang Seng Index up 0.82% to 17,756.09. Regional indices displayed diverse trends, with the MSCI's Asia ex-Japan index up 0.59% and Japan's Nikkei index down 1.04%.
(With inputs from agencies.)
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