2024-08-01 05:50:08
Markets
Economy
Business

Hong Kong Stocks Slip as China's Factory Activity Contracts

Hong Kong stocks fell after China's manufacturing activity unexpectedly contracted in July, raising growth concerns. The Fed left rates unchanged, but Hong Kong is not expected to cut rates until 2025. Tech stocks and major companies like JD.com, NetEase, and Baidu lost ground.

The Caixin/S&P Global manufacturing PMI contracted, reinforcing worries about China's economic slowdown. The Hong Kong Monetary Authority left the base rate unchanged.

Budweiser Brewing reported a 5.9% earnings decline, while Shenzhen Boshijie Technology surged 106% on its first day of trading. Markets are pricing in a 67% chance of three Fed rate cuts this year.

Other Asian markets showed mixed trends with Japan's Nikkei 225 sliding 3%, South Korea's Kospi adding 0.2%, and Australia's S&P/ASX 200 gaining 0.4%.

Companies - South China Morning Post
1. August 2024 um 02:42

Hong Kong stocks slip after surprise contraction in China’s factory activity | South China Morning Post

Finance
Economy
Politics
Hong Kong stocks fell 0.3% after China's manufacturing activity unexpectedly contracted in July, raising growth concerns. The Fed left rates unchanged, but Hong Kong is not expected to cut rates until 2025. Tech stocks and major companies like JD.com, NetEase, and Baidu lost ground. The Caixin/S&P Global manufacturing PMI contracted, reinforcing worries about China's economic slowdown. The Hong Kong Monetary Authority left the base rate unchanged. Budweiser Brewing reported a 5.9% earnings dec..
China Economy - South China Morning Post
1. August 2024 um 02:00

China’s factory activity contracts for first time in 9 months amid weak demand: Caixin PMI | South China Morning Post

Economy
Politics
China's manufacturing activity contracted in July for the first time in 9 months, with the Caixin/S&P Global manufacturing PMI falling to 49.8. New orders declined, affecting investment and intermediate goods, while consumer goods saw slight expansion. To boost consumption, China announced 150 billion yuan from 1 trillion yuan in special bonds would subsidize replacements. China's foreign trade growth faces obstacles including high geopolitical risks, supply chain disruptions, and shipping iss..
Tagesschau - Wirtschaft und Börsen-Nachrichten
1. August 2024 um 21:01

US Interest Rate Cut Looms Fed Leaves DAX Unaffected

Finance
Economy
Politics
Environment
Status: 01.08.2024 07:41 AM The US Federal Reserve has paved the way for an interest rate hike in September. This is exactly what the markets had been increasingly betting on - no wonder then that the reaction of the DAX, Dow and Co. is rather muted. The mood on the German stock market is rather restrained after hints from Fed Chairman Jerome Powell that the interest rate turnaround in the US is drawing closer. The DAX is likely to start slightly below the previous day's level. The broker IG e..
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