Hong Kong Stocks Ease, Pound Give Overnight Gains

Hong Kong stocks went into the break on Friday with slight losses after data showed the mainland economy grew in the third quarter at its slowest pace in almost three decades.

The Hang Seng index eased 0.1 percent, to 26,824.

On the mainland, the Shanghai Composite Index edged up 0.2 per cent to 2,982 while the Shenzhen Composite Index put on 0.2 per cent to 1,638.

Sydney shed 0.6 percent and Singapore eased 0.2 percent.

Wellington, Taipei and Manila were also lower but Tokyo went into the break with gains while Seoul was slightly higher.

Asian markets got an early lift over reported comments of Beijing's commerce ministry, which said negotiators have "accelerated efforts" to hammer out details of last Friday's mini deal between China and the United States.

"A meaningful de-escalation in US-China trade frictions would help alleviate some of the market's most bearish concerns, and at a minimum, it could ease the... headwinds," said AxiTrader's Stephen Innes.

A sense that tensions are easing provided a lift to high-yielding, riskier currencies such as the South Korean won and Australian dollar.

But sterling fell on Friday as investors fret over Boris Johnson's chances of pushing his Brexit deal through parliament.

The pound had rallied almost to US$1.30 on Thursday following news that negotiators had hammered out an agreement.

But as doubts about the deal set in, Forex traders sold sterling, pushing it back down below US$1.29, and it extended losses in Asia. In Hong Kong, the sterling was trading at HK$10.08. (AFP)

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