HSI Slides As US Jobs Data Sparks An Asian Retreat

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2019-07-08 HKT 09:50

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  • Hong Kong and Shanghai stocks dived on US jobs data. File photo: RTHK

    Hong Kong and Shanghai stocks dived on US jobs data. File photo: RTHK

Hong Kong stocks fell sharply on Monday morning as a forecast-beating US jobs report dented hopes the Federal Reserve will announce a big cut in interest rates this month.

The Hang Seng Index shed 1.6 percent, to 28,301 by the break.

On the mainland, the Shanghai Composite Index tumbled 2.6 percent, to to 2,934, while the Shenzhen Composite Index lost 2.7 percent to 1,558.

Most other Asian markets retreated and the US dollar held gains as the jobs data dashed hopes that the Federal Reserve would slash interest rates this month.

Tokyo off 0.9 percent. Sydney shed 1 percent, Seoul dropped 1.7 percent and Singapore was off 0.9 percent. Manila, Wellington, Taipei and Jakarta were also lower.

"Markets remain convinced the Fed will cut rates at the end of the month," said Oanda senior market analyst Edward Moya.

"But the strong labour market has many questioning whether we will see just two rate cuts in 2019 and not what some call the required three to see US stocks make another 3-5 percent push higher into uncharted territory." (AFP)

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Last updated: 2019-07-08 HKT 13:33

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