US stocks closed lower on Friday, as the confirmation of the Federal Reserve's next chairman nominee fueled market concerns that interest rate cuts may not proceed as anticipated, leading to a significant market adjustment. Although losses narrowed slightly by the close, all three major indices still ended the session in negative territory. The US dollar rebounded, with the yield on the 10-year Treasury note climbing back to around 4.24%. Gold prices experienced a substantial correction, while oil prices also fluctuated and declined.
Today, Hong Kong's three major indices opened collectively lower. The Hang Seng Index started down 1.06% at 27,097.34 points, the Hang Seng Tech Index fell 1.29%, and the Hang Seng China Enterprises Index dropped 1.35%. Across the board, technology stocks were broadly lower, with NetEase, Bilibili, and Alibaba each falling over 2%, while Baidu, Tencent, and Kuaishou declined more than 1%. Gold stocks saw widespread declines, with Lingbao Gold plunging over 13%. Automobile stocks weakened, with XPeng dropping over 5%. Oil stocks pulled back, as PetroChina fell more than 2%. Most mainland property stocks traded lower, with China Vanke down over 6%.
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