Hong Kong Stocks Open Lower: Hang Seng Index Down 0.83%, Tech Index Falls 0.96%, Internet Stocks Broadly Weaker, Xinhehua Surges Over 27% on Debut

Deep News11-11

U.S. stocks pulled back on Tuesday as the latest U.S. inflation reading came in above expectations, further fueling bets on interest rate hikes and weighing on market sentiment, with all three major indices closing in the red.

The U.S. dollar strengthened, the 10-year Treasury yield climbed back above the 5% level, gold prices fell sharply, and oil prices stabilized after fluctuating.

Today, Hong Kong's three major indices all opened lower. The Hang Seng Index fell 0.83% to 24,354.19 points at the open, the Hang Seng Tech Index dropped 0.96%, and the China Enterprises Index declined 0.75%.

On the sector front, internet stocks were broadly lower. Baidu fell more than 2%, while NetEase, Bilibili, and Meituan each dropped over 1%.

Gold stocks declined broadly, with Zhaojin Mining down more than 4%.

Automobile stocks weakened, with NIO falling over 3%.

Xinhehua made its trading debut today, opening more than 27% higher on its first day.

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