Hong Kong Stocks Hover Around 3-Month Lows as Earnings Jitters Weigh on Sentiment

South China Morning Post07-24

Hong Kong stocks dropped close to their lowest in three months on Wednesday as concerns intensified that corporate earnings may fall short of expectations following weak performance from Chow Tai Fook...

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TigerVision888
07-24
TigerVision888
What's stopping Chinese people from spending for so long?

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The Hang Seng Tech Index slid 0.6 per cent.</p><p>Jewellery retailer Chow Tai Fook tumbled 5.8 per cent to HK$7.45 after saying that retail sales fell 20 per cent from a year earlier in the first quarter, which it said were due to “macro challenges (that) continued to impact consumers’ spending”. Chinese electric-vehicle maker Li Auto lost 3 per cent to HK$75.25 after earnings from rival Tesla trailed analysts’ consensus estimates.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/08470cd05e07af60e29a3ebead183b04\" tg-width=\"316\" tg-height=\"797\"/></p><p>Investors are waiting for the official June data on Chinese companies’ industrial profits due on Saturday. The data will shed some light on how second-quarter earnings for Chinese listed companies could fare, given its high correlation with macro data.</p><p>China will need to ramp up its policy support for the property market, which is still in a downturn despite a broad rescue package unveiled in May, according to Nomura Holdings. Key indicators of the industry will remain in the negative territory in the second half, home prices are still falling and pay cuts in the financial industry could become the new headwind that will derail a recovery in home sales, it said.</p><p>Other major Asian markets mostly headed south. Japan’s Nikkei 225 slipped 0.2 per cent and Australia’s S&amp;P/ASX 200 dropped 0.1 per cent, while South Korea’s Kospi was little changed.</p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong Stocks Hover Around 3-Month Lows as Earnings Jitters Weigh on Sentiment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Stocks Hover Around 3-Month Lows as Earnings Jitters Weigh on Sentiment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-24 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.scmp.com/business/china-business/article/3271632/hong-kong-stocks-over-around-3-month-lows-earnings-jitters-weigh-sentiment?module=top_story&pgtype=subsection><strong>South China Morning Post</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong stocks dropped close to their lowest in three months on Wednesday as concerns intensified that corporate earnings may fall short of expectations following weak performance from Chow Tai Fook...</p>\n\n<a href=\"https://www.scmp.com/business/china-business/article/3271632/hong-kong-stocks-over-around-3-month-lows-earnings-jitters-weigh-sentiment?module=top_story&pgtype=subsection\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数","00700":"腾讯控股","09988":"阿里巴巴-W"},"source_url":"https://www.scmp.com/business/china-business/article/3271632/hong-kong-stocks-over-around-3-month-lows-earnings-jitters-weigh-sentiment?module=top_story&pgtype=subsection","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180753987","content_text":"Hong Kong stocks dropped close to their lowest in three months on Wednesday as concerns intensified that corporate earnings may fall short of expectations following weak performance from Chow Tai Fook Jewellery Group, with property sector headwinds picking up after recent pay cuts in the financial services sector.The Hang Seng Index fell 0.4 per cent to 17,393.59 as of 11:03am local time. The Hang Seng Tech Index slid 0.6 per cent.Jewellery retailer Chow Tai Fook tumbled 5.8 per cent to HK$7.45 after saying that retail sales fell 20 per cent from a year earlier in the first quarter, which it said were due to “macro challenges (that) continued to impact consumers’ spending”. Chinese electric-vehicle maker Li Auto lost 3 per cent to HK$75.25 after earnings from rival Tesla trailed analysts’ consensus estimates.Investors are waiting for the official June data on Chinese companies’ industrial profits due on Saturday. The data will shed some light on how second-quarter earnings for Chinese listed companies could fare, given its high correlation with macro data.China will need to ramp up its policy support for the property market, which is still in a downturn despite a broad rescue package unveiled in May, according to Nomura Holdings. Key indicators of the industry will remain in the negative territory in the second half, home prices are still falling and pay cuts in the financial industry could become the new headwind that will derail a recovery in home sales, it said.Other major Asian markets mostly headed south. Japan’s Nikkei 225 slipped 0.2 per cent and Australia’s S&P/ASX 200 dropped 0.1 per cent, while South Korea’s Kospi was little changed.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1180753987"}