Hong Kong Stocks Slide After US Signals Plan to Slow Rate Cuts in 2025

MT Newswires Live12-19

Hong Kong stocks retreated Thursday following a disappointing forecast for interest rate cuts in 2025 by the US central bank.

The Hang Seng Index slid 0.6%, or 112.04 points, at 19,752.51. The Hang Seng China Enterprises Index also fell 0.4%, or 28.66 points, at 7,152.13.

Taking cues from the quarter-point rate cut by the US Federal Reserve, the Hong Kong Monetary Authority central bank also slashed its base rate by 25 basis points to 4.75% from 5% previously, its lowest since December 2022.

This was overshadowed by a forecast of just two additional rate cuts next year, which dampened investor mood.

Jerome Powell, chairman of the US Fed, said the reduced frequency of rate cuts is influenced by current inflation levels and a forecast of increased inflation in 2025.

In corporate news, health supplement developer Herbs Generation Group (HKG:2593) made a stellar trading debut on Thursday and closed at HK$4.14, up 10% from its IPO price of HK$3.75.

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