Hong Kong Stocks Edge Lower; Lenovo Advances After 43% Revenue Jump

MT Newswires Live16:31

Hong Kong stocks closed lower Thursday as investors remained cautious despite softer U.S. inflation data that eased expectations of a Federal Reserve rate hike next month.

The Hang Seng Index fell 43.66 points, or 0.2%, to close at 25,396.51, while the Hang Seng China Enterprises Index lost 19.78 points, or 0.2%, to finish at 8,426.49.

U.S. consumer prices rose in line with expectations in July, prompting markets to cut the probability of a September Fed rate hike to 34% from 55% a week earlier, according to the CME FedWatch Tool.

Meanwhile, negotiations between the United States and Iran remained stalled, with no progress reported toward reviving an interim agreement or reopening the Strait of Hormuz.

Brent crude slipped 0.2% to $88.80 a barrel, while U.S. crude fell 0.4% to $82.96.

In corporate news, Lenovo (HKG:0992) closed over 20% higher after reporting a 43% year-over-year increase in fiscal first-quarter revenue.

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