Hong Kong Stocks Open Lower as Hot US Inflation Data Fuels Rate Fears

MT Newswires Live10-15 09:54

Hong Kong stocks opened lower on Thursday as stronger-than-expected U.S. inflation data heightened concerns over further Federal Reserve rate hikes.

The Hang Seng Index fell 0.8%, or 195.03 points, to open at 24,119.14, while the Hang Seng China Enterprises Index dropped 0.7%, or 58.95 points, to 8,124.22.

U.S. stocks extended their losses for a third straight session on Wednesday after consumer price inflation accelerated more than expected in September.

The hotter inflation reading lifted market expectations for further Federal Reserve rate increases.

Traders priced in a 31.6% chance of a 25-basis-point hike at the Fed's October 28 meeting, up from 22.1% a day earlier, according to CME Group's FedWatch tool.

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