"Hong Kong Markets Plunge 2% as Investors Analyze Economic Activity Surveys"
Originally Published 2 years ago — by CNBC
Hong Kong markets, including the Hang Seng index, slid over 2% as investors digested private surveys on economic activity. Mainland Chinese markets also experienced losses, with the Shanghai Composite recording its fifth day of losses in six days. South Korea's Kospi saw gains for the third straight day, while the Kosdaq snapped a nine-day winning streak. Japan's Nikkei 225 and Topix both ended the day in positive territory. Meanwhile, Chinese property stocks, including Country Garden, tumbled on renewed debt concerns. Singapore's inflation rate slowed to its lowest point since February 2022, while Malaysia's inflation rate hit a 16-month low. Japan's business activity expanded for the seventh straight month, while Australia's private sector saw a contraction for the first time since March. New Zealand's trade surplus narrowed in June, and Bank of America believes Europe's oil majors are close to bottoming out. Credit Suisse urges caution beyond three months as recession risks remain, and the early returns for this earnings season are slightly below average.