Hong Kong, Monday, 8 August 2022
The Hang Seng declined 161 points or 0.79 percent to 20,041 in early trading on Monday, the first down in four sessions, as a strong US jobs data released last week increased the likelihood that the Federal Reserve will quickly tighten monetary policy.
Traders are uneasy as Fitch Ratings warned that the Chinese real estate market's crisis might have a variety of ramifications that go beyond the industry.
The White House stated on Saturday that China's activities in and around the Taiwan Strait were provocative and reckless, which contributed to the escalation of Sino-US tensions.
News that China's trade surplus reached a new record high in July, largely as a result of an increase in exports, was unable to improve confidence because of mounting concerns that sluggish global demand may start to affect shipments in the months to come.
Losers were almost universal, with the electronics, consumer, and basic materials industries leading the pack.
Tencent, Meituan, JD.Com, and BYD Company all had declines of 1.8 percent, 1.7 percent, 0.6 percent, and 3.5 percent, respectively.
(Report by: The Decision Maker - Asia Finance editors)