HK stocks retreat as bond yields weigh on sentiment
Shares in Hong Kong and the mainland opened lower on Wednesday, after long-dated bond yields rose to fresh multi-decade highs amid a deepening sell-off in global sovereign bond markets. The city's benchmark, Hang Seng Index, lost 124 points, or about 0.5 percent, to open at 25,346 points. The tech gauge lost 70 points, or 1.3 percent, to open at 4,678 points. Across the border, stocks on the…
Hong Kong and mainland stocks opened lower on Wednesday as long-dated bond yields surged to multi-decade highs. The Hang Seng Index dropped 124 points, or 0.5%, to 25,346 points. The tech gauge fell 70 points, or 1.3%, to 4,678 points. Mainland stocks, including the Shanghai Composite Index, also opened lower, with the Shanghai Composite Index shedding nearly one percent to 3,952 points.
Despite this, a Chinese robotics firm, Unitree, saw its shares soar over 600% in its initial public offering. Other indices, such as the Shenzhen Component Index and the ChiNext Index, also showed declines. The market sell-off mirrored losses on Wall Street, where companies with heavy investments in AI and chips were down sharply, ending a recent recovery.
US 30-year Treasury yields hit a record high since June 2007, before the global financial crisis, while 10-year yields exceeded pre-Iran strikes levels. The rising bond yields came amid a standoff between US and Iranian officials, sending crude prices higher and stoking inflation expectations.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
