Hang Seng Index slips amid tech lift for mainland
Regional stocks generally closed higher on Monday as a late rally in tech shares offset concerns over weak economic data and a slump in property stocks following Beijing's policy overhaul. But the benchmark Hang Seng Index in Hong Kong inched down 17 points, or 0.1 percent, to 25,566 on turnover of HK$314.82 billion. The tech index rose 14 points, or 0.3 percent, to 4,619 while the China…
Investors in the United States began the new trading week with subdued sentiment. The key indices on Wall Street showed no momentum during trading. The Dow Jones Standard & Poor’s index fell 0.7 percent to 53,186 points. The broader S&P 500 index declined 0.3 percent to 7,686 shares. The technology-heavy Nasdaq index dropped 0.1 percent to 26,371 points.
The Nasdaq 100, reflecting the 100 largest non-financial companies, closed barely changed at 29,457 points. Despite recent weakness, all major U.S. stock indices posted gains on a monthly basis. For the Dow Jones, it marks the fifth consecutive monthly gain. For the S&P 500 and Nasdaq, it is the first since May. Little economic data is scheduled for the start of the week.
Instead, recent remarks by Kevin Warsh continue to reverberate. The widely watched speech by the U.S. Federal Reserve chair at the Jackson Hole banking forum on Friday afternoon was interpreted on markets as a signal for further interest rate hikes. Warsh reiterated his commitment to price stability and stated the Fed still has work to do if inflation does not move quickly enough toward the 2 percent target.
Moritz Kraemer, chief economist at Landesbank LBBW, called Warsh's speech "extremely hawkish." In financial jargon, those advocating strict monetary policy are referred to as "hawks."
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
