HK stocks pull back as oil prices fuel fears
Global bond yields spiked to new highs and share markets slumped on Friday as soaring oil prices inflamed inflation risks, sending investors scrambling to price in more policy tightening from central banks across the globe. In Hong Kong, the benchmark Hang Seng Index opened down 236 points, or 0.95 percent, at 24,718. The China enterprises index lost 77 points, or 0.94 percent, to 8,197 while the…
Oil prices surged to a four-month high, sparking anxiety among investors and causing global stock markets to plummet on Friday. The Hong Kong benchmark Hang Seng Index began the day 0.95 percent lower at 24,718 points, while the China Enterprises Index and tech index both dropped 0.94 percent and 1.36 percent, respectively. Across the border in China, the Shanghai Composite Index opened 0.6 percent down at 3,910 points.
In Japan, the Nikkei fell 1.52 percent to 64,276 points. South Korea's Kospi Index suffered a 3.29 percent decline, opening at 6,802 points. The price jump was fueled by geopolitical tensions, as the United States and Iran exchanged attacks and Iran-aligned Houthis seized control of the Yemeni port of Mocha, threatening Saudi oil exports.
Helima Croft, head of global commodity strategy at RBC Capital Markets, warned that Brent crude oil could reach US$121.99 a barrel this year due to ongoing unrest, potentially causing further market turbulence.
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.
