China, Hong Kong stocks fall on subdued data, U.S. midterm election uncertainty
China and Hong Kong stocks slid on Wednesday, as producer prices fell for the first time since December 2020 underscoring faltering domestic demand amid COVID-19 curbs, while investors awaited U.S. inflation data and mid-term election results.
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China and Hong Kong stocks slid on Wednesday, as producer prices fell for the first time since December 2020 underscoring faltering domestic demand amid COVID-19 curbs, while investors awaited U.S. inflation data and mid-term election results. ** China's blue-chip CSI 300 Index fell 0.75 %, while the Shanghai Composite Index edged down 0.35%. ** Hong Kong's Hang Seng Index dropped 1.52% and the Hang Seng China Enterprises Index declined 1.4%. ** Asian shares rose and the dollar wobbled, as investors awaited U.S. inflation data as well as the results of the U.S. midterm elections that could signify a power shift in Washington. ** China's October producer price index (PPI) fell 1.3% year-on-year from 0.9% gain a month earlier, official data showed, compared with a forecast of a 1.5% contraction in a Reuters poll. ** The consumer price index climbed 2.1% from a year earlier, slower than the 2.4% forecast by analysts. ** New coronavirus cases surged in Guangzhou and other Chinese cities, official data showed on Tuesday. Many of Guangzhou's districts, including central Haizhu, have imposed varying levels of curbs and lockdowns. ** The self-regulatory body of China's interbank market said it will expand bond financing for private firms, including developers, with support from the central bank. ** "We believe the private sector will benefit from this bond issuance program... However, the benefits are unlikely to be sufficient to resolve the financial woes faced by private enterprises, especially private developers," Nomura analysts wrote in a note. ** Internet stocks and the photovoltaic solar power sector, down 2.1% and 1.9% respectively, led declines among mainland A-shares. ** Goertek Inc tumbled 10% after the supplier for companies including Apple said an unidentified overseas client suspended order. ** In Hong Kong, the Hang Seng Mainland Properties Index rose 5.3%, while Hang Seng Tech dropped 1.9%, dragging the broader market.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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