Market Updates
China Indexes Fall After Consumer Price Inflation Weakens
Li Chen
10 Apr, 2024
Hong Kong
Stocks in Shanghai and Hong Kong struggled after the latest inflation data stoked fears of protracted consumer demand weakness.
Investor sentiment was weak on the worry that policymakers may not provide strong enough stimulus to revive aggregate demand, dampening corporate earnings growth.
Property stocks in Hong Kong dropped sharply on the worry that interest rates would remain elevated following the release of U.S. inflation data.
The U.S. consumer price index in March accelerated to 3.5% from a year ago, and core inflation increased to 3.8%.
The overall consumer price index advanced for the third month in a row after dropping to 3.1% in January, denting all hopes of a rate cut in June.
The Hong Kong Monetary Authority follows the interest rate cycle set by the U.S. because the Hong Kong dollar has been pegged to the U.S. dollar since October 17, 1983, with a fixed exchange rate of HK$7.80 per U.S. dollar.
The CSI 300 index increased 0.1% to 3,507.51, and the Hang Seng index decreased 1% to 16,970.12.
China Vanke, Henderson Land Development, New World Development, and Sun Hung Kai declined between 1% and 4%.
China Life, AIA Group, and Prudential PLC fell between 2% and 4%.
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