Hong Kong stocks end weaker as U.S. rate-cut hopes fade

Wharf Real Estate Investment

22/07/2019 09:33

* HK->Shanghai Connect daily quota used -0.9%, Shanghai->HK
daily
quota used 2.3%
    * HSI -1.4%, HSCE -1.3%, CSI300 -0.7%
    * FTSE China A50 -0.2%

    July 22 (Reuters) - Hong Kong stocks ended lower on Monday,
tracking a global retreat as expectations for an aggressive
interest rate cut by the U.S. Federal Reserve at its next
meeting were dialled back. 
    ** The Hang Seng index  .HSI  closed 1.4% lower at
28,371.26, while the China Enterprises Index  .HSCE  ended down
1.3% at 10,770.31 points.   
    ** Expectations for a 50-bp cut were scaled back further
after the Wall Street Journal reported the Fed was likely to cut
rates by 25 bps when it meets later this month, and may make
further cuts in the future given global growth and trade
uncertainties.  urn:newsml:reuters.com:*:nL4N24K3LY  
    ** Investors also eyed developments around the Sino-U.S.
trade negotiations. 
    ** U.S. President Donald Trump said on Friday U.S. Treasury
Secretary Steve Mnuchin had a very good talk with his Chinese
counterpart, amid signals from China that officials could soon
meet face-to-face in a bid to end their year-long trade war.
 urn:newsml:reuters.com:*:nL2N24K117 
    ** Some Chinese companies are seeking new purchases of U.S.
agricultural products, China's official Xinhua news agency said
on Sunday, citing authorities, as Beijing and Washington look
for ways to end a protracted trade war.  urn:newsml:reuters.com:*:nL4N24M05Q  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.55%, while Japan's Nikkei index
 .N225  closed down 0.23%.
    ** The yuan  CNY=CFXS  was quoted at 6.8798 per U.S. dollar
at 0817 GMT, 0.02% firmer than the previous close of 6.881. 
    ** The top gainers among H-shares were ANTA Sports Products
Ltd  2020.HK  up 2.22%, followed by China Resources Beer
Holdings Co Ltd  0291.HK , gaining 0.94% and Byd Co Ltd
 1211.HK , up by 0.83%.
    ** The three biggest H-shares percentage decliners were
Haitong Securities Co Ltd  6837.HK , which ended down 3.43%,
Huatai Securities Co Ltd  6886.HK , which closed 2.84% lower and
CITIC Securities Co Ltd  6030.HK , down by 2.43%.
    ** About 1.14 billion Hang Seng index shares were traded,
roughly 76.8% of the market's 30-day moving average of 1.48
billion shares a day. The volume traded in the previous trading
session was 1.30 billion.
    ** At close, China's A-shares were trading at a premium of
27.79% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom, Editing by Sherry
Jacob-Phillips)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))