Hong Kong's stock market showed minimal movement on Wednesday morning, hovering around 25,940 points, following a streak of three consecutive losing sessions. While technology and consumer stocks experienced gains, they were counterbalanced by declines in the financial and property sectors. This occurred as the market neared a two-week low, with an eye on the forthcoming release of October's inflation statistics for the city—a figure that has stayed consistent since July. Concurrently, the Hong Kong Monetary Authority is reportedly increasing scrutiny on banks' management of distressed loans due to growing concerns in the real estate sector. In mainland China, the People's Bank of China is poised to announce its monthly loan prime rates on Thursday, with expectations set for these rates to remain at historically low levels.
Over in the United States, stock futures experienced a slight uptick after the S&P 500 and Dow Jones Industrial Average registered their fourth consecutive decline the previous night. This downturn was attributed to market caution ahead of Nvidia's earnings report and the uncertainty surrounding the Federal Reserve's future interest rate decisions. Noteworthy stock movements included gains for companies such as Chow Tai Fook, which rose by 2.8%, Trip.com by 2.7%, and Laopu Gold by 1.5%. In contrast, Techtronic Industries and Xiaomi saw significant declines, falling by 3.5% and 3.4%, respectively.
