Jul
03
China Turmoil Leaves Hong Kong Equity Bulls With Taste of Regret
By-
Hang Seng Index just posted its first quarterly loss in six
- Yuan weakness and Federal Reserve hikes impact financial hub
Valuations have cratered, earnings estimates are down and forecasters are slashing their targets on Hong Kong’s stock market, which has gone from darling to pariah in under half a year.
While investors the world over worry about a tumbling yuan and the Federal Reserve’s plans to lift borrowing costs, the brunt of the impact is increasingly felt in a city that is entwined with both. The Hang Seng Index lost 1.4 percent when markets reopened Tuesday following a long weekend, as another sign that China’s economy may be slowing faster than expected added fuel to the selloff and took multiples back to two-year lows. The benchmark was little changed Wednesday morning…
China Turmoil Leaves Hong Kong Equity Bulls With Taste of Regret
