HONG KONG STOCK INDEX (HSI)
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Hang Seng
Shares in Hong Kong lost 138 points or 0.7% to 19,836, extending falls from the prior session as traders reacted to November activity data in China.
Official figures showed that retail sales in the mainland unexpectedly slowed last month, up just 3% yoy to underline the need for Beijing to rapidly spur consumption. Meantime, industrial output grew by 5.4%, roughly matching October's results amid some order front-loading ahead of US tariffs; while the jobless rate stayed at 5% for the second month.
China's statistics agency acknowledged that domestic demand remains insufficient while the external environment is increasingly complex. A modest rise in US futures capped further declines, as the in-line inflation report for November solidified expectations of a 25bps interest rate cut from the Fed in the following days.
SITC Intl. slipped 4.4%, followed by Innovent Biologics (-3.3%), Longfor Group (-3.0%), China Mengniu Dairy (-2.9%), Chow Tai Fook Jewellery (-2.6%), and Meituan (-2.0%).
(News Source: Tradingeconomics)
Plan A: Long if market supported firm above 19,774. Targets are 19,908/20,097. Take reasonable stop loss for each trade.
Plan B: Short if market resilient to 20,097. Targets are 19,907/19,774. Take reasonable stop loss for each trade.
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