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Hong Kong Stock Slump Deepens After Trade Figures, Fed Minutes
- Hang Seng Index drops to six-week low as China exports plunge
- Cathay Pacific tumbles after scrapping a profit outlook
China September Exports Unexpectedly Tumble 10%
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Hong Kong stocks dropped to a six-week low after Chinese data signaled a deeper slowdown, the yuan extended losses and Federal Reserve minutes boosted the case for higher U.S. interest rates.
The Hang Seng Index closed 1.6 percent lower, taking its four-day loss to 3.9 percent. Declines accelerated in the minutes before trade data were released. China Merchants Port Holdings Co. retreated after the country’s exports plunged 10 percent last month. Cathay Pacific Airways Ltd. tumbled to a seven-year low after scrapping a profit outlook.