Hong Kong Stocks Snap Two-Day Gain as S&P Cuts Bank Ratings
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Hong Kong stocks fell, with the benchmark index set to snap a two-day rally, after Standard & Poor’s downgraded credit ratings for lenders including Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc.
HSBC Holdings Plc fell 2.1 percent after S&P also cut Europe’s biggest lender to A+ from AA-. Bank of China Ltd. and China Construction Bank Corp. slid in Hong Kong, even after S&P upgraded both, giving them higher grades than most of their largest U.S. counterparts. Ping An Insurance (Group) Co., China’s second-biggest insurer, sank 5.3 percent after getting a warning letter from the industry regulator.