June 10, 2020 / 8:51 AM / a month ago

Hong Kong shares close flat on China factory gate deflation; Fed in focus

* Hang Seng index -0.03%, HSCE +0.22%

* China May PPI -3.7% y/y vs -3.3% Reuters poll

BEIJING, June 10 (Reuters) - Hong Kong shares closed little changed on Wednesday as risk sentiment was hit by a deepened deflation in China’s producer prices, and investors waited for the U.S. Federal Reserve’s economic projections.

** At the close of trade, the Hang Seng index was down 7.49 points, or 0.03%, at 25,049.73. The Hang Seng China Enterprises index rose 0.22% to 10,143.48. ** The sub-index of the Hang Seng tracking energy shares dipped 1.1%, while the IT sector rose 2.59%, the financial sector ended 0.22% lower and the property sector dipped 0.11%. ** The top gainer on the Hang Seng was Tencent Holdings Ltd , which gained 2.86%, while the biggest loser was Wharf Real Estate Investment Company Ltd, which fell 4.46%. ** China’s main Shanghai Composite index closed down 0.42% at 2,943.75, while the blue-chip CSI300 index ended down 0.18%.

** China’s May factory gate prices fell by the sharpest rate in more than four years, underscoring pressure on the manufacturing sector as the COVID-19 pandemic reduces trade flows and global demand. ** It will take some time for foreign demand to recover even as some countries have reopened their economies, a Chinese commerce ministry official Zhang Li told reporters.

** U.S. Federal Reserve policymakers on Wednesday will publish their first economic projections since the coronavirus pandemic set off a recession in February, estimates expected to signal a collapse in output this year and near-zero interest rates for the next few years. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.47%, while Japan’s Nikkei index closed up 0.15%. ** The yuan was quoted at 7.0715 per U.S. dollar at 08:08 GMT, 0.07% firmer than the previous close of 7.0765. (Reporting by Zhang Yan in Beijing, and Andrew Galbraith in Shanghai)

Nuestros Estándares:Los principios Thomson Reuters
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