SHANGHAI: Chinese stocks fell on Tuesday, as fresh trade data underscored an uneven economic recovery, with the market also tracking global markets lower amid fresh concerns on global rate tightening.
** The blue-chip CSI 300 Index was down 0.7% and the Shanghai Composite Index slipped 0.4% by the midday recess.
** Hong Kong’s Hang Seng Index dropped 1.5% and the Hang Seng China Enterprises Index lost 1.6%.
** China’s imports unexpectedly grew in October while exports contracted at a quicker pace, in a mixed set of indicators that showed the recovery in the world’s second-largest economy remains uneven.
** Asian stocks snapped a three-day winning streak on Tuesday, as the bond market’s rally paused and investors reined in enthusiasm about a possible peak in global interest rates.
** Foreign investors sold a net 5 billion yuan ($686.9 million) of Chinese shares via the Stock Connect so far in the session, after three days of inflows.
** Zhiwei Zhang, chief economist at Pinpoint Asset Management, said export growth remained sluggish as the economic momentum in the US and Europe slowed.
China and Hong Kong stocks rise on govt support, global rate cut hopes
** “China has to rely more on domestic demand to boost growth,” Zhang added.
** People’s Bank of China Deputy Governor Zhang Qingsong said he was not overly worried about his country’s economy.
** In onshore markets, shares in tourism, liquor and new energy fell more than 1% each, while insurance lost 2.2%.
** In Hong Kong, tech giants declined 1.4%, while mainland developers retreated 2.2% after jumping 3.4% in the previous session.
** Property developer Vanke slipped following a surge in the previous session, after its largest shareholder said on Monday it has prepared more than 10 billion yuan worth of “market tools” for the developer.
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