Shares in Hong Kong dipped 273 points, or 1.0%, to 25,826 in early Wednesday trade, reversing gains from the prior two sessions amid steep, broad-based losses across sectors. Traders were nervous ahead of key policy events in China, including the annual Central Economic Work Conference and the December Politburo meeting. Fresh private survey data also pressured sentiment, as China’s services sector grew the least in five months during November, highlighting weakening economic momentum despite Beijing’s efforts to boost activity. An extended decline in mainland markets also added to the bearish tone. Still, losses were partly limited by a rise in U.S. futures as optimism built that the Fed will cut interest rates at its final meeting of the year next week. Meanwhile, steady tourism brought solid retail sales growth in Hong Kong for October. Among notable decliners were XPeng (-3.9%), PICC Property & Casualty (-2.8%), Henderson Land Development (-2.1%), and Tencent Holdings (-1.1%).
