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Hong Kong shares slip after approval of Shenzhen-Hong Kong connector
Huatai Securities pointed out that the recent rally in blue-chips was driven by yield-hungry investors in a low-interest environment, rather than the result of rising risk appetite. Wall Street looked set for a mixed opening, with the future for the Dow Jones industrial average up 0.1 percent and that for the Standard & Poor’s 500 index off 0.1 percent.
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Most sectors rose, with financial and IT stocks leading the gains.
According to a statement from the China Securities and Regulatory Commission last Friday that a special work team has been formed to work with their counterparts in Hong Kong to work on the link that would allow investors from Hong Kong to directly buy Shenzhen stocks and vice versa. The Nasdaq composite fell 34.90 points, or 0.7 percent, to 5,227.11. It helped to boost sentiment there on Wednesday, but analysts said the influx of foreign money into Chinese stocks is likely to be modest.
By the lunch break, China’s blue-chip CSI300 index .CSI300 rose 3.2 percent, to 3,398.67 points, while the Shanghai Composite Index .SSEC gained 2.4 percent, to 3,122.30 points.
Wang Jianlin, chairman of Dalian Wanda Group and Asia’s richest man, has been dissatisfied with how the property unit was valued since it was listed in Hong Kong in December 2014.
FED WATCH: Investors looked ahead to Wednesday’s release of notes from the U.S. Federal Reserve’s July meeting for insight into the debate among board members over when to raise rates. India’s Sensex lost 0.1 percent to 28,022.97 and Singapore and Thailand also declined. The Japanese currency appreciated 8.3% against the dollar in the three months to June, acting as a drag on exports. However, embattled electronics maker Sharp bucked the trend, surging 10.4 per cent on news it had completed a deal to be acquired by Taiwan’s Hon Hai Precision, known as Foxconn. Brent crude, used to price global oils, tumbled 45 cents to $48.76 in London. It added 88 cents the previous session to $49.23 per barrel.
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Some energy stocks rose as oil traded above US$44 a barrel on hopes of producer action to control output.