off-the-wire

CORRECTED-Hong Kong stocks edge lower as Sino-U.S. tensions weigh; China up

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects to National People's Congress, not National Party Congress in paragraph 7) SHANGHAI, March 2 (Reuters) - Hong Kong stocks slipped on Thursday after posting their biggest daily gain in nearly three months in the previous session, as Sino-U.S. tensions weighed on investor sentiment, while China shares inched higher ahead of a key parliamentary meeting.



** China's blue-chip CSI300 Index added 0.1% by the lunch break, and the Shanghai Composite Index gained 0.2%.


** Hong Kong's Hang Seng benchmark lost 0.4%, while the China Enterprises Index slid 0.3%.
** The United States is seeking out allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, according to four U.S. officials and other sources.


** China and Belarus agreed to a joint statement calling for peace in Ukraine, after Chinese President Xi Jinping met with Belarusian counterpart Alexander Lukashenko on Wednesday, a close ally of Putin.


** Hong Kong shares also tracked weakness in Asian markets, pressured by higher U.S. yields amid fears that global central banks would keep raising interest rates to combat sticky inflation.
** Meanwhile, investors in China were waiting for more stimulus clues from the annual meeting of the National People's Congress, which kicks off this weekend and will set economic targets and elect new top economic officials.
** The CSI utilities index added 1.2% and the telecom index rose 1.1%, while the healthcare index lost 0.7%.
** The Hang Seng healthcare index was down 0.9%, properties lost 0.1%, and commerce and industry slid 0.7%.
** Tech giants listed in Hong Kong dropped 1.1%, with Alibaba down 3.7% and JD shedding 2.3%.
** Chinese EV maker Nio tumbled 11.8% after it reported fourth-quarter earnings below market expectations.


(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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