Hong Kong Shares Subdued After China Data

Hong Kong stocks slipped 24 points or 0.1% to 23,869 by midday Monday as traders assessed mixed economic data from China. Retail sales saw their fastest growth in 15 months in May, while industrial output grew the least in six months, and the surveyed jobless rate dropped to a six-month low of 5%. At the same time, investors remained focused on rising tensions in the Middle East as the conflict between Israel and Iran entered its fourth day. A modest rise in U.S. futures helped limit further losses ahead of the Fed’s interest rate decision on Wednesday. The central bank is expected to hold borrowing costs steady for the fourth consecutive meeting, despite pressure from President Trump urging Fed Chief Powell to cut rates. Consumer and financial stocks were mainly lower while property jumped after data showed China’s new home prices fell the least in 13 months during May. Among decliners included Hansoh Pharma (-1.5%), Meituan (-1.0%), and Techtronic Inds. (-0.7%).