Hong Kong, China stocks weaken as Beijing policy move disappoints amid tariff worries

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Hong Kong, China stocks weaken as Beijing policy move disappoints amid tariff worries - SCMP

Quick Summary:

Sentiment suffers with prospect of tariffs, slower global growth, rising inflation and potentially fewer Fed rate cuts, say Nomura analysts.

The policy announcement has been seen as insufficient to inject life into the nation’s sluggish economy.“Markets may have been disappointed, as only debt swap programmes were announced,” Ting Lu, the chief China economist at Nomura, said in a note on Monday, adding that failing to mention any upcoming fiscal stimulus could deal a blow to markets.

On Friday, the standing committee of China’s top legislature approved an additional 6 trillion yuan (US$835 billion) bond quota to defuse hidden local debts.