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Hong Kong Stocks Open Lower on Renewed Rate Hike Jitters Ahead of Trump-Xi Meeting

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Hong Kong stocks fell at the start of Thursday's trading session, fueled by fresh fears of a central bank rate hike following the release of key US economic data, ahead of high-level talks between US and Chinese delegations expected later in the day.

The Hang Seng Index shed 0.7%, or about 185 points, to 24,649.45. The Hang Seng China Enterprises Index also lost 0.7%, or 58 points, to 8,215.55.

US markets ended lower on Wednesday after a hot reading of S&P Global's Flash U.S. Composite PMI Output Index data, which tracks business activity in the manufacturing and services sectors. That sent Treasury yields surging and raised the odds of a quarter-point hike by the Federal Reserve in October to keep inflation in check.

Elsewhere, U.S. President Donald Trump and Chinese President Xi Jinping will sit down for a meeting in Washington later today, which will be closely monitored. The leaders of two economic superpowers are expected to discuss trade, technology, and tensions in the Middle East, among other matters.

What else is happening in Asia?

Asia

Shenzhen Megmeet Electrical Buys Out 46.3% Stake in Subsidiary

Shenzhen Megmeet Electrical (SHE:002851) will purchase the remaining 46.3% stake it does not own in subsidiary Shenzhen Megmeet Welding Technology for 663.6 million yuan, according to a Wednesday filing with the Shenzhen bourse.Following the sale of the stakes of 46 shareholders, the listed company will fully own the subsidiary.

SHE:002851
Asia

Zhejiang Wanliyang Appoints CFO

Zhejiang Wanliyang (SHE:002434) appointed Shi Yuqiong as chief financial officer after Zhang Leigang resigned from the top financial role due to a change in work responsibilities, according to a Shenzhen bourse filing on Wednesday.Shi's appointment came into effect on Tuesday. The term runs through the end of the current board's tenure.Qian Shouguang was also appointed head of the internal audit department after the previous department head resigned, the filing said.Shares of the Chinese auto transmission systems manufacturer fell over 2% in recent trade.

SHE:002434
Asia

Carimin Petroleum Raises Stake in Sealink International to 25.3%

Carimin Petroleum (KLSE:CARIMIN) acquired a 5.8% stake in Sealink International (KLSE:SEALINK) for 9.9 million ringgit in cash, according to a Tuesday filing with Bursa Malaysia.The acquisition involved 29.1 million shares bought at 0.34 ringgit each, between Sept. 18 and Sept. 22.Following the acquisition, Carimin's stake in Sealink rose to 25.3% from 19.5%, making Sealink an associate company.Carimin Petroleum said the acquisition was part of its ongoing investment strategy.The deal was funded through internally generated funds and does not require shareholder or regulatory approval, the filing said.

KLSE:CARIMINKLSE:SEALINK