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Hong Kong stocks climbed for a second consecutive day, driven by investor speculation that China's central bank might implement key lending rate cuts to counter deepening deflation.
As Asian stocks rally in anticipation of the U.S. Consumer Price Index (CPI), the Nikkei breaches the 35,000 milestone, setting the stage for a dynamic market dance ahead. Investors brace for potential impacts on global markets as economic indicators take centre stage.
In a surge of cross-border shopping, Hong Kongers are making the trek to Shenzhen's Sam's Club for unbeatable deals on items like roast chickens, laundry detergents, and bulk tissue paper.
The national security law introduced in Hong Kong in 2020 had triggered an influx of Hong Kongers seeking refuge in Taiwan; however, the tightening of immigration rules by Taiwan's government, amidst cross-strait tensions, has created challenges and uncertainties for those seeking permanent residency.
Kuomintang (KMT) faces challenges with China ties, balancing historical roots, and other internal factions amidst the presidential election in Taiwan.
Hong Kong has joined a global initiative, alongside influential jurisdictions such as the European Union, the United States, and Singapore, to tighten regulations on cryptocurrencies.
The Hang Seng index, a barometer of Hong Kong's financial health, nosedived by 2.3%, closing at 20,174.92. Healthcare stocks were the star performers in the downward direction, with Alibaba Health and JD Health plummeting 8.2% and 6.1%, respectively.
Hong Kong's enhanced Cash for Residency Scheme, unveiled on December 20, is poised to invigorate capital markets and bolster the city's status as a hub for family offices.
Hong Kong faces economic challenges, including disrupted property markets, geopolitical tensions impacting trade, demographic shifts, and scepticism over infrastructure projects, prompting concerns about its economic sustainability.
South Korea's benchmark Kospi index sank 1.8%, mirroring the anxieties gripping Wall Street and other major financial hubs. Down under, Australia's resource-heavy stocks couldn't escape the contagion, tumbling 1.1% as commodity prices remained under pressure.
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