In a disappointing start to the last quarter of 2023, Hong Kong shares plunged on Tuesday due to the pressure exerted by soaring U.S. Treasury yields, which reached a 16-year high. This development weighed heavily on the market, causing a sharp decline in share prices.
The surge in U.S. Treasury yields added to the existing concerns over global inflation and rising interest rates, leading to a tumultuous start for Hong Kong shares in the final quarter of the year. Investors were wary of the potential impact of higher borrowing costs on corporate profits and economic growth. The heightened uncertainty prompted a sell-off in the market, with investors seeking safer assets amid the volatility.
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