Hong Kong stocks tumble by lunch, Glencore battered

German Bund yields made more modest gains. Precious metals tumbled and biotechnology shares fell deeper into a bear market. Anhui Conch Cement retreated 4.4 per cent. Yanzhou Coal Mining slid 5.5 per cent. Asian shares have slid to 3 1/2-year lows.


A first interest rate hike in nearly a decade would bring an era of cheap borrowing to an end, with emerging markets expected to bear the full force of the Federal Reserve’s decision.

THE QUOTE: “Investors are bailing out of resource stocks following further pressure on London-listed commodity house Glencore”, said Michael McCarthy, chief strategist at CMC Markets in Sydney. “Markets have just been so volatile, I’d recommend investors to shut up shop”.

Hong Kong’s markets were shut on Monday, when the Chinese government released data showing industrial companies’ profits dropping 8.8 per cent last month. MSCI’s all-country index of world shares lost 0.5 percent, touching its lowest since September 2013. The S&P 500 has lost more than 10 per cent from its record in May and is down 7.5 per cent this quarter. His company has also added 1,000 retail stores in the country in the past two years. Media General Inc jumped 24 per cent after Nexstar Broadcasting Group Inc offered to buy the company. South Korea’s benchmark Kospi Index closed 0.2% lower at 1,942.85.

“The fact that yet another major economy is easing when the Fed are talking about hiking underlines why emerging markets are in turmoil, and why the market finds it so hard to believe the Fed“, analysts at Rabobank said in a note.

In Europe, Germany’s DAX rose 0.2 percent to 9,504 while the CAC-40 in France was steady at 4,357.

“Since early September, when the film began to show on the mainland, the Hong Kong Tourism Board has collaborated with sky100 [in the worldwide Commerce Centre], one of the attractions featured in the film, in rolling out special travel packages through more than 40 national and regional travel agents and online booking websites”, said a spokesperson for the Hong Kong Tourism Board.

Copper steadied after hitting a one-month low.

In response to the question “Does Li love China”, he said that of the HK$17 billion ($2.2 billion) donated by a trust fund he set up, 87 percent of it had gone toward Greater China.

There were mixed messages from Fed officials on Monday and investors will be looking to a speech from the United States central bank’s chair Janet Yellen on Wednesday for more clarity. There were 2,251 losers, but only 165 gainers.

Tokyo’s Nikkei index fell four per cent to an eight-month low and turned negative for the year, with shares of commodity-linked firms and shippers pummeled.


It said it was delivering a suite of measures to reduce its debt levels by up to $US10.2 billion.

Chinese shares close lower on Tuesday