Hong Kong banking stocks fell collectively. As of press release, Standard Chartered Group (02888) fell 4.14% to HK$72.9; HSBC Holdings (00005) fell 3.44% to HK$65.9; and Hang Seng Bank (00011) fell 2% to HK$90.5.
The Zhitong Finance App learned that Hong Kong banking stocks fell collectively. As of press release, Standard Chartered Group (02888) fell 4.14% to HK$72.9; HSBC Holdings (00005) fell 3.44% to HK$65.9; Hang Seng Bank (00011) fell 2% to HK$90.5; and BOCHK (02388) fell 1.56% to HK$22.15.
According to the news, the latest data released by the US Department of Labor on Thursday showed that the number of people applying for unemployment benefits for the first time that week soared to 0.249 million, far exceeding expectations of 0.236 million, reaching the highest point in 12 months. Additionally, on August 1, 2024, the Bank of England announced its first rate cut in four years, cutting interest rates by 25 basis points to 5.00%. The interest rate futures market has increased its bet on the Fed's interest rate cut to nearly 3 times this year. The market is worried that interest rate cuts will narrow banks' net interest margin income.