Stocks in Hong Kong entered a bear market on Friday, with the Hang Seng Index plunging 21 percent from its high earlier this year. The global market grew increasingly concerned about the deteriorating condition of China’s real estate sector and its potential impact on the overall economy. As China’s economy faces weakening growth and amidst the aftermath of three years of Covid restrictions, foreign investment has declined, consumer spending has decreased, and the housing market is in turmoil. The bear market in Hong Kong reflects investors’ serious pessimism towards the economy, and this sentiment is further amplified by worries about inflation and high interest rates in Europe and the United States.
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