HK stocks slide amid thin holiday trading in region
Regional stocks were off to a mixed start on Monday while the US dollar edged lower and bonds steadied, as investors trimmed bets on an aggressive policy tightening cycle by the Federal Reserve following cooler-than-expected US jobs data. Trading was thin in Asia with holidays in the Chinese mainland and South Korea, leaving markets to take their cue from Wall Street's moves on Friday. In Hong Kong, the benchmark Hang Seng Index opened down eight points, or 0.04 percent, at 23,963. The tech index slid 19 points, or 0.47 percent, to 4,138 while the China Enterprises Index inched nine points, or 0.12 percent, down to 8,021. Data last week showed US job growth slowed more than expected in September and the nonfarm payrolls count for the prior two months was revised sharply lower, almost taking another rate hike from the Fed this month off the table. "Labour conditions are stable overall, but Friday's downward revisions signal that the US economy has lost jobs in two out of the nine months year to date, and the risk of further employment losses means that the Fed can't hike another 100 basis points from here, which is what the curve is pricing in," said Jose Torres, senior economist...
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