Hong Kong stocks started the week in red as the stronger-than-expected US job growth prompted traders to push back bets on rate cuts by the Federal Reserve.
The Hang Seng Index fell 1.00%, or 190.15 points, to close at 18,874.14 on Monday. The Hang Seng China Enterprises Index retreated 0.79%, or 54.44 points, to end at 6,843.71.
The world's largest economy ended 2024 on a solid footing as it added 256,000 jobs in December 2024, the most since March, which reduced the unemployment rate to 4.1% from 4.2%.
Economists polled by Reuters had forecast payrolls advancing by 160,000 jobs.
The blockbuster report dashed hopes of aggressive Fed rate cuts. The odds of easing at the Jan. 31 meeting are now at 2.7%, down from 9% a week ago, according to the CME FedWatch Tool.
In corporate news, New Gonow Recreational Vehicles (HKG:0805) tanked on its trading debut as the RV maker closed at HK$0.98 per share, down nearly 23% from its IPO price of HK$1.27.
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