Sep 3, 2024 at 4:39 am GMT
SHANGHAI (Reuters) - Most of China and Hong Kong's benchmark stock indexes fell on Tuesday, dragged by banking and energy stocks, while investors digested disappointing China August manufacturing activity data.
** With markets now firmly expecting the U.S. Federal Reserve to cut interest rates in September, investors said that could give Beijing more leeway to manoeuvre its own monetary policy.
** Focus will be on the U.S. non-farm payrolls data due on Friday, after Fed Chair Jerome Powell last month endorsed an imminent start to rate cuts in a nod to worries over the labour market.
** By the midday break, the Shanghai Composite index . SSEC was down 0.52% at 2,796.48 points, although China's blue-chip CSI 300 index .CSI300 inched 0.04% higher.
** Banks were among the top losers, with an index of the sector .CSI399986 losing 2.02%.
** Four of China's five largest lenders reported a lower second-quarter profit after responding to a government nudge to lower lending rates in order to stimulate weak loan demand amid a slowing economy and struggling property sector.
** The energy sector .CSI000908 was another major drag, dropping 2.45% in morning deals.
** Chinese H-shares listed in Hong Kong . HSCE fell 0.33% to 6,191.42 points, while the Hang Seng Index .HSI was down 0.37% at 17,627.05 points.
** Contrasting the benchmark indexes, the smaller Shenzhen index . SZSC rose 0.57%, the start-up board ChiNext Composite index .CNT was higher by 0.9% and Shanghai's tech-focused

STAR

50 index .

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50 was up 0.62%.
** Around the region, MSCI 's Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 0.43% while Japan's Nikkei index .N225 was down 0.12%.
 Reporting by Shanghai Newsroom; Editing by Varun H K 

Sumber : Reuters