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Renewed concerns over Federal Reserve rate hikes led to declines in mainland Chinese and Hong Kong stock markets, with the STAR Market 50 Index falling by 2.3%.
Chinese mainland and Hong Kong equities broadly fell due to hot US inflation data, which increased market bets on a Federal Reserve rate hike. The CSI 300 Index dropped 1.3%, while the STAR Market 50 Index, which is concentrated with chip stocks, fell 2.3%. As of 9:39 AM local time, the Hang Seng Index was down 0.9% at 24,094.03 points, and the Hang Seng Tech Index fell 1.9%. According to CME Group data, the probability of a 25 basis point rate hike by the Federal Reserve in December has risen to 66% from 50% a month ago.
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