The Hong Kong Stock Exchange opened the session with a sharp correction on fears of China's economic resilience, which slipped even further into deflation: the Hang Seng index gave up 1.13% and stood at 16,149.06 points.
In November, consumer prices contracted by 0.5% year-on-year (from -0.2% in October) compared to estimates on the eve of -0.1%, the largest since November 2020 due to the slowdown in food prices (-4.2% from -4% in the previous month) and the further decline in pork prices. Producer prices, the National Bureau of Statistics said on Saturday, fell 3% year-on-year, much more than October's -2.6% and market forecasts of -2.8, the 14th consecutive monthly decline and the largest since August with an economy in tougher shape.
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