Hong Kong stocks lead Asia losses; China closes at one-month low

Asia-Pacific markets were trading lower on Wednesday, led by Hong Kong markets, while China’s benchmark index closed at its lowest level in over a month as investors assessed earnings and comments from the U.S. Federal Reserve board members.

Shares of Chinese food delivery giant Meituan plunged 12% after warning of a demand slowdown for its services in its third-quarter earnings call.

Chinese e-commerce giant Pinduoduo posted 94% revenue growth in the third quarter, far outpacing Alibaba’s 9% growth in the same period.

The mainland Chinese CSI 300 index closed 0.86% lower at 3,488.31, falling to the lowest level since late October.

Hong Kong’s Hang Seng index tumbled 2.47% in the final hour of trading, leading losses among major Asian benchmarks.

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In Australia, the S&P/ASX 200 extended gains from Tuesday and climbed 0.29% to close at 7,035.3. as the country’s overall inflation rate for October slowed to 4.8%, its lowest rate since January 2022.

South Korea’s Kospi slipped marginally, finishing at 2,519.81 after hitting a two-month high on Tuesday, but the small-cap Kosdaq closed 0.73% up at 822.44.

Japan’s Nikkei 225 fell 0.26% to end at 33,321.22, marking three straight days of losses, while the Topix was down 0.51% and closed at 2,364.5.

.N225Nikkei 225 Index*NIKKEI32791.8483.941.5
.HSIHang Seng Index*HSI16190.24-144.13-0.88
.AXJOS&P/ASX 200*ASX 20071994.10.06
.KS11KOSPI Index*KOSPI2525.367.510.3
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1008331.85-9.84-0.12

Overnight in the U.S., all three major indexes rose after Waller’s comments that the Fed could be done hiking rates, with the Dow Jones Industrial Average adding 0.24%.

In contrast, Governor Michelle Bowman said more rate hikes will likely be needed, “so as to keep policy sufficiently restrictive to bring inflation down to our 2 percent target in a timely way.”

The broader S&P 500 index inched higher by 0.1%, while the tech-heavy Nasdaq Composite gained 0.29%.

— CNBC’s Pia Singh and Alex Harring contributed to this report.

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