HK stocks slip as US inflation balloons rate rise fear

Markets started the day on the back foot as trading kicked off in Asia on Thursday, as a quicker-than-expected increase in US consumer price inflation upped expectations for the Federal Reserve to act this year and pushed stocks lower. In Hong Kong, the benchmark Hang Seng Index fell 195 points, or 0.8 percent, to 24,119. The tech index dived 92 points, or 2.21 percent, to 4,082 while the China Enterprises Index slipped 58 points, or 0.72 percent, to 8,124. Across the border, the Shanghai Composite Index opened down 56 points, or 1.5 percent, at 3,710. The Shenzhen Component Index fell 290 points, or 2.4 percent, to 11,819 while the ChiNext Index dived 89 points, or 3.13 percent, to 2,776. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 percent, with South Korean shares leading the plunge. In Tokyo, the Nikkei lost almost 864 points, or 1.28 percent, to open at 66,880 before hitting the skids to be 2,965 points, or 4.38 percent, down at one stage before lunch. In Seoul, the Kospi plunged 336 points, or 5.59 percent, to open at 5,673 before losses widened to 468 points, or 7.8 percent, at one stage before noon. "Asia faces another difficult session," said Chris Weston, head of...