Hong Kong Stocks Open Sharply Lower

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Hong Kong stocks tumbled more than one percent at the open Friday after data showing US producer prices surged more than expected last month, denting hopes for interest rate cuts.

The Hang Seng Index sank 1.20 percent, or 203.30 points, to 16,758.36.

The Shanghai Composite Index slipped 0.22 percent, or 6.71 points, to 3,031.52, while the Shenzhen Composite Index on China’s second exchange shed 0.26 percent, or 4.54 points to 1,753.55.

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