HK stocks slip as tech muddles sovereign debt picture
Asian shares slipped on Thursday as strains in sovereign bond markets were aggravated by reports some major tech companies were seeking to raise billions in debt in direct competition for limited funding. In Hong Kong, the benchmark Hang Seng Index opened down 98 points, or 0.41 percent, at 24,031. The tech index slipped 10 points, or 0.25 percent, to 4,183 while the China enterprises index fell 18 points, or 0.23 percent, to 8,063. On the mainland, the Shanghai Composite Index opened down three points, or 0.08 percent, at 3,838. The Shenzhen Component Index inched up eight points, or 0.07 percent, to 12,896 while the ChiNext Index crept five points, or 0.17 percent, up to 3,140. The mixed openings in Chinese markets came as a fresh rise in oil prices added to the pressure on US Treasuries, though a strong auction of the country's 10-year debt overnight did help pull yields off 24-year peaks. The steady climb in borrowing costs put other regional equities on the defensive. In Tokyo, the Nikkei opened down 195 points, or 0.28 percent, at 69,840. In Seoul, the Kospi opened marginally higher before losing ground during mid-morning trading. Samsung Electronics on Thursday projected a 783 percent jump in third-quarter operating profit to...
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