HK Stock Market Move | High US and European government bond yields pressure financial stocks; STANCHART (02888) falls nearly 6%, HSBC HOLDINGS (00005) drops over 4%.

Hong Kong financial stocks are broadly under pressure. As of press time, AIA (01299) fell 5.5% to HK$69.55; STANCHART (02888) dropped 5.73% to HK$230.4; HSBC HOLDINGS (00005) declined 4.62% to HK$150.7; DAHSING BANKING (02356) fell 4.32% to HK$14.39. On the news front, US and European government bond yields surged, with the US 10-year Treasury yield hitting its highest level since 2002, and the US 30-year Treasury yield also rising to its highest in 24 years. In addition, the UK 30-year gilt yield rose above 6% for the first time since 1998, while the French 10-year government bond yield climbed to 4.96%, continuing to set a new high since 2002. Market analysts believe that the pressure on Hong Kong financial stocks is mainly driven by the overseas market selloff and global bond market volatility. At present, Europe's fiscal position is already under strain, and the high interest rate environment further deepens market concerns; Hong Kong's free capital flows make it prone to relatively rapid selling pressure during risk-off periods.