Hong Kong stocks dipped as the meeting between Chinese and US leaders didn’t yield surprises, and the Federal Reserve’s hawkish tone dashed hopes for an interest-rate cut in December. The Hang Seng Index fell 0.2%, reversing earlier gains to a three-week high. The Hang Seng Tech Index dropped 0.7%. On the mainland, the CSI 300 Index slid 0.8% and the Shanghai Composite Index lost 0.7%.

Sunny Optical Technology Group and Budweiser Brewing saw declines, while Meituan rose on a plan to sell dual-currency notes. Sell-offs occurred when more details about the Xi Jinping and Donald Trump meeting emerged. The results largely aligned with a preliminary agreement reached earlier, easing market concerns.

Fed Chair Jerome Powell’s resistance to a rate cut in December wiped out gains in the S&P 500 and pushed bond yields higher. The US central bank trimmed the benchmark borrowing costs by a quarter of a percentage point, with the Hong Kong Monetary Authority following suit. Analysts anticipate short-term pressure on Asian markets due to a rebound in the US dollar and bond yields.

Asian markets were mixed, with Japan’s Nikkei 225 gaining 0.7% and South Korea’s Kospi rising 0.1%, while Australia’s S&P/ASX 200 lost 0.5%. The article originally appeared in the South China Morning Post (SCMP), providing authoritative reporting on China and Asia. Explore more SCMP stories on the SCMP app or visit their Facebook and Twitter pages.

Read more at Yahoo Finance: Hong Kong stocks slide after Xi-Trump meeting yields few surprises