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China and HK stocks drop as investors focus on earnings; CATL slumps
HONG KONG: China and Hong Kong stocks fell on Wednesday despite a broader recoveryin Asian shares, as weaker profit growth in index heavyweight CATL and growing worries over the health of the consumer sector weighed on sentiment. China’s blue-chip CSI300 Index dropped 0.7% by the lunch break, while the Shanghai Composite Index lost 0.3%. Hong Kong benchmark Hang Seng was down 0.4%. Shares of CATL tumbled 10% in both Hong Kong and mainland markets after the top Chinese battery maker posted much slower profit growth in the third quarter, hit by fierce competition andslower China auto sales growt...
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