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Hong Kong stocks headed lower as global bond yields mount pressure

Hong Kong shares headed lower for a second day as overnight equity losses on Wall Street and rising U.S. and European bond yields drained appetite for risk assets.

The Hang Seng Index slid 0.4% to 25,373.80 by the midday break, tracking losses for major U.S. stock benchmarks on Thursday and as 10-year Treasury yields approached two-month highs.

German yields rallied to their highest level since January 2016 after the European Central Bank signalled it’s moving closer to winding down stimulus, while U.K. yields also hit multi-month highs.

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