Hong Kong stocks showed some resilience at Monday’s open, with the benchmark Hang Seng index falling just 1%, despite a sharp plunge across all major US indices on Friday, fueled by the Federal Reserve Board chairman Jerome Powell’s comments on the economic outlook.

Powell’s statement suggested that higher interest rates could continue for some time, with the Fed Chair stating that another unusually large rate hike may be warranted at the next FOMC meeting.

macro news: Chinese industrials earnings fell 1.1% yoy in the January-July period, weighed down by a sluggish economy and a weak real estate sector, Bloomberg reported citing the National Statistics Office. The figure was 0.8% in June, it said.

Also read: Chinese energy giant Sinopec’s preliminary earnings rise 10% on higher crude oil prices: Here’s its H2 outlook

China’s military on Sunday said it was monitoring US Navy vessels transiting the Taiwan Strait and was on high alert and ready to face any provocation. reported Reuters.

The US Navy said guided-missile cruisers conducted a “routine transit across the Taiwan Strait” on Sunday, in line with international law, according to the report.

corporate news: China Petroleum and Chemical Corporation SNPor Sinopec, registered a 10.4% increase in net income for the first half, led by higher global crude oil and gas prices despite sluggish domestic demand.

Nio has started the first deliveries of ES7 in several cities across China CnEVPost.

Global News: US futures traded lower Monday morning in Asia after coming under pressure on Friday following Powell’s speech. Dow Jones futures fell 0.87% as…