Hong Kong Markets Fumble

L.Desjardins submits:

All Chinese markets dropped last week on fear that the rise in oil prices would reaccelerate inflation in China and weaken the global economy. Hong Kong was particularly sensitive to the oil market, the Hang Seng Index closing the week down 2.5% while the Hang Seng China Enterprises Index was down 3.5%, compared to 0.7% for the Shanghai Composite Index. Hong Kong's performance would have been much worse if not for the strong performance on Friday. The HSI is down 5.7% from the January's high and the HSCEI, down 7%.

INDICES 1 week 4 weeks YTD Hang Seng Index -2.5% -2.6% -0.1% HS China Enterprises -3.7% -2.3% -3.3% FTSE/Xinhua A50 -1.4% 2.6% 1.6% Shanghai Composite -0.7% 4.6% 2.5% CSI 300 -0.4% 5.3% 2.2% US ETFs EWH -1.2% -3.2% -2.0% FXI -2.1% -0.5% -2.9% PGJ -2.9% 0.4% 1.8%

Since the beginning to the year, the main drag on the Hong

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