Changes in Hong Kong stocks | Bank of Hong Kong stocks continue recent decline, Fitch adjusts France's rating outlook to negative market concerns about sovereign bond valuation losses

The Zhitong Finance App learned that Bank of Hong Kong stocks continued their recent decline. As of press release, BOCHK (02388) fell 3.88% to HK$48.54; Bank of East Asia (00023) fell 3.82% to HK$17.12; Standard Chartered Group (02888) fell 3.70% to HK$213.4; and HSBC Holdings (00005) fell 2.43% to HK$132.4.

According to the news, the British Chancellor of the Exchequer recently stated that the British government will raise the current additional tax rate levied on banks from 3% to 6%, which is lower than the 8% originally estimated by industry insiders. This tax increase will only be implemented for 15 months, starting in January next year and ending on March 31, 2028. The industry still warns that this move lacks principles and may hurt international competitiveness.

Notably, Fitch downgraded France's sovereign rating outlook from “stable” to “negative” on October 30, warning that the worsening fiscal situation combined with political fragmentation is weakening the prospects for stabilizing France's debt. The market is concerned about loss in valuation of sovereign bonds held by banks.