China, HK stocks drop as gloomy Q1 outlook offsets lending rate cut

China and Hong Kong
stocks fell on Wednesday as investor worries over an expected
sharp drop in Beijing’s first-quarter economic growth offset a
brief boost from a widely expected cut to medium-term lending
rates.
** China’s central bank on Wednesday cut the interest rate on
its medium-term lending facility (MLF) for financial
institutions by 20 basis points to 2.95%, a record low, in an
attempt to combat the economic fallout from the coronavirus
health cri