Hong Kong falls into recession in third quarter (by Chris Oliver)

HONG KONG (MarketWatch) -- Hong Kong's third-quarter gross domestic product contracted 0.5% from the previous quarter, its second straight quarterly fall after shrinking 1.4% in the second, and marking its first recession since the 2003 Sars outbreak. Against the third quarter last year, the economy expanded 1.7% in the July to September period, decelerating sharply from the 4.2% rise in the April to June quarter against a year earlier.