Hong Kong stocks jumped 336 points, or 1.7%, to 20,041 in early trade on Friday, snapping losses from the previous two sessions amid solid gains across sectors. For the week, the Hang Seng is on track for a second straight gain, up nearly 2.5% so far, boosted by Beijing's initiative to encourage insurers to buy more mainland-listed shares. The plan is expected to inject at least hundreds of billions of yuan in new capital each year from state-owned insurers. It also involves guiding mutual fund managers to increase the equity funds under their management. Overnight on Wall Street, the S&P 500 hit a record high as U.S. President Donald Trump called for lower interest rates and lower oil prices. Curbing further gains was caution ahead of China's January PMI figures next week and the first Federal Reserve meeting in 2025.
Source: Trading Economics
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