The Hang Seng surged 682 points or 3.0% to close at 23,549 on Monday, marking its eighth straight session of gains and hitting a 1-1/2 month high. The rally followed a sharp rise in U.S. futures after the U.S. and China agreed to a 90-day pause in trade tensions and a major easing of tariffs.
Washington will cut duties on Chinese goods to 30% from 145%, while Beijing will lower tariffs on U.S. goods to 10% from 125%. Sentiment was further lifted by data showing China's car sales rose nearly 10% yoy in April.
Tech stocks led the advance, with the sector index up around 5%, boosted by gains in Trip.com (6.6%), Tencent Holdings (4.5%), and Meituan (2.5%). Property, consumer, and financial shares also climbed, helped by reports that U.S.-based hedge funds ramped up bullish bets on Chinese equities.
However, upside momentum was capped by weak April CPI/PPI data in the mainland where consumer prices fell for the third month and producer prices shrank the most in six months.
Source: Trading Economics
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