The Hang Seng Index surged 262 points, or 1%, to close at 26,200 on Wednesday, rallying for a fourth straight session to a four-year high, driven by gains across all sectors. The index followed Wall Street's advance amid growing bets that recent US labor market weakness will prompt the Fed to cut interest rates by at least 25 basis points next week, with upcoming inflation data set to provide the final clue.
In China, the sharpest CPI decline in six months in August rekindled hopes for fresh government support, potentially boosting the trade-in value of consumer goods, while producer deflation hit a four-month low as Beijing's efforts to curb a corporate price war gained steam.
The property and financial sectors outperformed following a bilateral currency swap deal between China and Europe. Technology stocks also surged, boosted by optimism over AI revenue following Oracle's strong US results. Alibaba shares rose 0.6% on optimism, while Baidu HK rose 2.6% after launching an improved AI model. Meanwhile, Laekna Inc. shares plunged 12.7% due to discounted stock sales. (alg)
Source: Trading Economics
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