The Hang Seng Index rose 1.6% to 25,836.06 at 10:12 a.m. local time on Wednesday, snapping a seven-day losing streak (~-7%). The rise was driven by expectations of a Fed rate cut this month after Jerome Powell signaled a 25-bps rate cut, offsetting concerns about renewed US-China tensions (the "cooking oil" issue). Hang Seng Tech also gained 1.8%, while on the mainland, the CSI 300 and Shanghai Composite each gained 0.4%.
Moving stocks: China Life +3.7%, Pop Mart +3.4%, Alibaba +2.4%, Tencent +0.7%. Domestic sentiment was helped by signs of easing Chinese deflation (September PPI -2.3% YoY vs. -2.9%; CPI -0.3% vs. -0.4%). On the corporate front, Asahi Group fell 1.1% after delaying its third-quarter report due to a cyberattack, while Xuanzhu Biopharmaceutical's debut surged 152% to HK$29.20. The next focus: the FOMC meeting on October 30th and US-China trade developments. (az)
Source: Newsmaker.id
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