The Hang Seng Index rose for the second day, climbing 0.7%, or 168.48 to 24,994.14 in Hong Kong. The index advanced to the highest closing level in at least a year. Alibaba Group Holding Ltd. contributed the most to the index gain, increasing 1.8%. China Petroleum & Chemical Corp. had the largest increase, rising 5.5%. Today, 58 of 85 shares rose, while 24 fell; 3 of 4 sectors were higher, led by commerce and industry stocks. Source : Bloomberg
Hong Kong stocks plunged 321 points, or 1.6%, to 20,077 in early trade on Friday, shedding gains from the previous session amid sharp losses across sectors. Traders fled riskier assets after the minutes of China's Central Economic Work Conference lacked policy details, with top leaders reportedly pledging only to raise the fiscal deficit target for next year. Overnight in the U.S., a rally on Wall Street stalled after weekly jobless claims rose more than expected, and producer price data was mixed. Locally, industrial output in Hong Kong fell in the third quarter of 2024 after rising for...
The Nikkei 225 index fell 0.8% to around 39,530 while the broader Topix index fell 0.8% to 2,750 on Friday, paring gains from the previous session and tracking losses on Wall Street overnight after some potentially disappointing economic data in the U.S. On the domestic front, investors reacted to data showing a slight improvement in sentiment among Japan's major manufacturers in the fourth quarter. This has reinforced expectations of a hawkish stance from the Bank of Japan, although uncertainty remains over whether the central bank will raise interest rates in December or January....
Asia-Pacific markets fell on Friday, mirroring Wall Street's moves, weighed down by a higher-than-expected reading on producer price inflation. The producer price index, a measure of wholesale inflation, rose 0.4% in November, beating the Dow Jones estimate of 0.2%. On an annualized basis, the PPI rose 3%, its biggest gain since the 12 months ended February 2023. In Asia, investors weighed China's stimulus pledge after Beijing on Thursday reiterated its recent policy shift and emphasized plans to boost growth after a key meeting. Investors also weighed the Bank of Japan's Tankan survey,...
Wall Street closed lower on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's meeting next week. The Nasdaq had surged past the 20,000 mark for the first time on Wednesday, driven by a strong rally in technology stocks. Meanwhile, the S&P 500 reached its highest level in nearly a week, buoyed by an inflation report that solidified expectations for a 25-basis-point rate cut at the Fed's Dec. 17-18 meeting. Haworth added there was profit-taking after the Nasdaq touched an all-time high on Wednesday. Trader bets on the cut next week stand at over...
European stocks held their muted momentum and closed near the flatline on Thursday as markets digested the European Central Bank's rate cut. The Stoxx 50 added 0.2% to close at 4,970, while the pan-European Stoxx 600 dropped 0.2% to close at 519. The ECB delivered 25bps cuts in its three main rates, as largely expected, and omitted previous signals that monetary policy must remain restrictive to fight inflation, stoking expectations of more rate cuts next year. Tech and luxury performed well, with SAP and ASML adding over 1% each amid hopes of strong demand and good trade relations with...