Hong Kong’s Hang Seng, tech stocks rise, China inflation
SINGAPORE — Chinese markets rose on Wednesday in line with gains made by other Asia-Pacific countries. The U.S. markets rallied overnight after comments by the Fed chief seemed to reassure investors.
The Hang Seng index in Hong Kong led regional gains, rising 2%. As a result, the Hang Seng tech index rose 3.7%. TencentIt was up by 3.13% AlibabaThe increase was 4.7% Meituan jumped 7.69%. JD rose to more than 9%.
The Shanghai component was up 0.3%, while the Shenzhen part rose 0.61%.
South Korea KospiThe rise was 1.42 percent
Australia is home to the ASX 200The price was up by 0.69%. In the morning, gold miners saw gains. Kingsgate ConsolidatedThe rise was more than 10% Evolution MiningThe number of people who purchased the product jumped by 4%. NewcrestIt was up by 3.22% Gold prices climbedTuesday: 1 %
On Wednesday, Asia will release its consumer price index and producer price index.
China’s consumer price index was up 1.5% in December compared to a year ago, according to Reuters — a drop from the 2.3% increase in November and lower than the 1.8% rise expected in a Reuters poll. The factory prices increased 10.3% compared to a year ago, slower than the 11.1% increase in November.
Lower inflation allows the government to relax monetary policies. In our opinion, the probability of an interest rate reduction is increasing,” Zhiwei Zhiwei, Pinpoint Asset Management’s chief economist, stated in a post after China released its inflation data.
After a difficult start to 2013, Wall Street stocks rallied again.
Tech-heavy Nasdaq Composite gained 1.41% to 15,153.45, building on an afternoon rally from the previous session that snapped a four-day losing streak. You can read the rest of this article. S&P 500 rose 0.92% to 4,713.07, while the Dow Jones Industrial Average added 183.15 points, or 0.51%, to close at 36,252.02.
According to ANZ Research analyst Brian Martins and Daniel Hynes in a note: “Stocks recovered, reversing a recent downward trend as comments by Powell reassured shareholders that the Fed is prepared tighten monetary policy for price stability.”
Jerome Powell, Fed Chair, stated Tuesday that rate hikes and tighter policy will be needed to control inflationThe central bank did not signal an acceleration in its policy changes, however.
Global economic growth is also under threat World Bank Tuesday cut growth forecastsFor the U.S. the Euro zone, as well as China. The report warned of high levels of debt, increasing income inequality, and the possibility that new coronavirus strains could threaten recovery in emerging economies.
The oil price continued to rise after the announcement. soaring more than 3% on Tuesday. U.S. crude crude rose 0.27%, to $81.47/barrel. Brent crude futures increased marginally to $83.77/barrel.
It U.S. dollar indexThe index that tracks the greenback in relation to a basket containing its peers was at 95.601 on Wednesday, down from levels of 95.9 the previous week.