Hong Kong Rally Still Going?
Hong Kong stocks rose again for a third straight day on Wednesday, approaching their longest winning streak in two weeks. The Hang Seng Index rose 0.6% to 26,039.99, supported by tech stocks such as Meituan, which surged 6.6% ahead of its earnings release, ZTO Express (up 3.5%), BYD (up 2.7%), and JD.com (up 1.8%). Meanwhile, Alibaba edged down 0.1% after its September-quarter profit plunged 52% year-on-year, although the decline was still better than market expectations. Positive sentiment also spread to mainland China, with the CSI 300 index rising 0.5% and the Shanghai Composite Index gaining 0.2%.
These gains came amid growing expectations that the Fed will soon cut interest rates, after data showed weakening US consumer confidence and sluggish retail sales. The market has returned to the "bad news is good news" mindset, as weak economic data is seen as opening up room for monetary policy easing. Other major Asian indices also rallied: Japan's Nikkei 225 rose 1.9%, South Korea's Kospi gained 2%, and Australia's S&P/ASX 200 rose 0.8%, signaling a recovery in investor risk appetite in the region. (az)
Source: Newsmaker.id
