Hang Seng Jumps After Chinese Premier’s Remarks
The Hang Seng jumped 439 points, or 2.1%, to close at 21,007 on Tuesday, rising for a third session to its highest in more than 2 weeks after Chinese Premier Li Qiang said Beijing has plenty of room for fiscal and monetary policy and that China will meet its 2024 GDP growth target of around 5%. Meanwhile, private survey data showed China’s services sector expanded the most in 3 months in October, following a series of support measures in late September.
At the same time, Hong Kong’s private sector growth hit a 1-1/2-year high last month. Adding to the upbeat mood was a modest rise in U.S. futures ahead of the presidential election, the Fed’s interest rate decision and Chairman Powell’s press conference. However, gains were capped by caution ahead of China’s legislative meeting, which ends on Friday. Meanwhile, Chinese consumer and producer price data are due over the weekend. Gains were spread across sectors, with sharp gains from Sunny Optical Tech (14.3%), Semicon Manufacturing (7.0%), and BYD Electronic (5.6%).
Source: Trading Economics
