Hong Kong Stocks Rise for 3rd Straight Day
Hong Kong stocks rose 98 points, or 0.5%, to 19,379 in early trade on Thursday, snapping three sessions of losses amid gains in most sectors, especially consumer, technology and property. The market rebounded from a six-week low hit a day earlier, lifted by a report that China will subsidize more consumer products and increase funding for industrial equipment upgrades to spur spending and counter growing headwinds in exports.
A small decline in U.S. stock futures capped further gains after the latest FOMC meeting minutes indicated rising upside risks to the inflation outlook. Turning to the latest data, China’s consumer inflation hit a nine-month low in December, slowing for a fourth month despite efforts to inject stimulus into the economy. Meanwhile, factory deflation continued into a 27th month, although the latest reading recorded a slower decline of 2.3% from a 2.5% decline in November. Early movers included Semicon Manufacturing (5.4%), Xiaomi Corp. (2.9%), and Tencent Holdings. (2.6%)
Source: Trading Economics
