Hang Seng Logs Biggest One-Day Gain in Three Months
The Hang Seng jumped 644 points or 2.6% to finish at 25,614 on Wednesday, notching its highest level in two weeks while marking the largest one-day rise since mid-May. It was the second straight advance, with all sectors rallying. Sentiment was boosted by China's year-long plan to subsidize consumer loan interest—90% funded by the central government and 10% by provinces—to spur household spending.
A strong Wall Street session on Tuesday also supported risk appetite, as slower U.S. inflation data reinforced bets of a Fed rate cut in September and suggested limited pass-through from U.S. tariffs to consumer prices. On the mainland, the Shanghai benchmark hit a 3-1/2-year high after Washington and Beijing extended their 90-day tariff truce by another 90 days.
Tencent Music surged 15.6% to a record on strong quarterly earnings, and MMG jumped 10.4% on robust H1 results. Meanwhile, HSBC Group climbed 1.83 to its highest in 17 years, and WH Group gained 6.2% to a five-year high.
Source: Trading Economics
