Hong Kong stock market reopens to lead Asian rally
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Loading... - Daiyu Xiao
- 01 Feb 2023
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Most Asian markets rose Thursday as the majority of them returned from the Chinese Lunar New Year break on an optimistic note, with inflation slowing and central banks hinting at a lighter approach to tackling prices.
The Hong Kong Special Administrative Region (SAR) led the way again, hitting an 11-month high, boosted by hopes that China's optimization of COVID-19 policy will fuel a strong recovery this year.
But uneven earnings from tech giants largely kept sentiment in check and saw Wall Street end on a soft note, with the Nasdaq in the red.
Traders are now awaiting the release of U.S. growth data on Thursday and the Federal Reserve's preferred gauge of inflation on Friday.
Still, Asia continued to outperform after a strong start to the year.
Next week, the Federal Reserve will make its latest policy decision since slowing its pace of rate hikes in December, after four straight 75-basis-point increases.
Speculation has been building in recent weeks that the bank could take its foot off the pedal as data points to inflation coming down quicker than expected and other indicators suggest last year's tightening was taking hold in the economy. Read More…
