December 9, 2022

Raven Tribune

Complete News World

Shares in Hong Kong rose 7%;  Asia markets mixed ahead of US jobs report

Shares in Hong Kong rose 7%; Asia markets mixed ahead of US jobs report

The Hong Kong Stock Exchange in Hong Kong, China, on Wednesday, July 13, 2022.

Paul Young | Bloomberg | Getty Images

Hong Kong shares briefly rose 7% on Friday, with cyclical technology and consumer shares leading the rally amid China reopening to rumors and A report says US audits of Chinese companies have completed more quickly than expected.

The Hang Seng Index It was last up 6.84%, while Hang Seng Tech was up 9.28%. Stocks in the city have been reacting to speculation about a possible reopening of China as zero-Covid policies continue, dragging the economy.

in mainland China, Shanghai Composite Index jumped 2.54% and Shenzhen Component 3.366% profit.

Stephanie Holtz-Jen, head of information for Asia Pacific at Deutsche Bank, said China’s reopening remains uncertain, but “it’s exciting to see these rumors build up”.

“The market seems to be thinking that if there’s smoke, there must be fire,” she said, adding that she was watching ads for the upcoming Shanghai Marathon and articles in the Chinese Communist Party newspaper, People’s Daily, about changes in tonality.

She also told CNBC’s “Capital Connection” that she is paying close attention to the December economic meetings.

Other markets in the Asia Pacific region continued to engage with the Fed 75 basis points Raise interest rates and look forward to the jobs report.

Japan Nikkei 225 It fell 1.75 percent after Thursday’s holiday. The Topix index was down 1.37%. in south korea, Cosby Added 0.48%. MSCI’s broadest index of Asia Pacific shares outside Japan was 2.6% higher.

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Australia S & P / ASX 200 It rose 0.5%. Reserve Bank of Australia The monetary policy statement was released on Friday.

Asia Pacific currencies such as US dollar index slid.

The monthly US employment report is due later. Economists expect 205,000 jobs to be added in October, The unemployment rate is expected to remain at 3.5%, according to Dow Jones.

Overnight, US stocks fell to Fourth session in a row. The Dow Jones Industrial Average fell 146.51 points, or 0.46%, to close at 3,2001.25. The S&P 500 lost 1.06% to end at 3,719.89, while the Nasdaq Composite fell 1.73% to settle at 10342.94.

CNBC’s Samantha Soobin, Carmen Renick contributed to this report.