Hong Kong, Shanghai Jump on China Inflation

The Hang Seng Index led gains in Asia-Pacific as China inflation data came in roughly in line with expectations.

In Japan, the Nikkei 225 declined 326.58 points, or 1.2%, to 27,901.01.

In Hong Kong, the Hang Seng hiked 450.64 points, or 2.3%, to 19,900.87

Computer chip manufacturer Taiwan Semiconductor Manufacturing Company is expected to report November sales later in the day.

Shares of Hong Kong-listed real estate and tech companies popped in Asia’s session as positive sentiment persists around China’s reopening.

Longfor Group jumped as much as 11.8%, Country Garden climbed 8% and Cifi Holdings was 11% higher.

Meanwhile, heavyweights Alibaba and Meituan added more than 3% and around 2% respectively.

The moves also come after state media reported that Chinese Premier Li Keqiang said China’s economic growth will pick up as the country lifts COVID measures.

South Korea registered a current account surplus of $880 million in October, a decline from September’s $1.6 billion.

Direct investment assets in South Korea increased by $2.75 billion, compared to $4.74 billion a month ago. Direct investment liabilities increased from $430 million to $810 million.

CHINA

In Shanghai, the CSI 300 improved 39.06 points, or 1%, to 3,998.24.

China’s consumer price index rose 1.6% in November on an annualized basis, while its producer price index fell 1.3%.

China’s producer price index fell 1.3% in November compared to a year ago, extending its decline after shedding 1.3% in October, and slightly beating estimates for a 1.4% contraction in a Reuters poll.

The nation’s consumer price index rose 1.6% in November on an annualized basis, in line with expectations and easing from October’s reading of 2.1%.

In other markets

In Taiwan, the Taiex regained 152.39 points, or 1.1%, to 14,705.43

In Korea, the Kospi index recovered 17.96 points, or 0.8%, to 2,389.04.

In Singapore, the Straits Times Index gained 9.89 points, or 0.3%, to 3,245.97.

In Australia, the ASX 200 restored 37.63 points, or 0.5%, to 7,213.18.

In New Zealand, the NZX 50 dropped 21.11 points, or 0.2%, to 11,596.03.