Hong Kong Jumps as Tech Stocks Rally

Chinese markets rose on Wednesday, tracking gains in other Asia-Pacific markets. U.S. markets also rallied overnight as comments from the Fed chief appeared to reassure investors.

In Japan, the Nikkei 225 leaped 543.18 points, or 1.9%, to 28,228.48. Tech stocks rose, and SoftBank was higher by 6%.

The Japanese yen traded at 115.32 per dollar as it weakened marginally.

The Hang Seng index in Hong Kong popped 643.11 points, or 2.8%, to 24,402.17, with Tencent rallying 4.5%, and Alibaba climbed 5.9%, and Meituan jumped 9.3%. JD soared 11.1%.

Australian stocks recovered lost ground. Gold miners gained as Kingsgate Consolidated soared more than 11%, while Evolution Mining jumped 2.9%, and Newcrest was up 2.3%. Gold prices climbed 1% on Tuesday.

The Australian dollar was at $0.7215, up from previous levels of around $0.71.


In China, the CSI 300 regained 47.81 points, or 1%, to 4,845.58.

Economic numbers out in Asia on Wednesday included China’s consumer and producer price index for December.

China’s consumer price index was up 1.5% in December compared to a year ago, according to Reuters — a drop from the 2.3% increase in November and lower than the 1.8% rise expected in a Reuters poll. Factory prices climbed 10.3% from a year earlier, slowing from the 12.9% rise in November and less than the 11.1% expected in the Reuters poll.

In other markets

In Korea, the Kospi index gathered 45.1 points, or 1.5%, to 2,972.48.

In Taiwan, the Taiex index gained 87.19 points, or 0.5%, to 18,375.40.

In Singapore, the Straits Times Index moved higher 8.61 points, or 0.3%, to 3,254.98.

In New Zealand, the NZX 50 fell 27.25 points, or 0.2%, to 12,804.48.

In Australia, the ASX 200 recovered 48.78 points, or 0.7%, at 7,438.90.