Hong Kong Leads Asian Gains

Hong Kong stocks led Asia-Pacific markets higher Wednesday after upbeat economic data from China. A soft U.S. inflation reading also boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

In Japan, the Nikkei 225 sprang up 823.77 points, or 2.5%, to 33,519.70.

Data showed Japan’s economy shrank during the third quarter for the first time in four quarters, amid slowing global demand and rising domestic inflation. Japan’s provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, against a Reuters poll estimate of a 0.6% decline.

In Hong Kong, the Hang Seng Index hiked 682.14 points, or 3.9%, to 18,079, its highest level in over a week.


In Shanghai, the CSI 300 gained 25.19 points, or 0.7%, to 3,607.25.

Beijing reported better-than-expected retail sales and industrial data for October. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by a Reuters poll. Industrial production rose 4.6% year-on-year in October, faster than the 4.4% pace predicted by the Reuters poll.

On the geopolitical front, U.S. President Joe Biden and China’s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

In other markets

In Singapore, the Straits Times Index retook 27.46 points or 0.9%, to 3,132.12.

In Taiwan, the Taiex hurtled 213.07 points, or 1.3%, higher to 17,128.78.

In Korea, the Kospi index sprinted 53.42 points, or 2.2%, to 2,486.07.

In New Zealand, the NZX 50 gained 179.57 points, or 1.6%, to 11,352.84.

In Australia, the ASX 200 picked up 99.19 points, or 1.4%, to 7,105.90.

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