HONG KONG, May 3 — Hong Kong led gains across most Asian and European markets today thanks to a surge in tech giants, while the yen extended gains against the dollar on...
A man walks in front of an electronic board?displaying a share price of the Nikkei index of the Tokyo Stock Exchange along a street in Tokyo May 2, 2024. — AFP picHONG KONG, May 3 — Hong Kong led gains across most Asian and European markets today thanks to a surge in tech giants, while the yen extended gains against the dollar on revived hopes for US interest rate cuts.
Comments from Fed boss Jerome Powell on Wednesday appeared to breathe a little life into the rate-cut narrative when he said that, while he expected borrowing costs to stay high for longer, officials were unlikely to announce another hike. National Australia Bank’s Tapas Strickland added: “The Fed will need an accumulation of evidence that inflation is easing sufficiently before they contemplate cutting rates.”
Hong Kong was the standout thanks to buying of heavyweights including Alibaba and JD.com, with the Hang Seng Index up more than 20 per cent from its January low — putting it in a technical bull market.
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