Hong Kong led gains in most Asian markets Monday on hopes China has ended its long-running crackdown on the tech sector after imposing huge fines on the fintech affiliates of Alibaba and Tencent.
After a years-long probe Ant Group was hit with the near $1 billion penalty for"illegal acts", while Tenpay was ordered to pay more than $400 million.
The news, which was announced Friday, saw the New York-listed shares of Alibaba and Tencent surge, and their Hong Kong followed suit Monday, both piling on more than three percent. The surge in market heavyweight tech firms lifted the Hang Seng Index more than one percent, while there were also gains in Shanghai, Sydney, Singapore, Seoul, Taipei, Manila and Jakarta.A mixed US jobs report Friday left Wall Street's three main indexes lower, with data showing fewer jobs were created last month than were forecast but wage growth remained strong, putting upward pressure on inflation.
But he added that"slowing payrolls and easing inflation should let the Fed keep interest rates unchanged after July for the rest of 2023".
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