Gold declines while Hong Kong stocks lead Asia higher – Asia Market Wrap

Asia’s stock market saw gains, driven primarily by Hong Kong, as Wall Street recovered from a $2 trillion selloff on hopes that major tech executives would report robust earnings this week.

After UBS Group AG upgraded shares in China to overweight, citing solid earnings despite the country’s property and macro uncertainties, technology firms pulled Hong Kong indices higher. Despite the momentary strengthening of the yen versus the dollar following Finance Minister Shunichi Suzuki’s cautions against excessive currency movements, Japanese stocks managed to maintain their rise.

Prior to a series of bond auctions that would try investors’ patience after rates reached their peak in 2024, Treasury holdings were stable in Asia. Bonds from New Zealand and Australia progressed.

In comparison to its major counterparts, the dollar remained stable, and the markets in the region benefited from the break in its recent rally. After touching a 2024 low last week, a more comprehensive measure of developing market currencies saw gains in four of the last five sessions.