Hong Kong Stocks Lead Advance in Asia, Yen Surges – Asia Market Wrap
Asian equities rose on Monday, powered by a surge in Hong Kong technology companies, while expectations of lower US interest rates pushed the region’s currencies to their best level in five months against the dollar.
A barometer of Asian stocks surged after its best week in almost a year. China’s equity markets jumped after a Hong Kong technology index climbed more than 2.5%, driven by JD, whose shares rose the highest since June after posting unexpectedly strong results.
Contracts for European and US equities also increased. Meanwhile, the Asia Dollar Index rose by up to 0.6%, while the yen jumped by 1%.
Monday’s activity implies that fading fears of a US recession and the promise of reduced borrowing costs are boosting mood throughout the continent. The week’s biggest signal will come Friday, when Federal Reserve Chairman Jerome Powell is anticipated to provide new insights into the trajectory of US monetary policy at the central bank’s annual conference in Jackson Hole.
