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Hong Kong leads gains in Asia as key economic data comes out across the region



Hong Kong Street Scene, Mongkok District with busses

Nikada | E+ | Getty Images

Asia-Pacific markets rose at the end of the week, with investors accessing a fresh round of data for more clues on the health of business activity through the region.

China’s service sector expanded at a slightly faster pace in October, with the Caixin services purchasing managers index at 50.4, just above September’s reading of 50.2.

Hong Kong’s private sector activity contracted further in October as new business, including that from mainland China continues to fall, according to a survey by S&P Global.


Hong Kong’s Hang Seng index strengthened 2.5% in its final hour of trade, while China’s CSI 300 rose 0.84% to finish at 3,584.14, snapping a three day losing streak.

South Korea’s Kospi rose 1.08% to close at 2,368.34 while the Kosdaq was up 1.19%, ending at 782.05. Both South Korean indexes notched their third straight day of gains.

In Australia, the S&P/ASX 200 ended 1.14% higher at 6,978.20, while Japan markets were shut for a public holiday.

Wall Street indexes rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

The Dow Jones Industrial Average ended 1.7%, higher, its best day since June. The S&P 500 added 1.89%, the first time the S&P 500 posted back-to-back gains of more than 1% since February.

The Nasdaq Composite climbed 1.78%, marking its best session since July.

— CNBC’s Sarah Min and Alex Harring contributed to this report


Source: CNBC

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