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Hong Kong’s Hang Seng index surges 2% as Chinese tech stocks bounce; SoftBank Group shares soar

SINGAPORE — Shares in Asia-Pacific rose in Wednesday trade, with stocks in Hong Kong leading gains regionally.

By Wednesday in the city, the Hang Seng index in Hong Kong soared 1.97% as Chinese tech stocks bounced back from their Tuesday losses. Shares of Alibaba jumped 6.12% while Tencent gained 2.21% and Netease advanced 3.92%.

Mainland Chinese stocks also rose, with the Shanghai composite up 0.4% and the Shenzhen component advancing 0.681%.

In Japan, the Nikkei 225 gained 1.06% while the Topix index climbed 0.97%. Shares of SoftBank Group surged 5.21% after the Japanese conglomerate on Tuesday announced plans to take Arm public following the collapse of a planned sale of the unit to Nvidia.

Elsewhere, the S&P/ASX 200 in Australia climbed 0.79% as bank stocks jumped: Commonwealth Bank of Australia (CBA) surged 5.32%, Westpac gained 2.38%, Australia and New Zealand Banking Group advanced 1.74% while National Australia Bank rose 1.84%.

CBA on Monday announced a jump in its first-half profit and also a share buy-back worth 2 billion Australian dollars ($1.43 billion).

South Korea’s Kospi also advanced 0.73%.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.28%.

Overnight stateside, the Dow Jones Industrial Average surged 371.65 points to 35,462.78 while the S&P 500 advanced 0.84% to 4,521.54. The Nasdaq Composite jumped 1.28% to about 14,194.46.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.504 — still off levels above 96 seen last week.

The Japanese yen traded at 115.37 per dollar, having weakened from levels below 115 against the greenback earlier this week. The Australian dollar changed hands at $0.716, against an earlier low of $0.7139.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 0.42% to $91.16 per barrel. U.S. crude futures gained 0.36% to $89.68 per barrel.

Correction: This article was updated to reflect the Wednesday market moves in Asia-Pacific.

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