Hong Kong Gains, But Asian Markets Mixed
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2018-04-09 HKT 10:06
Hong Kong stocks surged in the morning session on Monday as a soft US jobs report eased worries about Federal Reserve interest rate hikes, while there are also hopes a trade spat with China can be resolved.
The Hang Seng Index jumped 1.8 percent, at 30,371.
On the mainland, the Shanghai Composite Index shed 0.2 percent to 3,125 while the Shenzhen Composite Index lost 0.3 percent to 1,825.
Most other Asian markets fluctuated. Tokyo was slightly higher by the break and Seoul gained 0.2 percent.
But Singapore shed 0.8 percent while Sydney and Wellington were both flat.
"Focus this week will remain the trade issues between the US and China... as some people began to have an optimistic view on the outcome of the issue. It's getting harder to predict what will come next," SBI Securities said in a commentary.
Investors will be keeping a close eye on comments on Tuesday by President Xi Jinping at the Boao Forum – dubbed the Asia Davao – to see if he comments on the brewing row.
"This is the event of the week for traders, investors, and markets," said Greg McKenna, chief market strategist at AxiTrader. "Will Xi crank the handle on rhetoric or will he strike a more conciliatory tone?"
The US dollar held up against its main peers, with yen traders awaiting Bank of Japan governor Haruhiko Kuroda's speech later in the day as he starts his second term. (AFP)
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Last updated: 2018-04-09 HKT 13:15
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