HSI Jumps 1.9 Percent As Asian Markets Rally

Hong Kong shares rallied on Tuesday as worries over a controversial security law proposed for the city were overshadowed by hopes for the global economy as governments continue to ease lockdown restrictions.

The Hang Seng Index jumped 1.9 percent, to 23,384.

On the mainland, the Shanghai Composite Index rose just over 1 percent, to 2,846 while the Shenzhen Composite Index lost 2.2 percent, to 1,789.

Tokyo rose more than 2 percent and Sydney jumped nearly 3 percent, while Taipei, Seoul, Jakarta, Bangkok and Wellington were more than 1 percent up apiece.

Singapore also put on more than 1 percent on hopes for fresh stimulus measures by the city-state, as the government warned the economy could shrink as much as seven percent this year.

Crude markets pushed on with their recovery, having suffered a spectacularly bad April when WTI crashed below zero.

The reopening of economies and a massive cut in output by some of the world's top producers has helped the US benchmark virtually double in value this month.

"The market is starting to witness the effect of output cuts along with a reduction in inventories, while the global economy is on its path to recovery," Will Sungchil Yun, of VI Investment Corp, told Bloomberg News.

"Still, there's caution with the absence of a cure for the pandemic as well as the possibility of a second wave of infections." (AFP)