HSI Rises As Mainland Export Data Lifts Asia

Hong Kong stocks finished the morning session in positive territory on Tuesday after better-than-forecast trade figures from the mainland.

The Hang Seng Index rose 0.7 percent, to 24,457.

The Shanghai Composite Index added 1 percent, to 2,810 soon after the lunch break while the Shenzhen Composite Index gained 1.3 percent, to 1730.

Regional bourses were also up as investors shook off a negative lead from Wall Street overnight.

Tokyo was up 1.9 percent and Sydney was up 1.0 percent despite the forecast doubling of Australia's unemployment rate to 10 percent in the second quarter and a National Australia Bank survey showing record low business confidence.

The Australian dollar has also rallied from last month's 18-year lows with a slowdown in new coronavirus infections and signs of returning industrial activity in China, said AxiCorp chief market strategist Stephen Innes.

"The combination of early containment and quality health care system put Australia head and shoulders above many," he added.

Oil markets were higher after US President Donald Trump claimed producers were considering output cuts of 20 million barrels per day – more than double the figure publicly announced.

Producers had thrashed out a compromise deal on the weekend to cut production by nearly 10 million barrels per day from May.

Prices had been battered after the Covid-19 outbreak sent demand off a cliff, with a Saudi-Russian price war compounding the crisis. (AFP)

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