Wednesday, September 28, 2022

Hong Kong’s Hang Seng up 2% on gains in Asian markets; Logistics Firm GoGoX Is Below Offering Price

SINGAPORE – Asia-Pacific shares were higher on Friday, led by tech stocks in Hong Kong markets.

Hong Kong’s Hang Seng Index jumped 2.09% to end at 21,719.06, while the Hang Seng Tec Index gained 4.05%. Sensetime was up 4.74% and Xpeng 7.32%.

Logistics company GoGoX closed lower at 16.72 Hong Kong dollars ($2.13) in afternoon trade, having previously risen to 23.15 Hong Kong dollars in its first session. The stock’s offer price was 21.50 Hong Kong dollars.

In Japan’s markets, the Nikkei 225 ended 1.23% higher at 26,491.97, while the Topix climbed 0.81% to end at 1,866.72.

SoftBank Group chief executive Masayoshi Son said on Friday that chip designer Arm is most likely to be listed on the Nasdaq, although the decision is not final, Reuters reported.

According to Reuters, at the company’s annual general meeting, Son said, “The majority of Arm’s customers are located in Silicon Valley and … would prefer to have a stock exchange Arm in the US.” Shares of SoftBank rose 2.37%.

Mainland Chinese markets rose. The Shanghai Composite closed 0.89% higher at 3,349.75 in the afternoon, and the Shenzhen Component rose 1.369% to 12,686.03.

South Korea’s Kospi ended the session up 2.26% at 2,366.6, and the Kosdaq rose nearly 5% to 750.3.

In Australia, the S&P/ASX 200 closed 0.77% higher at 6,578.7. The New Zealand market is closed on Fridays for a holiday.

MSCI’s broadest index of Asia-Pacific shares was up 1.32%.

In the next three to six months, we’re going to find out what it is — whether we’re going to survive a recession, or go deeper than that.

victor whites

Head of Global and Asian Strategy at Macquarie Capital

Victor Shvets, head of global and Asian strategy at Macquarie Capital, said the markets would be more stable when key indicators and inflation figures start coming down.

“Right now, markets are much more fearful of recession than inflation,” he told CNBC’s “Street Science Asia.”

“I think over the next three to six months, we’re going to figure out what it is — are we going to survive the recession, or go deeper than that,” he said.

Key consumer prices in Japan rose 2.1% in the month of May from a year earlier, according to Reuters. This is well above the Bank of Japan’s target of 2% inflation. However, if fresh food and energy are removed, consumer prices increased by only 0.8%, Reuters said.

Stock picks and investing trends from CNBC Pro:

Looking ahead, the Governor of the Reserve Bank of Australia, Philip Lowe, is also set to speak on inflation later in the day.

Shares rose in the day’s rally amid fears of an overnight recession in the US. This week many big banks have expressed fear of recession.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 was up 0.95% at 3,795.73 and the Nasdaq Composite was up 1.62% at 11,232.19.

currencies and oil

The US dollar index, which tracks the greenback against a basket of its peers, was at 104.279.

The Japanese yen recovered from the level of 136 against the greenback at 134.49 per dollar earlier this week. The Australian dollar was at $0.6901, which has been mostly on a weak trend this week.

Tan Tek Leng, APAC FX and Macro Strategist at UBS Global Wealth Management, said the main driver for currency markets at the moment is how central banks are addressing recession risk.

“We have shifted away from the position that is most bullish and therefore favoring the currency,” he told CNBC’s “Street Science Asia”, where the market is concerned about extreme stress and the risk of a potential recession. “

Oil futures were struggling for direction and were slightly lower in the Asia afternoon. US crude futures were partly lower at $104.26 a barrel, while international benchmark Brent crude declined 0.11% to $109.93 a barrel.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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