Stock Market News

Hong Kong Stocks Rally on U.S. Deal Hopes, China Muted Before Earnings

2022.08.26 07:26

Hong Kong Stocks Rally on U.S. Deal Hopes, China Muted Before Earnings

By Ambar Warrick 

Investing.com– Hong Kong stocks surged on Friday, buoyed largely by technology stocks on hopes of an auditing deal between Washington and Beijing, while Chinese stocks traded sideways ahead of a slew of major earnings. 

Hong Kong’s Hang Seng index surged 0.8% after the Wall Street journal reported that the U.S. and China are nearing a deal that could see American auditors travel to Hong Kong to inspect records of U.S.-listed Chinese firms.

The deal would benefit U.S.-listed firms facing scrutiny from Washington over potential conflicts of interest with China- fears of which have dented valuations this year.

Hong Kong shares of  Alibaba (HK:9988), Baidu Inc (HK:9888) and Jd Com Inc (HK:9618) jumped between 1.3% to 4% after the report. 

But Chinese stocks were muted as a stimulus-led rally appeared to have run out of steam. Investors were awaiting earnings from some of the biggest stocks in the country.

The bluechip Shanghai Shenzhen CSI 300 index and Shanghai Composite index both rose less than 0.1%. 

Sentiment towards Chinese stocks was also soured by a U.S. diplomat’s landing in Taiwan, which could draw ire from Beijing and worsen Sino-U.S. ties. 

Majors including China Petroleum & Chemical Corp (SS:600028), Bank of Communications Co (SS:601328), People’s Insurance Group of China Co Ltd (HK:1339), and several other financial and real estate heavyweights are set to report earnings later in the day. 

Hong Kong shares of PetroChina Co Ltd (HK:0857), the country’s biggest oil and gas producer, jumped over 3% after the firm logged record profits in the first half of 2022. The firm also flagged improving Chinese crude demand, citing recent stimulus measures.

Broader Asian stocks rose on Friday, but were set for a muted weekly performance as caution kicked in ahead of more developments in U.S. monetary policy.

Federal Reserve Chair Jerome Powell is set to provide more clues on the bank’s hawkish stance in his address to the Jackson Hole Symposium later on Friday. 

Any affirmation of more hawkish action is likely to dent risk-driven markets. 

 

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 84,140.54 0.08%
ethereum
Ethereum (ETH) $ 1,926.54 0.15%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.39 0.95%
bnb
BNB (BNB) $ 607.17 2.44%
solana
Solana (SOL) $ 134.97 1.00%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.739049 0.08%
dogecoin
Dogecoin (DOGE) $ 0.175659 1.57%
tron
TRON (TRX) $ 0.219663 0.70%
staked-ether
Lido Staked Ether (STETH) $ 1,925.69 0.26%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,995.50 0.10%
pi-network
Pi Network (PI) $ 1.50 2.41%
leo-token
LEO Token (LEO) $ 9.75 0.05%
chainlink
Chainlink (LINK) $ 14.08 1.79%
the-open-network
Toncoin (TON) $ 3.48 18.86%
stellar
Stellar (XLM) $ 0.273306 0.41%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,306.72 0.00%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.191886 0.06%
avalanche-2
Avalanche (AVAX) $ 19.45 3.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.60%
sui
Sui (SUI) $ 2.32 1.41%
litecoin
Litecoin (LTC) $ 92.12 0.40%
bitcoin-cash
Bitcoin Cash (BCH) $ 338.48 1.71%
polkadot
Polkadot (DOT) $ 4.31 0.90%
mantra-dao
MANTRA (OM) $ 6.62 4.07%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
weth
WETH (WETH) $ 1,928.44 0.21%
bitget-token
Bitget Token (BGB) $ 4.47 1.19%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999174 0.29%
hyperliquid
Hyperliquid (HYPE) $ 13.62 7.13%
whitebit
WhiteBIT Coin (WBT) $ 28.81 1.30%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,048.38 0.03%
monero
Monero (XMR) $ 211.00 0.49%
uniswap
Uniswap (UNI) $ 6.26 2.60%
susds
sUSDS (SUSDS) $ 1.04 0.04%
aptos
Aptos (APT) $ 5.33 0.16%
dai
Dai (DAI) $ 0.99981 0.00%
near
NEAR Protocol (NEAR) $ 2.64 0.31%
pepe
Pepe (PEPE) $ 0.000007 1.03%
internet-computer
Internet Computer (ICP) $ 5.83 2.62%
okb
OKB (OKB) $ 46.72 2.21%
ondo-finance
Ondo (ONDO) $ 0.869134 0.27%
ethereum-classic
Ethereum Classic (ETC) $ 17.97 0.38%
mantle
Mantle (MNT) $ 0.803377 9.35%
gatechain-token
Gate (GT) $ 21.62 1.07%
aave
Aave (AAVE) $ 173.05 0.69%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,201.56 0.12%
official-trump
Official Trump (TRUMP) $ 11.95 0.35%