Shares in Hong Kong rose 5%; Asia markets mixed ahead of US jobs report

The Hong Kong Stock Exchange in Hong Kong, China, on Wednesday, July 13, 2022.

Paul Young | Bloomberg | Getty Images

Hong Kong shares briefly rose 7% on Friday, with cyclical technology and consumer shares leading the rally amid China reopening to rumors and A report says US audits of Chinese companies have completed more quickly than expected.

The Hang Seng Index It closed up 5.36% at 16161.14, while Hang Seng Tech was up 7.54%. Stocks in the city have been reacting to speculation about a possible reopening of China as zero-Covid policies continue, dragging the economy.

in mainland China, Shanghai Composite Index It closed up 2.43% at 3070.80 and Shenzhen Component Gain 3.20% to stand at 11,187.43

Stephanie Holtz-Jen, head of information for Asia Pacific at Deutsche Bank, said China’s reopening remains uncertain, but “it’s exciting to see these rumors build up”.

“The market seems to be thinking that if there’s smoke, there must be fire,” she said, adding that she was watching ads for the upcoming Shanghai Marathon and articles in the Chinese Communist Party newspaper, People’s Daily, about changes in tonality.

As I told CNBC “Capital Connection” They pay close attention to the economic meetings in December.

Other markets in the Asia Pacific region continued to engage with the Fed 75 basis points Raise interest rates and look forward to the jobs report.

Japan Nikkei 225 It finished 1.68% lower at 27199.74 after Thursday’s holiday. Topix fell 1.29% to close at 1.915.40. in south korea, Cosby It added 0.83% to 2,348.43. MSCI’s broadest index of Asia Pacific shares outside Japan was 2.33% higher.

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Australia S & P / ASX 200 It closed 0.5% higher at 6,892.50. Reserve Bank of Australia The monetary policy statement was released on Friday.

Strengthening the currencies of Asia and the Pacific Such as US dollar index slid.

The monthly US employment report is due later. Economists expect 205,000 jobs to be added in October, The unemployment rate is expected to remain at 3.5%, according to Dow Jones.

Overnight, US stocks fell to Fourth session in a row. The Dow Jones Industrial Average fell 146.51 points, or 0.46%, to close at 3,2001.25. The S&P 500 lost 1.06% to end at 3,719.89, while the Nasdaq Composite fell 1.73% to settle at 10342.94.

CNBC’s Samantha Soobin, Carmen Renick contributed to this report.

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