Zürcher Nachrichten - Asian markets bounce as Hong Kong tech sees bargain-buying

EUR -
AED 3.806376
AFN 76.166549
ALL 99.587847
AMD 410.939041
ANG 1.867232
AOA 947.717996
ARS 1093.946434
AUD 1.6457
AWG 1.866657
AZN 1.758147
BAM 1.963088
BBD 2.091886
BDT 125.878522
BGN 1.957335
BHD 0.390629
BIF 3031.213096
BMD 1.036312
BND 1.404735
BOB 7.159648
BRL 5.975996
BSD 1.036056
BTN 89.834365
BWP 14.36045
BYN 3.390636
BYR 20311.718523
BZD 2.081146
CAD 1.480559
CDF 2976.28823
CHF 0.946516
CLF 0.025966
CLP 996.445323
CNY 7.57306
CNH 7.573996
COP 4292.923162
CRC 527.162105
CUC 1.036312
CUP 27.462272
CVE 111.274012
CZK 25.099688
DJF 184.173593
DKK 7.45853
DOP 64.457682
DZD 140.346208
EGP 52.279672
ERN 15.544683
ETB 130.627409
FJD 2.394554
FKP 0.853493
GBP 0.832604
GEL 2.886132
GGP 0.853493
GHS 16.064679
GIP 0.853493
GMD 74.091132
GNF 8970.317728
GTQ 8.003713
GYD 217.296685
HKD 8.074742
HNL 26.560517
HRK 7.647515
HTG 135.693745
HUF 402.86791
IDR 16941.268638
ILS 3.718739
IMP 0.853493
INR 89.946974
IQD 1357.568942
IRR 43615.782242
ISK 146.596407
JEP 0.853493
JMD 163.135619
JOD 0.735158
JPY 158.073909
KES 133.684372
KGS 90.62528
KHR 4160.793645
KMF 495.201933
KPW 932.681068
KRW 1503.243029
KWD 0.320044
KYD 0.863414
KZT 524.321533
LAK 22519.063284
LBP 92853.570465
LKR 307.83726
LRD 204.667383
LSL 19.109891
LTL 3.059961
LVL 0.626855
LYD 5.093466
MAD 10.4098
MDL 19.503593
MGA 4875.849395
MKD 61.526817
MMK 3365.901503
MNT 3521.388863
MOP 8.315952
MRU 41.561295
MUR 48.706354
MVR 15.956281
MWK 1799.037978
MXN 21.289163
MYR 4.632337
MZN 66.217376
NAD 19.109374
NGN 1557.463749
NIO 38.133483
NOK 11.597245
NPR 143.733592
NZD 1.831894
OMR 0.398994
PAB 1.036056
PEN 3.845778
PGK 4.170637
PHP 60.289543
PKR 289.157008
PLN 4.172763
PYG 8167.438737
QAR 3.773237
RON 4.976681
RSD 117.113565
RUB 100.004209
RWF 1447.728101
SAR 3.886314
SBD 8.760661
SCR 14.924439
SDG 622.823274
SEK 11.252552
SGD 1.402291
SHP 0.853493
SLE 23.575892
SLL 21730.947957
SOS 592.25113
SRD 36.431586
STD 21449.569603
SVC 9.065743
SYP 13474.130813
SZL 19.11998
THB 35.30095
TJS 11.292923
TMT 3.627093
TND 3.313059
TOP 2.427147
TRY 37.35252
TTD 7.032174
TWD 34.014463
TZS 2686.628432
UAH 43.209108
UGX 3807.170345
USD 1.036312
UYU 45.007083
UZS 13456.513479
VES 63.164499
VND 26467.41281
VUV 123.033062
WST 2.902531
XAF 658.410792
XAG 0.032561
XAU 0.000357
XCD 2.800686
XDR 0.793256
XOF 657.541535
XPF 119.331742
YER 257.990013
ZAR 19.185589
ZMK 9328.050583
ZMW 28.983878
ZWL 333.692096
  • RYCEF

    0.0600

    7.61

    +0.79%

  • CMSC

    0.0450

    23.46

    +0.19%

  • RBGPF

    -1.1500

    64.85

    -1.77%

  • NGG

    -0.0100

    61.48

    -0.02%

  • GSK

    -0.4000

    36.07

    -1.11%

  • RIO

    -0.6000

    61.65

    -0.97%

  • RELX

    0.7700

    51.33

    +1.5%

  • AZN

    0.0700

    72.73

    +0.1%

  • BTI

    0.2200

    42.52

    +0.52%

  • VOD

    -0.0700

    8.5

    -0.82%

  • CMSD

    0.0700

    23.89

    +0.29%

  • BCC

    0.0600

    123.32

    +0.05%

  • SCS

    0.2900

    11.98

    +2.42%

  • JRI

    0.0300

    12.87

    +0.23%

  • BP

    0.1300

    34.55

    +0.38%

  • BCE

    0.3700

    22.88

    +1.62%

Asian markets bounce as Hong Kong tech sees bargain-buying
Asian markets bounce as Hong Kong tech sees bargain-buying

Asian markets bounce as Hong Kong tech sees bargain-buying

Asian markets saw a much-needed bounce Wednesday as Hong Kong's tech giants led a rally in the city after their recent rout, while oil prices rose back above $100 but remain pressured by concerns over demand from China.

Text size:

However, while the gains are keenly welcomed, further volatility is expected as Russia presses ahead with its war in Ukraine and the Federal Reserve starts its campaign of interest rate hikes to fight inflation.

Trading screens were swathed in red of late as investors fretted over the war in eastern Europe, the spike in prices and a Covid outbreak across China that has led to the lockdown of several cities including the key tech hub of Shenzhen.

Hong Kong was the worst-hit, with around 10 percent scythed off the Hang Seng Index in three days as tech titans such as Alibaba, JD.com and Tencent were tossed out by panicked dealers.

The sector has been battered owing to concerns about regulatory crackdowns by Beijing as well as US authorities, while there were also growing worries about possible US sanctions if China were to help Russia in its war with Ukraine.

News that the southern Chinese tech hub of Shenzhen had been put into lockdown to fight a Covid outbreak compounded the crisis.

However, Hong Kong clawed back some of its losses Wednesday, rising more than three percent at one point, thanks to a more than six percent advance in the Hang Seng Tech Index.

JD.com rocketed 14 percent while Alibaba and Tencent rose more than six percent apiece. NetEase, XD Inc and Meituan were also enjoying outsized gains.

And the rest of Asia joined in, tracking a dip-buying rally on Wall Street.

Tokyo and Singapore piled on more than one percent, while Shanghai, Sydney, Seoul, Wellington, Taipei, and Jakarta were also up.

Sentiment has been given some support by a sharp drop in oil prices, just a week after they hit 14-year highs and ramped up fears over already elevated inflation.

Both main contracts fell below $100 Tuesday as lockdowns in several big Chinese cities led to fears about the economy and demand in the world's biggest importer of the commodity.

Hopes for the Iran nuclear deal -- which could see Tehran restart global exports of oil -- have helped weigh on prices, as have signs that Russia-Ukraine ceasefire talks are slowly progressing.

However, crude enjoyed some fresh buying sentiment Wednesday, with Brent back into triple figures with expectations that sanctions on Russia will mean supplies remain tight even if the war is brought to an end soon.

The spike in crude as well as other commodities including wheat and metals has caused a headache for central banks as they try to move away from pandemic-era monetary policy and try to rein in inflation.

And the Federal Reserve's meeting, which concludes later Wednesday, is in focus as it prepares for what is expected to be a series of hikes this year.

While the increase has been accounted for by investors, they will be keeping a close watch on what bank boss Jerome Powell says afterwards, in light of the Ukraine war and a possible slowdown in economic growth.

Meanwhile, data shows US consumer prices are rising at their fastest pace in 40 years.

"The confluence of events leading in to this meeting puts policy makers in a very unenviable position," Matt Rowe, at Nomura Securities International, told Bloomberg Television.

"It's being publicly debated whether if you create a recession to push the number down to two percent, is that actually a policy error?" he added, referring to inflation.

- Key figures around 0300 GMT -

Tokyo - Nikkei 225: UP 1.7 percent at 25,784.71 (break)

Hong Kong - Hang Seng Index: UP 2.4 percent at 18,857.74

Shanghai - Composite: UP 0.1 percent at 3,066.45

West Texas Intermediate: UP 1.1 percent at $97.52 per barrel

Brent North Sea crude: UP 1.5 percent at $101.52 per barrel

Euro/dollar: UP at $1.0973 from $1.0951 late Tuesday

Pound/dollar: UP at $1.3054 from $1.3036

Euro/pound: DOWN at 84.06 pence from 83.92 pence

Dollar/yen: UP at 118.25 yen from 118.33 yen

New York - DOW: UP 1.8 percent at 33,544.34 (close)

London - FTSE 100: DOWN 0.3 percent at 7,175.70 (close)

W.Odermatt--NZN