Hong Kong Stocks Rise On US Rate Cut Hopes

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2019-10-17 HKT 09:49

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  • Hopes for another US interest rate cut lifted the HSI. File photo: RTHK

    Hopes for another US interest rate cut lifted the HSI. File photo: RTHK

Hong Kong stocks rose on Thursday morning after a weak round of US retail data boosted expectations for another Federal Reserve interest rate cut.

The Hang Seng index added 0.7 percent, to 6,862.

On the mainland, the Shanghai Composite Index was flat at 2,979 while the Shenzhen Composite Index edged up 0.1 percent, to 1,637.

Tokyo also up 0.1 percent at the break. Jakarta also gained. But Sydney dropped 0.5 percent with Seoul, Singapore, Taipei and Manila all off 0.1 percent.

Speculation about a possible US rate cut provided support to higher-yielding currencies against the US dollar, with the Australian dollar 0.7 percent up and the South Korean won 0.2 percent stronger.

Sterling edged up as Britain and the European Union appeared close to a Brexit agreement, hitting highs not seen since May. In Hong Kong, it rose up to HK$10.06.

Oil prices fell after data pointed to a sharp rise in US stockpiles that reinforced worries about the impact on demand from the China-US trade war and the global economic slowdown. (AFP)

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Last updated: 2019-10-17 HKT 12:48