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

EUR -
AED 4.30511
AFN 81.83978
ALL 97.811889
AMD 449.87212
ANG 2.097616
AOA 1074.815474
ARS 1479.145696
AUD 1.792474
AWG 2.109779
AZN 1.990983
BAM 1.953408
BBD 2.365104
BDT 142.908653
BGN 1.954031
BHD 0.441768
BIF 3489.956005
BMD 1.1721
BND 1.497579
BOB 8.094088
BRL 6.410097
BSD 1.171465
BTN 100.328139
BWP 15.639449
BYN 3.833438
BYR 22973.153276
BZD 2.352939
CAD 1.600684
CDF 3381.507455
CHF 0.935095
CLF 0.028788
CLP 1104.727546
CNY 8.409695
CNH 8.413536
COP 4726.023027
CRC 592.179874
CUC 1.1721
CUP 31.060641
CVE 110.132951
CZK 24.647322
DJF 208.605222
DKK 7.460778
DOP 70.283931
DZD 151.892564
EGP 58.229775
ERN 17.581495
ETB 162.568907
FJD 2.631008
FKP 0.859549
GBP 0.863366
GEL 3.176962
GGP 0.859549
GHS 12.211046
GIP 0.859549
GMD 83.802376
GNF 10159.818416
GTQ 9.003205
GYD 245.08242
HKD 9.200947
HNL 30.63049
HRK 7.53193
HTG 153.741729
HUF 399.552391
IDR 19071.467938
ILS 3.932418
IMP 0.859549
INR 100.42333
IQD 1534.520839
IRR 49374.697814
ISK 142.632717
JEP 0.859549
JMD 186.965829
JOD 0.830996
JPY 171.662789
KES 151.353273
KGS 102.50019
KHR 4703.320609
KMF 492.866506
KPW 1054.887442
KRW 1606.204357
KWD 0.358088
KYD 0.976246
KZT 608.664635
LAK 25235.312355
LBP 104954.373784
LKR 352.147776
LRD 234.874398
LSL 20.83412
LTL 3.460905
LVL 0.708992
LYD 6.327413
MAD 10.549551
MDL 19.826482
MGA 5173.708462
MKD 61.489079
MMK 2460.487866
MNT 4206.445893
MOP 9.471986
MRU 46.52222
MUR 52.873493
MVR 18.052229
MWK 2031.216568
MXN 21.856928
MYR 4.970875
MZN 74.968234
NAD 20.833587
NGN 1794.167808
NIO 43.108313
NOK 11.826972
NPR 160.52679
NZD 1.949616
OMR 0.450677
PAB 1.171376
PEN 4.176592
PGK 4.91211
PHP 66.194916
PKR 333.027701
PLN 4.244522
PYG 9335.806403
QAR 4.27058
RON 5.069803
RSD 117.18064
RUB 91.778583
RWF 1692.713768
SAR 4.396117
SBD 9.771706
SCR 17.196327
SDG 703.84246
SEK 11.165263
SGD 1.499356
SHP 0.921086
SLE 26.375943
SLL 24578.348051
SOS 669.49157
SRD 43.663636
STD 24260.096439
SVC 10.249711
SYP 15239.485159
SZL 20.825675
THB 38.140707
TJS 11.251497
TMT 4.11407
TND 3.416217
TOP 2.745174
TRY 46.91166
TTD 7.947336
TWD 34.106107
TZS 3097.49837
UAH 48.929234
UGX 4210.843438
USD 1.1721
UYU 47.033607
UZS 14849.19587
VES 130.433887
VND 30632.824534
VUV 139.27358
WST 3.212126
XAF 655.165869
XAG 0.031919
XAU 0.000352
XCD 3.167658
XDR 0.814174
XOF 655.171452
XPF 119.331742
YER 283.823824
ZAR 20.838795
ZMK 10550.307503
ZMW 28.376251
ZWL 377.415611
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

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)

(A.Berg--BBZ)