From The Telegraph Media Group: 2024-05-03 02:35:03

Hong Kong led a market rally with tech giants Alibaba and JD.com boosting Hang Seng’s performance. In other news, Apple experiences its biggest iPhone sales decline in three years, while Lord Mervyn King attributes the inflation crisis to economic groupthink. An oil boss is accused of colluding to drive up petrol prices. Barclays faces criticism for bowing to pressure from climate activists. Angela Rayner’s humiliation sparks debate over Labour’s workers’ rights policy.

Asian shares were mostly higher ahead of a US jobs market report. The Japanese yen strengthened against the US dollar with the Bank of Japan spending 8 trillion yen trying to prevent yen depreciation. Hong Kong’s Hang Seng surged tracking Wall Street gains as Chinese leaders implement measures to boost the economy. US markets also gained, with the Dow Jones Industrial Average rising 0.9%. Treasury yields were choppy post-Fed updates.



Read more at The Telegraph Media Group: Hong Kong stocks surge as China bails out markets