From South China Morning Post: 2024-07-11 23:39:40

Hong Kong stocks surged on Friday, with the Hang Seng Index rising 2% to 18,185.53 at the noon break. The Fed’s expected interest rate cut in September boosted Hong Kong’s property developers, as the city’s currency is pegged to the US dollar. The probability of a rate cut now stands at 86.4%, up from 70%. China’s exports beat expectations, growing 8.6%, while imports fell 2.3%. Markets are cautiously awaiting China’s third plenum for potential policy changes.

Major Hong Kong developers like Sun Hung Kai Properties saw gains, with Sun Hung Kai climbing 5.2%, Henderson Land Development rising 6.9%, and New World Development advancing 3.7%. Cirrus Aircraft, a new public offering, fell 2.4% to HK$26.85. Other Asian markets varied, with Japan’s Nikkei 225 slipping 2%, South Korea’s Kospi down 1.2%, and Australia’s S&P/ASX 200 up 0.8%.



Read more at South China Morning Post: Hong Kong stocks advance as US rate cut prospects brighten, developers surge