Hong Kong's Hang Seng soars 4% on return to trade; Asia markets rise after U.S. stocks popped - CNBC

Hong Kong's Hang Seng soars 4% on return to trade; Asia markets rise after U.S. stocks popped - CNBC

Hong Kong's Hang Seng soars 4% on return to trade; Asia markets rise after U.S. stocks popped - CNBC
Oct 05, 2022 1 min, 33 secs

Inflation in South Korea slowed slightly in September, according to official data released Wednesday.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.55%.

Mainland China markets remain closed for the Golden Week holiday, and India's stock market is also shut for a holiday.

Thailand's current account has been challenged by high energy prices and still-weak tourism, but the outlook is better, said Mayank Mishra, global macro strategist at Standard Chartered Bank.

He said tourism numbers are "picking up healthily," energy prices have come off from their peaks and shipping costs have fallen.

Heavyweights on the Hang Seng index pushed the broader market higher as investors returned from Tuesday's holiday.

The investment bank said TSMC is an industry leader with pricing power.

The company's U.S.-listed stock also rose about 5% overnight.

To help investors navigate the volatility, Bank of America has revealed its top "short-term stock recommendations" for the next quarter, which they expect to "significantly outperform" their peers.

Hong Kong's stock market was closed on Tuesday for a holiday.

The official cash rate now stands at 3.5%, after the central bank increased rates by half a point to "maintain price stability and contribute to maximum sustainable employment," according to an official statement.

South Korea's core inflation, which excludes food and energy prices, could peak in October as demand slows due to higher prices and rising interest rates, said Kathleen Oh, Korea economist at BofA Securities.

Consumer prices in South Korea rose less than expected in September from a year ago, official data showed.

Prices rose 5.7% in August.

The DXY US Dollar Currency Index was down 1.5% in afternoon trading at 110.06

The index was trading as high as 114.78 last week, when there was concern about a failure of the UK government bond market

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