After being suspended on Thursday morning due to a typhoon alert, Hong Kong’s benchmark Hang Seng Index rose 1.22% in afternoon trade, taking cues from Wall Street as investors turned their attention to the start of the Jackson Hole Economic Symposium.
|Alibaba Group Holding Ltd. BABA||4.12%|
|JD.com Inc JD||4.78%|
|Baidu Inc BIDU||4.93%|
|Tencent Holdings Ltd. TCEHY||1.61%|
|Nio Inc NIO||3.83%|
|XPeng Inc XPEV||0.89%|
|Li Auto Inc LI||0.53%|
Shares of Alibaba, JD.com, Nio and Baidu rose more than 3.5% in afternoon trade.
The Bank of Korea raised its interest rate by 25 basis points to 2.5% which was in line with expectations. All eyes, however, will be on Fed Chair Jerome Powell’s economic outlook speech at Jackson Hole on Friday.
Macro News: China’s foreign exchange regulator called many banks on Wednesday to warn them against aggressively selling the yuan, reflecting official discomfort with recent currency weakness, reported Reuters citing sources. The yuan hit a two-year low at 6.8704 on Wednesday and has depreciated close to 1.8% in August so far.
China is lining up a slew of measures to stabilize growth with its State Council readying a 19-point policy package that will keep economic operations within reasonable range, reported Bloomberg, citing state broadcaster CCTV. The package consists a quota of over 300 billion yuan ($43.7 billion) for policy and development financial tools, it said.
Image and article originally from www.benzinga.com. Read the original article here.