Hong Kong’s Hang Seng rose 2% led by Chinese technology stocks – CNBC

SINGAPORE – Shares in the Asia-Pacific region rose on Monday as investors assess fears of inflation and recession.

Hong Kong Hang Senga Index led to an increase in the region, to end the day by 2.35% to 22,229.52, after trading more than 3% more at the session. The Hang Seng Tech index jumped 4.71%. Alibaba shares in the Chinese city rose 3.69% while Meituan it increased by about 3.48%.

The markets of mainland China have also gained. The Shanghai composite climbed 0.88% to 3,379.19, a Shenzhen component increased by 1.1% to 12,825.57.

Japanese Nikkei 225 gained 1.43% and closed at 26,871.27, while Topix rose 1.11% to 1,887.42. In Australia, S & P / ASX 200 advanced almost 2% to 6,706.

The Kospi in South Korea it strengthened 1.49% and ended the session at 2,401.92, while Kosdaq was up 2.71% at 770.6.

MSCI’s broadest Asia-Pacific stock index rose 1.72%.

For the first time in more than 100 years, Russia has been late in paying its foreign debt. Bloomberg reported. The country’s foreign bank’s foreign reserves remain frozen.

At the G-7 summit, US President Joe Biden and other world leaders announced a $ 600 billion infrastructure program that aims to focus on key areas such as building health systems and information and communication technology networks.

Construction material company James Hardie Industries, listed in Australia, the stock rose 1.99%. Boralova shares rose 2.54%.

In company news, Trip.com will announce its first-quarter financial results in the U.S. on Monday after the market closes. The company’s shares in Hong Kong were 6.58% higher before the announcement.

Later this week, China and Japan will report data from the Purchasing Manager Index, while Hong Kong will mark the 25th anniversary of the handover. Chinese President Xi Jinping will attend anniversary events, Xinhua state media reported over the weekend.

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On Friday in the US, stocks recovered to break previous series of losses.

“It just underscores the fact that markets will be very volatile until we pass that peak of inflation, and the outlook for central banks will be as hawk as they are,” said Kerry Craig, global market strategist at JPMorgan Asset Management.

He said markets are tense as many central banks in developed economies enter a new cycle of rate increases.

“Once you get clear on that road ahead, then you start focusing on the basics again,” Squawk Box Asia told CNBC on Monday.

Futures rose slightly on Sunday night after last week’s return.

Currencies and oil

The US Dollar Indexwhich tracks the dollar against a basket of its counterparts, was at 103,850.

The Japanese yen it traded at 135.04 per dollar, strengthening from above 136 against the dollar last week. The Australian dollar was $ 0.6935.

Oil futures have changed little in Asia’s afternoon trading. American oil just below the straight line at $ 107.61 per barrel, while the international scale Brent oil rose 0.19 percent to $ 113.33 a barrel.

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