Hong Kong stocks jump after US court blocks Trump's ‘reciprocal tariffs'
Hong Kong
stocks jumped after a US court blocked President Donald Trump's sweeping 'reciprocal tariffs', fuelling bets global trade tensions will ease.
The Hang Seng Index rose 0.6 per cent to 23,385.14 as of 9.58am local time on Thursday, approaching a two-month high. The Hang Seng Tech Index gained 0.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.3 per cent.
WuXi Biologics surged 7.3 per cent to HK$25.10 and Kuaishou Technology advanced 3 per cent to HK$53.20 to pace early winners. Alibaba Group Holding added 0.4 per cent to HK$116.20 and Tencent Holdings climbed 0.3 per cent to HK$507.10.
The US Court of International Trade in Manhattan ruled on Wednesday against Trump's move to impose tariffs on the nation's trading partner, saying the president overstepped his authority. Twelve US states, led by Oregon, and five American businesses challenged Trump's April 2 move.
Other major Asian markets also rose. Japan's Nikkei 225 climbed 1.4 per cent while South Korea's Kospi rose 1.3 per cent and Australia's S&P/ASX 200 added 0.2 per cent.
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