Hong Kong stocks steady as rate-cut expectations fuel global risk appetite
stocks steadied, taking cues from US and regional markets following a rebound in risk appetite as investors bought the dip on expectations about interest-rate reductions by the Federal Reserve.
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The Hang Seng Index fell 0.1 per cent to 24,713.89 as of 10.03am local time. The Hang Seng Tech Index dropped 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index added 0.4 per cent.
Kuaishou Technology advanced 2.7 per cent to HK$79.10, and personal computer maker Lenovo Group added 2.4 per cent to HK$10.85. Macau casino operator Galaxy Entertainment Group gained 1.9 per cent to HK$39.52, while peer Sands China climbed 1.3 per cent to HK$19.46.
Major Asian markets all rose after dip buying helped US stocks recover most of the losses sparked by weak labour market data on Friday. Japan's Nikkei 225 rose 0.4 per cent, while South Korea's Kospi rallied 1.5 per cent and Australia's S&P/ASX 200 added 1.1 per cent.
Rates traders now expect an interest-rate cut in September, with the probability rising to about 80 per cent.
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Corporate earnings are also in focus, with five companies including Techtronic Industries and China Mobile due to post interim reports this week.
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