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Hong Kong leads features in Asia-Pacific; China tech shares rebound

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SINGAPORE — Shares in Hong Kong led features in Asia-Pacific throughout Wednesday commerce as Chinese language tech shares listed within the metropolis jumped.

Hong Kong’s Grasp Seng index led features among the many area’s main markets because it rose 1.24% by the afternoon.

Hong Kong-listed shares of Chinese language tech companies noticed a rebound in Wednesday commerce after 12 corporations, together with Baidu, and Meituan, signaled compliance with antitrust legal guidelines.

By Wednesday afternoon in Hong Kong, shares of Baidu had been up 3.02% whereas gained 2.35% and Meituan surged 4.42%.

That improvement got here only a day after Beijing gave so-called platform corporations a month to look at their actions and rectify any anti-competitive practices. Shares of most Chinese language tech giants in Hong Kong tumbled on Tuesday amid these regulatory fears.

Mainland Chinese language shares additionally edged increased because the Shanghai composite gained 0.15% whereas the Shenzhen part superior 0.977%.

Elsewhere, the Nikkei 225 in Japan slipped 0.44% whereas the Topix index declined 0.49%. South Korea’s Kospi rose 0.18%.

Over in Australia, the S&P/ASX 200 climbed 0.52%.

In Southeast Asia, the Straits Instances index in Singapore slipped 0.3%. That got here regardless of information displaying the nation’s economic system unexpectedly grew 0.2% within the first quarter of 2021 as in contrast with a yr earlier, in line with official advance estimates launched Wednesday.

MSCI’s broadest index of Asia-Pacific shares nudged 0.6% increased.

Covid developments

Traders watched for market response to a Tuesday announcement by the U.S. Meals and Drug Administration asking states to quickly halt utilizing Johnson & Johnson’s Covid-19 vaccine after six ladies within the nation developed a uncommon blood-clotting dysfunction. Greater than 6.eight million doses of the J&J vaccine have been administered within the U.S. to this point.

In the meantime, Moderna stated Tuesday that its Covid-19 vaccine was greater than 90% efficient at defending in opposition to Covid and greater than 95% efficient in opposition to extreme illness as much as six months after the second dose.

Globally, greater than 137 million instances of Covid infections have been recorded and the loss of life toll from the illness has crossed the two.9 million mark, in line with information compiled by Johns Hopkins College.

In a single day on Wall Avenue, the S&P 500 noticed a brand new closing excessive because it superior 0.33% to 4,141.59 whereas the Nasdaq Composite jumped 1.05% to finish its buying and selling day at 13,996.10. The Dow Jones Industrial Common lagged because it shed 68.13 factors to shut at 33,677.27.

Currencies and oil

The U.S. greenback index, which tracks the buck in opposition to a basket of its friends, was at 91.754 after touching an earlier low of 91.727.

The Japanese yen traded at 108.90 per greenback, stronger than ranges above 109.5 in opposition to the buck seen yesterday. The Australian greenback modified palms at $0.766, above ranges under $0.762 seen earlier this week.

Oil costs rose within the afternoon of Asia buying and selling hours, with worldwide benchmark Brent crude futures up 0.66% to $64.09 per barrel. U.S. crude futures additionally superior 0.68% to $60.59 per barrel.

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