​EBC Markets Briefing | HK stocks hit multi-year high; gold scaled record peak

Asia's runaway stock markets took a breather on Thursday as mixed earnings out of the tech sector stirred caution. The Hang Seng Index extended gains to the highest level in more than 4 years.

The Fed kept interest rates on hold as widely expected, while Chair Jerome Powell talked of a "clearly improving" economic outlook and broad support on the committee for a pause.

China has approved the import of the first batch of Nvidia's H200 chips, sources told Reuters, marking a shift in position as China seeks to balance its AI needs against spurring domestic development.

Mainland money is flocking to the Hong Kong market, with inflows into both reaching record highs last year as Beijing moves to revitalize the territory's standing as an international financial hub.

Chinese companies are accelerating the rollout of new AI models. Alibaba announced its latest generative AI model, which can create text, pictures or video based on user commands.

The firm said the new model can automatically select the best AI tool for a range of tasks and draw on past conversations as context to generate new responses more efficiently, all at little additional cost.

The Hang Seng Index maintained the strong momentum, indicating further upside. The next major hurdle could lie around 28,200 last seen in July 2021.

Asset recap

As of market close on 28 January, among EBC products, intel shares led gains after a report suggesting that the chipmaker could be set to win some new clients for its manufacturing business.

Gold prices closed in on $5,400 for the first time as this month's sharp rally showed no signs of fading, fuelled by investors seeking safety amid mounting economic and geopolitical uncertainty.

Sagebrush Health Services has filed a lawsuit against Amgen, alleging unlawful termination of discounted drug sales under the 340B Drug Pricing Program.

EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.