Hong Kong Shares Tipped To Open To The Upside

(RTTNews) - The Hong Kong stock market has finished higher in two straight sessions, advancing more than 500 points or 2.2 percent in that span. The Hang Seng Index now sits just above the 21,560-point plateau and it's got a solid lead again for Wednesday's trade.

The global forecast for the Asian markets is positive on optimism that the U.S. and China may scale back their tariff talk. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly higher on Tuesday following gains from the financial shares, property stocks and technology companies.

For the day, the index jumped 167.18 points or 0.78 percent to finish at 21,562.32 after trading between 21,191.02 and 21,592.67.

Among the actives, Alibaba Group advanced 1.20 percent, while Alibaba Health Info spiked 2.84 percent, ANTA Sports dipped 0.06 percent, China Life Insurance increased 1.32 percent, China Mengniu Dairy slumped 1.13 percent, China Resources Land perked 0.18 percent, CITIC rallied 2.47 percent, CNOOC gained 1.07 percent, CSPC Pharmaceutical skyrocketed 8.81 percent, Haier Smart Home jumped 2.31 percent, Hang Lung Properties added 1.16 percent, Henderson Land improved 1.44 percent, Hong Kong & China Gas rose 0.87 percent, Industrial and Commercial Bank of China collected 0.37 percent, JD.com plummeted 6.32 percent, Lenovo climbed 1.98 percent, Li Auto accelerated 2.96 percent, Li Ning shed 0.40 percent, Meituan plunged 4.62 percent, Nongfu Spring strengthened 2.05 percent, Techtronic Industries gathered 0.39 percent, Xiaomi Corporation surged 5.84 percent, WuXi Biologics soared 5.12 percent and Galaxy Entertainment and New World Development were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and improved as the day progressed, ending near session highs.

The Dow surged 1,016.57 points or 2.66 percent to finish at 39,186.98, while the NASDAQ rallied 429.52 points or 2.71 percent to close at 16,300.42 and the S&P 500 jumped 129.56 points or 2.51 percent to end at 5,287.76.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop on Monday, amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

Further buying interest was generated in reaction to reports indicating Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

The markets also benefitted from positive earnings news from the likes of 3M (MMM) and aircraft engine supplier GE Aerospace (GE), which both beat the street.

Crude oil moved sharply higher on Tuesday after the Treasury Department announced new sanctions against Iran. West Texas Intermediate crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.

Closer to home, Hong Kong will see March figures for consumer prices later today; in February, overall inflation was down 0.1 percent on month and up 1.4 percent on year.