Win Streak May Continue For Hong Kong Shares

(RTTNews) - The Hong Kong stock market has finished higher in three straight sessions, collecting more than 370 points or 1.5 percent along the way. The Hang Seng Index now sits just beneath the 25,500-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is flat to higher as positive sentiment from easing treasury yields was offset by another jump in crude oil prices. The European markets were mixed and the U.S. bourses were slightly higher and the Asian shares figure to split the difference.

The Hang Seng finished slightly higher on Wednesday following gains from the financials, weakness from the resource stocks and a mixed picture from the technology companies.

For the day, the index rose 23.92 points or 0.09 percent to finish at 25,495.07 after trading between 25,315.32 and 25,537.19.

The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Wednesday and mostly stayed that was throughout the session.

The Dow climbed 119.65 points or 0.22 percent to finish at 53,463.05, while the NASDAQ added 41.38 points or 0.16 percent to close at 26,331.09 and the S&P 500 rose 16.22 points or 0.21 percent to end at 7,707.98.

The strength on Wall Street came amid a significant pullback by bond yields, with the 30-year bond yield pulling back further off its highest levels in nearly two decades. Yields moved sharply lower after the Treasury Department announced upscaled buyback operations for longer-term debt.

Stocks gave back some ground in afternoon trading as the minutes of the Federal Reserve's latest monetary policy revealed many officials believe an increase in interest rates would likely be necessary unless inflation declines.

Crude oil prices soared on Wednesday as the closure of Strait of Hormuz continues, extending supply disruption concerns. West Texas Intermediate crude for September delivery was up $1.18 or 1.39 percent at $86.12 per barrel.

Closer to home, Hong Kong will provide July figures for consumer prices and unemployment later today. In June, inflation was flat on month and up 2.00 percent on year, while the jobless rate was 3.7 percent.