Shares rise after Wall Road bounces

Singapore. Asia-Pacific stocks edged higher on Thursday after a rally on Wall Street and as investors braced for a controversial visit to Taiwan by US House Speaker Nancy Pelosi.

Hong Kong Hang Seng Index jumped 2%, while the Hang Seng Tech index rose 3.16%.

Shares from Ali Baba jumped about 5% more than later Thursday.

China’s e-commerce giant’s revenue may fall for the first time, according to the average forecast of analysts at Refinitiv. However, this could be the bottom line for Alibaba as earnings are expected to increase in the future.

Meituan shares also rose about 3.67%. grew by 5.4 percent.

Pelosi met with Taiwan President Tsai Ing-wen on Wednesday amid warnings from Beijing. Pelosi has since left the self-ruled island, which China considers a runaway province, to continue her tour in Asia.

Historically, markets tend to move pretty quickly from events like these, and you can see that the markets have already started to recover quite strongly today.

Vey-Sern Ling

Director General of UBP

Mainland Chinese markets fell twice in a row but rallied on Thursday. The Shanghai Composite added 0.62% and Shenzhen component rose by 0.63 percent.

“Historically, markets tend to move pretty quickly from events like these, and you can see that the markets have already started to recover quite strongly today,” Vey-Sern Ling, CEO of UBP, told CNBC’s Street Signs Asia. ” on Thursday.

Despite geopolitical risks, US delisting concerns and possible Covid outbreaks, there are plenty of catalysts in the Chinese market, Ling said. He pointed to well-controlled inflation and a potential recovery in consumption as examples.

Elsewhere in Asia, Japan Nikkei 225 rose 0.54% while the Topix remained unchanged.

The Kospi South Korea gained 0.44% and Kosdaq gained 1.11%.

in Australia, S&P/ASX 200 added 0.18 percent.

MSCI’s broadest index of Asia-Pacific shares outside China was 0.73% higher.

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DBS, Singapore’s largest bank, reported $1.82 billion. Singapore dollars ($1.32 billion) in net profit, the second highest in history, the bank said in a press release. That’s more than the average forecast of $1.7 billion, according to Refinitiv data. Singapore dollars.

Bank shares fell by 1.05 percent, and more index was roughly flat.

The Reuters report cited one source said the world’s largest battery maker CATL will continue to work to supply cheaper lithium iron batteries to Ford Motor. CATL will also manufacture batteries in North America until 2026, it said in a statement on Wednesday.

Bloomberg News reported Tuesday that CATL has delayed making a decision on a North American plant.

CATL shares were down 0.66% on Thursday.

Overnight in the US, the Dow Jones Industrial Average and the S&P 500 rose more than 1%, while the Nasdaq Composite rose 2.59%, while tech stocks edged higher.

A better-than-expected services PMI reading in July gave investors confidence amid worries about a US recession.

Currencies and oil

The US dollar index106,376, higher than earlier this week.

The Japanese yen traded at 133.75 per dollar, weaker than levels seen earlier this week. The Australian dollar was $0.6949.

Oil futures rose on Thursday after Brent crude fell 3.7% on Wednesday, while U.S. crude fell 4% after U.S. data showed an unexpected rise in oil and gasoline inventories.

US raw material rose 0.43% to $91.05 a barrel, while Brent crude rose 0.38% to $97.15 a barrel.

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