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Chinese tech stocks in Hong Kong jump as the Hang Seng index rises 2%

Chinese tech stocks in Hong Kong jump as the Hang Seng index rises 2%

April 5, 2022: -On Monday, Hong Kong’s Hang Seng index led gains among the major Asia-Pacific markets as Chinese tech stocks in the city jumped.

The Hang Seng index gained 2.1% to close at 22,502.31 as shares of Tencent increased 2.96%. Different Chinese tech stocks increased. Alibaba was increased by 3.65%, while NetEase soared by 6.62%.

Investor sentiment is buoyed by a recent signal by Chinese authorities of progress toward which resolves an audit dispute that’s threatened U.S.-listed Chinese firms with delisting.

However, the city’s chief executive Carrie Lam announced that she would not be pursuing a second term in office. Markets in mainland China are closing on Monday and Tuesday this week for holidays.

On Monday, the Nikkei 225 in Japan is swinging between positive and negative territory before closing 0.25% higher at 27,736.47. The Topix index is climbing 0.48% to 1,953.63.

South Korea’s Kospi is climbing 0.66% on the day to 2,757.90. Elsewhere in Australia, the S&P/ASX 200 increase 0.27%, closing at 7,513.70. The S&P SL20 index closed 1.48% lower at 2,788.97 as the country sees economic and political turmoil.

In a Monday tweet, Sri Lanka’s central bank governor announced that he had submitted his resignation to the country’s president. The country’s Youth and Sports Minister Namal Rajapaksa announced his resignation on Twitter.

MSCI’s broadest index of Asia-Pacific shares outside Japan is gaining 1.1%.

On Friday, closely watched part of U.S. Treasury yields inverted as short-term rates increased following the release of jobs data stateside, raising concerns over a potential recession.

The benchmark 10-year Treasury yield in the previous sat at 2.3988%, while the rate on the 2-year Treasury note was at 2.4546%. Yields move inversely to prices, with one basis point equal 0.01%.

Yield curve inversions have historically happened ahead of recessions. However, many economists believe the curve needs to stay inverted for a substantial time before it gives a valid signal.

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Chinese tech stocks in Hong Kong jump as the Hang Seng index rises 2%