China, Hong Kong Lead Gains in Asia

Asia markets climbed Monday, led by China and Hong Kong stocks, after Federal Reserve Chair Jerome Powell signaled that the central bank could begin easing monetary policy next month in his widely anticipated annual speech in Jackson Hole, Wyoming. In Japan, the Nikkei jumped 174.53 points, or 0.4%, to 42,807.82. In Hong Kong, the Hang Seng popped 490.77 points, or 1.9%, to 25,829.91. Chinese property stocks listed in Hong Kong rallied after Shanghai eased homebuying rules for eligible families, with China Vanke paring earlier gains to 9.86%, despite reporting a wider first-half net loss of 12 billion yuan ($1.67 billion), compared with 9.9 billion yuan a year earlier. Longfor Group gained 5.22% and New World Development climbed 5.1%. Gains were led by Zijin Mining Group, which gained 6.38% and NetEase, which jumped 6.04%. The tech sector was among the key contributors to the HSI’s gains. The Hang Seng Tech index rose 3.14% to 5,825.09, with strong moves seen in Nio, which gained 15.17% and semiconductor and electronics manufacturer ASMPT, which added 7.6%. Elsewhere in the Asia-Pacific, Singapore’s inflation came in at 0.6% in July, lower than the 0.7% forecast by economists polled by Reuters and 0.8% seen in June. CHINA In Shanghai, the CSI 300 hiked 91.22 points, or 2.1%, to 4,469.22, its fourth consecutive winning session, after hitting a 37-month high earlier in the day. In other markets In Singapore, the Straits Times index inched up 3.47 points, or 0.1%, to 4,256.49 In Korea, the Kospi gained 41.13 points, or 1.3%, to 3,209.86. In Taiwan, the Taiex index soared 512.91 points, or 2.2%, to 24,277.38. In New Zealand, the NZX 50 moved higher 36.73 points, or 0.3%, to 13,079.50 In Australia, the ASX 200 poked ahead 4.99 points, or 0.01%, to 8,972.41.