A pedestrian walks past an electronic screen displaying the Hang Seng Index, left, and the Hang Seng China Industry Top Index in Hong Kong. File photo: BLOOMBERG/CHAN LONG HEI
The Fed increased rates by a quarter point, as expected, and telegraphed equivalent hikes at every meeting for the remainder of this year to aggressively curb inflation. Hong Kong’s Hang Seng jumped more than 5%, adding to Wednesday’s 9% surge. Beaten-down sectors including tech and real estate soared, with Country Garden Services Holdings and Country Garden Holdings climbing about 28% and 26%, respectively. Alibaba Group Holdings leapt 9%.Japan also saw outsized gains, with the Nikkei vaulting 3.5% and touching a two-week peak.
The safe-haven greenback remained out of favour, though, amid the improvement in market sentiment, and while the outcome of the Fed meeting was on the hawkish side, analysts saw it as within the bounds of market expectations.
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