HONG KONG, July 20 — Asian markets piled higher today following a surge on Wall Street, as investors grow hopeful in the ongoing earnings season, while sentiment was also boosted by news that Russian gas flows to Europe will not be cut off.
Analysts said that with many investors having priced in a weak reporting season, above-forecast readings were giving a lift to stocks. And the positive vibes flowed through to Asia, where Hong Kong was among the best performers thanks to big advances in the city’s tech titans, including Alibaba and Tencent.
The report was music to the ears of investors who have been battered by a regulation clampdown on the tech industry and a range of other sectors including private education. The Hong Kong tech index rose more than two per cent yesterday. Officials have their work cut out for them as they must also try not to drive a stake through the eurozone economy, which has been hammered by an energy crisis.