HONG KONG, July 26 — Asian markets rose today as an Alibaba-fuelled surge in Hong Kong provided a much-needed boost to sentiment ahead of a slew of earnings reports from the world’s biggest firms and an expected Federal Reserve interest rate hike.
Adding to the unease was news that Russia’s Gazprom will cut back gas deliveries to Germany, citing a faulty turbine, less than a week since restarting flows after 10 days of maintenance work.Hong Kong led the way in reaction to news that market heavyweight Alibaba will seek a primary listing in the city, which could pave the way for it to be traded by mainland Chinese investors.
“This could boost its liquidity after a year-long sell-off triggered by China’s economic slowdown and Beijing’s crackdown on its most potent internet firms,” said Stephen Innes at SPI Asset Management. “We’re probably going to be seeing a lot of choppiness and potentially some further declines in the market before the year-end.” For now, there will be little respite for investors from the Fed as it continues to ramp up borrowing costs, with another 75 basis point lift expected this week, and more before the end of the year.
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