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International Finance: Stocks swing higher, supported by Hong Kong rally: markets wrap

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Stocks turned higher as choppy trading in Hong Kong gave way to a surge in the shares of Chinese state-owned enterprises, creating a tailwind that helped along US and equity futures.

Moves in major currencies and Treasuries remained subdued within narrow ranges as traders in Asia awaited more cues from Chinese policymakers and Federal Reserve chair Jerome Powell.

Treasuries were steady in Asia, with yields remaining elevated and the rate on the 10-year maturity just below the closely watched 4% level. A gauge of dollar strength was little changed. The Hang Seng China Enterprises Index jumped as much as 2.4% while the Hang Seng Index climbed as much as 2%. Leading gains were Cnooc, China Petroleum & Chemical and China Construction Bank.

The current lack of traction for US equity markets shows many investors are concluding a recent rally was probably overdone, with recession risks lingering as central banks worldwide indicate they’re unlikely to soon pivot away from strict monetary tightening.

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