
Hong Kong Hang Seng Rises More Than 2% Amid General Asia-Pacific Upswing
The Hang Seng index in Hong Kong advanced on the back of Chinese tech stock increases. There were also rallies in the US and the APAC region.
The Hang Seng index in Hong Kong advanced on the back of Chinese tech stock increases. There were also rallies in the US and the APAC region.
On account of the coronavirus outbreak, China’s manufacturing output has plunged to record lows in February as several factories were shut down. Central banks across the globe are willing to take corrective measures to ensure financial stability.
After a massive bloodbath last week, the markets are showing signs of recovery as indexes turn positive. Dow Futures are surging. But China’s manufacturing Index for February has scored below market expectations.
The coronavirus outbreak seems to be getting worse instead of getting better and the Asian markets have crashed in response to a 45% surge in confirmed cases.
As market trading resumed in China after the holidays, stocks crashed over 7% being influenced by the effects of the coronavirus fears. China has pumped over 1 trillion yuan in rescue.
The latest Bitcoin rally comes along with an increase in the price of gold which has climbed as investors fret over the spreading coronavirus. Some Bitcoin analysts have pointed to geopolitical uncertainty being the cause for Bitcoin’s latest move higher.
It is expected that in the next 2 years U.S. exports to China will almost double as the “phase one” of the U.S.-China trade deal is “totally done”.