FX.co ★ Hong Kong Stocks Rally on Wall Street Rebound

Hong Kong stocks advanced by 309 points, or 1.2%, reaching 26,245 during early trading on Thursday. This recovery followed a subdued session previously, with gains observed across various sectors. The positive sentiment was bolstered by Wall Street's recovery overnight, driven by encouraging U.S. private payroll figures which alleviated worries about overstretched AI valuations. Mainland stocks also experienced gains after Premier Li Qiang announced predictions that China’s economy would exceed CNY 170 trillion within five years. Additionally, Beijing confirmed the suspension of retaliatory tariffs on U.S. imports, following last week's discussions between the two nations' leaders, which included lifting duties on agricultural products excluding soybeans. Nevertheless, the upward trend was somewhat restrained in anticipation of significant upcoming data releases in China, such as October trade and CPI/PPI statistics. Cathay Pacific Airways surged 3.5% after revealing plans to buy back 643.1 million shares from Qatar Airways. Other significant gainers included Zijin Mining, which rose by 6.4%, China Hongqiao Group at 5.4%, Sinotruk Hong Kong with a 4.8% increase, and SMIC, up by 2.5%.