On the first day of December, Hong Kong stocks experienced an uptick, gaining 185 points, or 0.7%, to reach 26,044 during morning trading. This rise marked a recovery from the prior session's downturn, with gains observed across various sectors, particularly in property, consumer goods, and financials. The positive sentiment was buoyed by a strong performance on Wall Street during its shortened Friday session, fueled by growing anticipation of a possible U.S. interest rate cut next week. Market participants are keenly awaiting comments from Fed Chair Jerome Powell later today, following recent dovish signals from policymakers.
In China, stocks rose for the third consecutive session, approaching multi-year highs on optimism driven by advancements in artificial intelligence. However, the upward momentum was tempered by disappointing November Purchasing Managers' Index (PMI) data. Official figures indicated that manufacturing activity had contracted for the eighth month in a row. Meanwhile, a private survey also reported a slight decline in factory activity. Additionally, China's National Bureau of Statistics Non-Manufacturing PMI dropped to 49.5, marking its lowest point in nearly three years. Noteworthy early movers included Zijin Gold, which gained 3.0%, Laopu Gold, up 2.7%, and Chow Tai Fook Jewellery, which rose 2.4%.
