HK stocks rise 2% as China reports earnings

As China’s inflation data came in largely in line with forecasts, the Hang Seng Index led gains around Asia-Pacific.

The Hang Seng Tech Index increased by 2.45%, while the Hang Seng index in Hong Kong increased by more than 2%. The Shanghai Composite rose 0.3%, while the Shenzhen Component in mainland China increased by 0.556%.

On an annualized basis, China’s consumer price index increased 1.6% in November while its producer price index decreased 1.3%.

The Nikkei 225 of Japan ended the day up 1.18% at 27,901.01 and the Topix gained 1.03% at 1,961.56. The S&P/ASX 200 in Australia tacked on 0.53% to settle at 7,213.2.

The South Korean Kosdaq rose 0.98% to close at 719.49, while the Kospi increased 0.76% to 2,389.04 in value. The largest MSCI index of Asia-Pacific stocks outside of Japan increased by 1.32%.

Taiwan Semiconductor Manufacturing Company, a manufacturer of semiconductors, announced net sales of 221.71 trillion new Taiwan dollars (about $7.28 trillion) for November. In comparison to a year ago, that represented a rise of 50.2% and 5.9%, respectively, from October. Before the markets closed, TSMC shares were last trading up 2.12%.

The S&P 500 broke its longest losing streak since October overnight in the United States as Wall Street assessed the likelihood of an impending recession.