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The Hang Seng Index gained 1.6 per cent to 25,836.06 as of 10.12am local time, rebounding from a nearly 7 per cent drop over the past seven trading days. The Hang Seng Tech Index rallied 1.8 per cent.
On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.4 per cent.
China Life Insurance advanced 3.7 per cent to HK$272.60 and Pop Mart International gained 3.4 per cent to HK$271.60. Alibaba Group Holding rallied 2.4 per cent to HK$159.40 and Tencent Holdings added 0.7 per cent to HK$625.50.
Fed Chair Jerome Powell signalled that the world’s largest central bank may deliver a quarter-point rate reduction at its October policy meeting, citing labour market weakness during a recent conference. The Fed’s open-market committee will meet on October 30 and the probability of a cut by 25 basis points is 95.7 per cent, according to CME Group.
“The market mood feels like standing between two weather systems — one warm with Fed easing winds, the other cold with geopolitical squalls,” said Stephen Innes, a managing partner at SPI Asset Management in Bangkok. The market was “under the illusion of calm, a kind of market mirage where rate-cut euphoria and trade-war reality coexist in awkward harmony.”
