Media365
Mainland Chinese and Hong Kong stocks advanced on Wednesday, tracking overnight gains on Wall Street, as renewed optimism over a potential resumption of US-Iran talks eased geopolitical concerns and dragged oil prices lower.
Hong Kong’s Hang Seng Index rose 1 per cent to 26,136.71 as of 9.50am local time, extending a 0.8 per cent gain on Tuesday. On the mainland, all major benchmarks traded higher, with both the CSI 300 Index and Shanghai Composite Index climbing 0.4 per cent. The ChiNext Index was up 0.1 per cent after jumping as much as 1.1 per cent to briefly touch a decade high.
Overnight in the US, the S&P 500 Index rose 1.2 per cent and the Nasdaq climbed 2 per cent. Brent crude fell 0.2 per cent to US$94.6 a barrel.
Investor sentiment strengthened on hopes that a de-escalation in Middle East tensions following weeks of conflict could ease pressure on oil prices and inflation, while providing a tailwind for global growth.
Washington and Tehran are expected to hold another round of talks in the coming days, even as strains around the Strait of Hormuz continue to weigh on energy markets ahead of the impending ceasefire deadline next week.
