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The Hang Seng Index added 1 per cent to 26,113.71 at 9.50am local time. The Hang Seng Tech Index also gained 1 per cent. On the mainland, the CSI 300 Index advanced 0.6 per cent and the Shanghai Composite Index rose 0.3 per cent.
Among major gainers, e-commerce firm Alibaba Group Holding added 1.7 per cent to HK$124.10 while WeChat operator Tencent Holdings advanced 1.3 per cent to HK$619.50. Online travel-booking agency Trip.com rose 1.3 per cent to HK$542, while online-game provider NetEase gained 1.4 per cent to HK$217. Gold producer Zijin Mining Group jumped 6 per cent to HK$32.56, while oil producer China National Offshore Oil Corporation advanced 1 per cent to HK$21.40.
Limiting gains, power-tools manufacturer Techtronic Industries dropped 1 per cent to HK$90.15, smartphone and car maker Xiaomi fell 0.9 per cent to HK$40.64 and Li Auto tumbled 1 per cent to HK$71.25.
Analysts at Goldman Sachs said a Fed rate reduction next month was “locked in”, with labour market softness and risk-management considerations making policy easing the most appropriate move.
With few major data releases before the meeting and markets already pricing in the shift, Goldman said the Federal Reserve would cut once in December and reassess in January after reviewing three more jobs reports. While near-term employment data could show further weakness, fiscal tailwinds were expected to support US economic growth into next year, they added.
