China stocks rebound further on reopening hopes

** Hong Kong's Hang Seng Index rallied 1.74%, while the Hang Seng China Enterprises Index jumped 1.95%, extending the Tuesday rally, which was mainly on unverified social media posts over China’s COVID easing. ** Asian shares wobbled in cautious trading on Wednesday as investors braced for the U.S. Federal Reserve's policy outcome later in the global day with many looking for any signs of a slowdown in future rate hikes.

China and Hong Kong stocks edged higher Wednesday, driven by upbeat remarks made by Chinese regulators at a major Hong Kong investment conference and lifted sentiment as expectations build for the country's post-COVID reopening.

** China's blue-chip CSI 300 Index climbed 0.82%, while the Shanghai Composite Index rose 0.88%. ** Hong Kong's Hang Seng Index rallied 1.74%, while the Hang Seng China Enterprises Index jumped 1.95%, extending the Tuesday rally, which was mainly on unverified social media posts over China's COVID easing.

** Asian shares wobbled in cautious trading on Wednesday as investors braced for the U.S. Federal Reserve's policy outcome later in the global day with many looking for any signs of a slowdown in future rate hikes. ** Structural reform will continue to fuel China's economic growth, and the country's reform and opening-up policy will continue, Yi Gang, governor of the People's Bank of China, told the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Wednesday.

** Yi added that the Yuan exchange rate will remain stable and hoped China's housing market can achieve a soft landing. ** "We believe China could soon fine-tune its COVID restrictions, with a more targeted approach, less restrictive quarantine guidance and the more balanced assessment of the virus," Morgan Stanley analysts said in a note.

** Healthcare and automobiles companies were the best performers, advancing 3% and 3.3% respectively. ** In Hong Kong, healthcare companies also led the rally, jumping 6.7%, while Macau gaming operators and tech firms gained 6.6% and 1.7% respectively.

** Hong Kong shares of Chinese pharmaceutical firm CanSino Biologics surged as much as 51%, and its shares in mainland went up 20%, as Jiangsu province announced their plans to adopt CanSino's inhalable COVID-19 vaccine in 13 cities. ** Hong Kong Observatory is considering issuing No 8 typhoon signal before 1:40 PM, stock market trading will terminate 15 minutes after the issuance of the signal.