China, HK stocks rise as easing bank contagion fears lift sentiment

** Hong Kong's benchmark Hang Seng Index jumped 1.4%, while the China Enterprises Index climbed 1.2%. ** The UBS-Credit Suisse deal has helped ease some banking contagion fears, although the complete write-off of the troubled bank's additional tier 1 bonds has caused sell-offs in similar debt.

China and Hong Kong shares rose on Tuesday, as fears of a global banking crisis eased after investors digested the state-backed rescue deal for Swiss lender Credit Suisse over the weekend.

** China's blue-chip CSI300 Index closed up 1.1%, while the Shanghai Composite Index gained 0.6%. ** Hong Kong's benchmark Hang Seng Index jumped 1.4%, while the China Enterprises Index climbed 1.2%.

** The UBS-Credit Suisse deal has helped ease some banking contagion fears, although the complete write-off of the troubled bank's additional tier 1 bonds has caused sell-offs in similar debt. ** Hong Kong's leader John Lee said he's confident the Credit Suisse situation wouldn't affect the city in a significant way, adding that the local banking sector was "very resilient".

** Hong Kong-listed financial shares recouped some losses from the previous session, with HSBC Holdings trading 2.5% higher. ** China stocks, largely immune from the U.S. and European banking crisis due to strict capital controls and the country's relatively sound banking system, are aided by fresh signs of economic recovery.

** China's General Administration of Customs said on Monday the utilisation rate of containers for exports has kept climbing since the second half of February, pointing to a pickup in exports. ** China's defence stocks jumped 2.2% amid lingering geopolitical tensions.

** Chinese President Xi Jinping's visit to Russia was denounced by Washington, while the United States, China and Russia argued during a United Nations Security Council meeting on Monday over North Korea's missile and nuclear weapons programme. ** Tech stocks traded in Hong Kong rallied 2.5%, with Bilibili Inc up as much as 9.2% to a four-week high, after China's online gaming regulator on Monday granted licences to 27 foreign games in March, signalling further policy easing.

** Electric vehicle makers Xpeng Inc and Nio Inc soared 11.0% and 8.8%, respectively.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)