China stocks track global peers higher ahead of Fed rate decision

** Tech giants listed in Hong Kong jumped 2%, with index heavyweights Alibaba surging 3% and Meituan up nearly 2%. ** Casino operators soared more than 7% on expectations of easing anti-COVID rules.


Reuters | Beijing | Updated: 20-09-2022 14:22 IST | Created: 20-09-2022 14:17 IST
China stocks track global peers higher ahead of Fed rate decision
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China stocks snapped a four-session losing streak on Tuesday as global markets gained, with investors pricing in an expected hefty U.S. Federal Reserve interest rate hike this week to tackle searing inflation.

** The blue-chip CSI 300 Index edged up 0.1%, while the Shanghai Composite Index added 0.2%. ** The Hang Seng Index gained 1.2%, and the Hang Seng China Enterprises Index advanced 1.1%.

** Other Asian shares edged up, following a rebound in the final hour of New York trading. ** China kept its benchmark lending rates unchanged at a monthly fixing as expected, as authorities appeared to hold off immediate monetary easing following rapid declines in the local currency and as central banks elsewhere tightened policy.

** Real estate developers lost 3.3%, while new energy shares and non-ferrous metal jumped more than 2.5% each. ** Tianqi Lithium Corp surged more than 8%, Chengxin Lithium Group jumped 5.6%, and battery giant CATL added 1.8%.

** Still, the new energy sector is down roughly 15% from a recent peak one month ago, weighed down by expectations of aggressive overseas rate hikes. ** Hong Kong leader John Lee said on Tuesday the government aims to make an announcement soon on its controversial COVID-19 hotel quarantine policy for all arrivals, as it wants to keep the city connected with the rest of the world and allow an "orderly opening up".

** China's government also issued draft rules aimed at making it easier for some foreigners to enter China for visits to tourism sites along the Chinese border. ** Tech giants listed in Hong Kong jumped 2%, with index heavyweights Alibaba surging 3% and Meituan up nearly 2%.

** Casino operators soared more than 7% on expectations of easing anti-COVID rules.

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

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