Hong Kong stocks rise on US inflation data
Hong Kong stocks climbed at the start of trading on Friday morning as investors welcomed another slowdown in US inflation that could allow the Federal Reserve to further slow its pace of interest rate hikes. The Hang Seng Index rose 0.42 percent, or 90.97 points, to 21,605.07. The Shanghai Composite Index added 0.22 percent, or 6.90 points, to 3,170.35, while the Shenzhen Composite Index edged up 0.32 percent, or 6.49 points, to 2,055.27.  The US consumer price index rose 6.5 percent last month over a year ago, according to data released Thursday, the smallest increase since October 2021 and the sixth straight month that inflation has eased. The report was in line with projections and added to expectations that the Federal Reserve will pivot from a series of ultra-aggressive interest rate increases. Several analysts issued reports predicting the Fed would raise interest rates by quarter percentage point in February, down from the half percentage point hike in December. In New York, the Dow Jones finished up 0.6 percent on Thursday at 34,189. The S&P 500 gained 0.3 percent to 3,983, while the Nasdaq advanced 0.6 percent to 11,001. (AFP)