HK stocks open higher after Fed cut boosts US stocks
The Hang Seng Index rose 56.17 points, or 0.31 percent, to open at 18,069.33 points on Friday. Following the Federal Reserve's 50 basis point rate cut, the MSCI World, S&P 500 and Dow all hit new highs on Thursday. The Nasdaq jumped 2.5 percent and the Russell 2000 index of US small caps rose for a seventh day to register its longest winning stretch since March, 2021. China unexpectedly left benchmark lending rates unchanged at the monthly fixing on Friday. The one-year loan prime rate (LPR) was kept at 3.35 percent, while the five-year LPR was unchanged at 3.85 percent. In a Reuters survey of 39 market participants conducted this week, 27, or 69 percent, of all respondents expected both rates to be trimmed. (with additional reporting from Xinhua and Reuters)