Asian stocks were mostly higher, but Hang Seng fell more than 2% as Alibaba faltered on reports of a headquarters shift

BANGKOK (AP) – Stocks traded mixed in Asia on Monday after Wall Street closed higher on Friday, capping a third week of gains from the last four.

Tokyo and Shanghai rose while Hong Kong, Seoul and Sydney fell. Taiwan’s benchmark index jumped 3.8%.

Attention was turning to the Fed’s decision on Wednesday on interest rates. A report on Friday showed that U.S. inflation continues to ease, raising hopes for a softer increase that will be less painful than last year’s blistering hikes. The Fed’s preferred measure, which does not account for food and energy costs, was 4.4% higher in December than a year earlier. That was down from 4.7% inflation in November.

Reports that holiday travel during the Lunar New Year celebrations last week almost returned to normal have raised expectations that China’s economy may regain momentum faster than expected after it eased pandemic restrictions late last year.

In the first trading session after a week-long break, the Shanghai Composite Index

gaining 0.1% to 3,269.32. However, Hang Seng is in Hong Kong
Hong Kong: HSI

It lost 2.8% as a result of heavy selling in technology stocks. e-commerce giant Alibaba

Hong Kong: 9988

It sank 7.1% after reports of construction of a facility in Singapore that some speculated could become its global headquarters.

Hong Kong’s South China Morning Post reported that the company denied it was planning such a change, saying the new campus in Singapore would house regional operations with partners such as Lazada. Alibaba is headquartered in Hangzhou, eastern China.

Taiwan’s benchmark index rose through gains in TSMC
TW: 2330And

The world’s largest computer chip maker, which jumped 8%.

Nikkei 225 in Tokyo
JP: Nik

It increased by 0.1%, to 27,433.40 points. Cosby in South Korea
KR: 180,721

It lost 1.3% to 2,450.65 and the S&P/ASX 200

In Sydney it fell 0.2% to 7481.70. Sensex India
in 1

Not changed and SET in Bangkok

Declining by less than 0.1%.

Shares in some companies in the Adani Group recovered some ground after recent heavy losses after US short-seller Hindenburg Research published a report alleging major problems within India’s second-largest conglomerate, which has holdings in energy, data transmission, construction and other majors. industries.
Its pioneer, Adani Enterprises
In: 512599And

It gained 5.4% and Al-Adani Ports Company and Special Economic Zone Limited.
In: 532921

added 2.1%. But shares in other companies listed in Adani’s company fell between 5% and 20%.

The Adani Group said it is considering legal action against the Hindenburg following its allegations of stock market manipulation and accounting fraud.

Read: Adani’s shares diverged after a 413-page response to Hindenburg

On Friday, the Standard & Poor’s 500

It rose 0.2%, to 4,070.56. It rose during January due to the growing belief that inflation is on a steady downward trend, which we hope will ease pressure on the economy and markets.


The index rose 0.1% to 33,978.08 points, the Nasdaq

gaining 0.9% to 11,621.71.

So far, the job market has remained remarkably resilient despite the overall economic slowdown. Almost all of the high-profile layoff announcements were within the tech industry, which has raced to expand after the pandemic sent demand for technology soaring.

The mixed earnings results resulted in some significant volatility in the markets.

Reports on Friday also showed that income growth for Americans slowed in December, while consumer spending fell sharply, slightly more than expected.

Economists said Friday’s data is likely to keep the Fed on track to raise its key interest rate by 0.25 percentage point on Wednesday, reversing the 0.50-point increase last month and four consecutive 0.75-point hikes before that.

The yield on the 10-year Treasury note

That sets rates for mortgages and other important loans, settled at 3.50% on Monday. The two-year yield, which moves further based on expectations of Fed action, held steady at 4.19%.

And in other dealings on Monday, the US benchmark crude

It lost 63 cents to $79.20 a barrel in electronic trading on the New York Mercantile Exchange. It lost $1.33 to $79.68 a barrel on Friday.

Brent crude

The international pricing benchmark, it shed 40 cents to $86.00 a barrel.


It fell to 129.54 yen from 129.80 yen. euro

It rose to $1.0866 from $1.0865.

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