Asian stocks advanced on Monday led by a rally in Hong Kong technology shares, while hopes of lower US interest rates pushed the region’s currencies to the highest level in five months against the greenback.
A gauge for Asian shares rose, following its best week in over a year. Equity markets in China rose as an index for Hong Kong tech climbed over 2.5%, propelled by JD.com Inc., whose shares surged the most since June after reporting unexpectedly strong results.Contracts for European and US equities also rose.
Meanwhile, the Bloomberg Asia Dollar Index gained as much as 0.6%, while the yen soared 1%. Monday’s activity suggests ebbing concerns of a US recession and the prospect of lower borrowing costs are lifting sentiment across the region.
The major signpost for the week will be on Friday, when Federal Reserve Chairman Jerome Powell is expected to give fresh insights on the course of US monetary policy at the central bank’s annual confab in Jackson Hole.
