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Asian market latest: Asian markets rally after US delays China tariffs



Hong Kong's Hang Seng Index ( HSI ) achieved 0.5%, with technological shares at the forefront. Tencent advanced 2.7% ahead of the quarterly results, which will be released later in the day. AAC Technologies and Sunny Optical Technology jumped 1.5% and 9.8% respectively. Both are suppliers of Huawei, the Chinese technology company that has become a flashpoint in the trade war.
China's Shanghai Composite Index ( SHCOMP ) advanced 0.7%. [1
9659006] However, both indices matched earlier gains after new data on China's retail sales and industrial production came out worse than expected.

Industrial production rose 4.8% in July, the lowest growth rate in 17 years. Analysts polled by Reuters expected an increase of 5.8%.

Retail sales increased by 7.6% in July, compared with an estimated increase of 8.6%.

  US will delay toll rise on Chinese mobile phones, toys

Japan's Nikkei 225 ( N225 ) increase 0.9%. South Korea Kospi ( KOSPI ) received 1.2%. Australia's S & P / ASX 200 added 0.1%.

The Chinese yuan also rallied on land after China's central bank raised the currency higher for the first time in more than a week.

The yuan gained 0.3% from Tuesday's levels, trading at around $ 7.04 per US dollar in mainland China.

But in the offshore market, where the yuan is moving more freely, it was trading weaker than it did Tuesday – at around 7.03 yuan per dollar. [19659015] Here are some other big moves at 10:30 Hong Kong time:

  • Stocks for airport operators in southern China rose high after Hong Kong mass protests hit the city's airport and canceled flights for another day on Tuesday. Airports near Hong Kong are expected to take advantage of the disruption in the city, CITIC Securities analysts wrote in a research report. Shenzhen Airport jumped 2.4%, following a gain of 10% on Tuesday.
  • Cathay Pacific Group ( CPCAY ) rebounded more than 3.6% in early trading in Hong Kong. The airline has been hit hard by the mass protests.
  • Shares took a positive lead from Wall Street. US markets rose sharply on Tuesday. Dow ( INDU ) rose about 373 points, or 1.4%. S&P 500 ( SPX ) and Nasdaq ( COMP ) received 1.5% and 2% respectively. [19659028]
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