Markets

Asia-Pacific shares rise as investors digest private survey data on China services

Asia-Pacific markets climbed as investors shrug off the U.S. Federal Reserve’s commitment to higher interest rates in tackling inflation. Mainland China’s Shenzhen Component was up 2.42%, while the Shanghai Composite rose 1.03%.

Hong Kong’s Hang Seng index jumped 1.60%, paring earlier gains of more than 2% as investors digested an improved reading in China’s Caixin services Purchasing Managers’ Index for December.

Hong Kong’s S&P Purchasing Managers’ Index indicated an ease in private sector contraction. Australia’s S&P/ASX 200 rose 0.669%. In Japan, the Nikkei 225 was up 0.68% in its first hour of trade, while the Topix added 0.16%. The Kospi rose 0.49%, and the Kosdaq inched up fractionally.

 

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