Hong Kong, Chinese stocks climb, leading gains in Asia
Asia markets climbed Monday, led by China and Hong Kong stocks, after Federal Reserve Chair Jerome Powell signaled that the central bank could begin easing monetary policy next month in his widely anticipated annual speech in Jackson Hole, Wyoming.
Mainland China’s CSI 300 extended its gains for the fourth consecutive session, climbing 2.08% to end the day at 4,469.22 after hitting a 37-month high earlier in the day.
Hong Kong’s Hang Seng Index surged 1.94% to 25,829.91, after coming within range of a four-year high. Gains were led by Zijin Mining Group, which gained 6.38% and NetEase, which jumped 6.04%.
The tech sector was among the key contributors to the HSI’s gains. The Hang Seng Tech index rose 3.14% to 5,825.09, with strong moves seen in Nio, which gained 15.17% and semiconductor and electronics manufacturer ASMPT, which added 7.6%.
Strong gains were also seen in Taiwan’s Taiex index, which advanced 2.16% to 24,277.38.
Over in South Korea, the Kospi index increased by 1.3% to end the day at 3,209.86, while the small-cap Kosdaq advanced 1.98% to 798.02.
In Japan, the Nikkei 225 benchmark rose 0.41% to close at 42,807.82, while the broader Topix index ticked up 0.15% to 3,105.49.
Australia’s S&P/ASX 200 benchmark ended flat at 8,972.40, after crossing the 9,000 threshold earlier in the session.
Over in India, the benchmark Nifty 50 added 0.53%, while the BSE Sensex index moved up 0.51% as of 1:50 p.m. Indian Standard Time (4:20 a.m. ET).
— Amala Balakrishner
Ether rises to a fresh record, bitcoin erases gains from Jackson Hole rally
Ether rose to a new record over the weekend, after hitting an all-time high Friday for the first time since 2021.
The price of the second largest cryptocurrency rose as high as $4,954.81 on Sunday afternoon. It was last higher by less than 1% at $4,776.46.
Meanwhile, bitcoin at one point erased all the gains from its Friday rally, falling as low as $110,779.01, its lowest level since July 10. It was last trading lower by 2% at about $112,000. The flagship cryptocurrency hit its most recent record on Aug. 13.
— Tanaya Macheel
Yardeni maintains S&P target despite Fed easing expectations
The market may have rallied last week on Fed Chair Jerome Powell’s remarks hinting at rate cuts, but August’s CPI and employment reports, and potentially a “few” other indicators, might convince the FOMC to hold off on easing if they are hotter than expected, according to Wall Street strategist Ed Yardeni.
“That’s why we are sticking we are sticking with our associated targets for the S&P 500 of 6,600 by year-end 2025 and 7,700 at the end of next year,” Yardeni wrote Sunday. “We assign that base-case scenario a subjective probability of 55% … A meltup will be more likely if the Fed eases in September, as widely expected,” which could lift the index to 7,000 by year-end 2025, he added. “We expect that the bull market will be increasingly earnings-led rather than valuation-led through 2026.”
— Tanaya Macheel
