HK stocks climb on back of tech optimism, oil retreat
Asian stocks rose on Tuesday after a tech-fuelled rally lifted the Nasdaq to a record close, with a retreat in oil prices offering further support even as longer-dated Treasury yields hovered near multi-decade highs. In Hong Kong, the benchmark Hang Seng Index climbed 239 points, or one percent, higher to open at 24,279. The tech index was up 42 points, or 1.02 percent, at 4,226 while the China enterprises index rose 79 points, or 0.99 percent, to 8,131. The benchmark's gains came as the euro languished near 17-month lows after briefly touching US$1.116 overnight, pressured by mounting fiscal concerns in France. Investors dumped French government bonds after an underwhelming budget, while political uncertainty deepened after Spanish Prime Minister Pedro Sanchez called a snap election. Brent crude was little changed at US$100 a barrel after losing 1.9 percent overnight as exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. With mainland indices still closed for the National Day Golden Week holiday, the Nikkei in Tokyo inched up eight points, or 0.01 percent, to open at 69,954 before accelerating its upward trajectory to 256 points at one stage before lunch. In Seoul, the Kospi opened almost 41 points, or 0.58 percent, at...
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