Hong Kong stocks briefly rose 7% on Friday, with tech and consumer cyclical stocks driving the surge amid China reopening rumors and a report that U.S. inspections of Chinese company audits were completed more quickly than expected.
In Japan, the Nikkei 225 returned to trading after Thursday’s holiday, dumping 463.65 points, or 1.7%, to 27,199.74.
The Japanese yen was stronger at 147-levels against the U.S. dollar, while the Korean won climbed to 1,416-levels per dollar.
In Hong Kong, the Hang Seng popped 821.65 points, or 5.4%, to 16,161.14. Stocks in the city have been reacting to speculation about a potential China reopening as zero-COVID policies persist, dragging the economy.
The Reserve Bank of Australia released its monetary policy statement Friday. The Australian dollar “lifted in line with a stronger CNH” to $0.6348.
CHINA
In Shanghai, the CSI 300 recovered 119.27 points, or 3.3%, to 3,767.17.
The offshore Chinese yuan and the Australian dollar strengthened sharply in afternoon trade following speculation about the reopening of China’s economy.
The offshore yuan was last at 7.2495 per dollar after touching 7.2420 earlier in the session.
In other markets
In Taiwan, the Taiex regained 40.11 points, or 0.3%, to 13,026.71.
In Korea, the Kospi index re-strengthened 19.26 points, or 0.8%, to 2,348.43.
In Singapore, the Straits Times Index added 27.6 points, or 0.9%, to 3,130.11.
In New Zealand, the NZX 50 restocked 46.46 points, or 0.4%, to 11,230.75.
In Australia, the ASX 200 jumped 34.58 points, 0.5%, to 6,892.46.
