China stocks jump to three-month high, HK rallies on ceasefire optimism
HONG KONG, - China and Hong Kong stocks rose on Tuesday, joining a broader rally across Asia, as global risk appetite improved following U.S. President Donald Trump's announcement of a ceasefire between Israel and Iran. China stocks jump to three-month high, HK rallies on ceasefire optimism
** At midday trading break, the Shanghai Composite Index gained 1% to 3,415.45, the highest level since March 20. The blue-chip CSI300 Index climbed 1.1% to a one-month high.
** Hong Kong benchmark Hang Seng was up 1.9%, the biggest single-day gain in over five weeks.
** Around the region, MSCI's Asia ex-Japan stock index was firmer by 2.3%, while Japan's Nikkei index was up 1.1%.
** Markets reacted positively to the news that U.S. President Donald Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the war-torn region.
** Risk sentiment in China markets probably won't get much worse from here, and further dips on Middle East tensions might signal a new round of buying opportunities, analysts at Bank of China Securities said in a note.
** On Tuesday, the CSI AI index led onshore markets with a 1.9% rally, while the financial sector sub-index climbed 1.2% and consumer staples sector added 1.1%.
** Tech firms and car makers led gains in Hong Kong, with Hang Seng Automobile Index adding over 3% and the Hang Seng Tech Index climbing 2.3%.
** China's yuan also strengthened to its highest level in nearly two weeks against a broadly weaker U.S. dollar on Tuesday.
This article was generated from an automated news agency feed without modifications to text.
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