Key Hong Kong stock index jumps more than 500 points

SYDNEY, Australia – Stocks in Asia generally rose on Tuesday, however the Chinese bourses lagged as further pressure on Bejing was being applied to Washington.

The United States has now vowed to delist all Chinese companies, that do not comply with U.S. accounting standards, from U.S. stock exchanges.

Chinese companies have until the end of next year to fall into line or be pushed out.

China’s Shanghai Composite fell 38.96 points or 1.15% on Tuesday to end the day at 3,340.29.

Hong Kong However traded briskly, with most shares making robust gains. The key Hang Seng index advanced 513.25 points or 2.11% to 24,890.68.

In Japan the Nikkei 225 jumped 420.30 points or 1.88% to 24,890.24.

The Australian All Ordinaries climbed 25.00 points or 0.40% to 6,272.10.

The U.S. dollar was softer early in the day in Asia, but was gathering strength towards the end – and the opening in Europe.

At last call in Sydney, the euro had firmed to 1.1772. The British pound was a tad stronger at 1.3082. The Japanese yen was a touch lower at 106.14. The Swiss franc gained to 0.9144.

The dollar bloc made good gains. The Canadian dollar strenghened to 1.3306. The Australian dollar rose to 0.7166, while the New Zealand dollar firmed to 0.6614.

Overnight on Wall Street, the Dow Jones Industrial Average was ahead 357.96 points, or 1.3%, at 27,791.44.

The Standard and Poor’s 500 added 9.19 points, or 0.27%, to 3,360.47.

The Nasdaq Composite retreated 42.63 points, or 0.39%, to 10,968.36.

Published at Tue, 11 Aug 2020 09:17:57 +0000

Source: Key Hong Kong stock index jumps more than 500 points.

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