Business
Hong Kong Stocks Skyrocket Anticipating Fed Rate Cut; Midea Makes a Splash in Market Debut
Shares in Hong Kong skyrocket in anticipation of a predicted decrease in the Fed rate; Midea experiences a surge during its initial public offering. Hong Kong shares experienced a surge as local developers rallied in anticipation of a potential cut in the Fed rate, meanwhile, appliance manufacturer Midea experienced a significant increase during its initial launch.
On Tuesday, the Hang Seng Index saw a significant rise of 1.4 per cent, reaching 17,660.02. This is the most substantial one-day increase since August 16, pushing the benchmark to its highest in two weeks. The Tech Index also saw a boost, increasing by 1.2 per cent. Meanwhile, mainland markets were shut due to a holiday.
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