Update | Hong Kong stocks edge higher after Trump speech light on detail
Macau casino operators led the Hong Kong market higher as gambling revenues rose for a seventh month and hit a two-year high in February
Hong Kong stocks nudged higher amid volatile trading on the first day in March after US President Donald Trump’s first speech to Congress failed to provide solid details on policy.
Trump emphasised his tax reform and infrastructure policies but produced little in the way of fresh ideas.
He called for an end to trivial fights, adopting an uncharacteristicly soft tone in the speech. With little to go on, markets and investors shifted their focus to the increasing likelihood of an interest rate rise in March as comments from US officials become more hawkish. The potential for a rise put downside pressure to Hong Kong stocks, but those worries were partly offset by China’s better-than-expected manufacturing data for February.
The Hang Seng Index rebounded from a four-day losing streak to close Wednesday at 23,776.5, up just 0.2 per cent. The Hang Seng China Enterprises Index was slightly down, by 0.1 per cent, to close at 10,288.
The turnover in Hong Kong also gained modestly, compared with the previous two sessions, climbing 4 per cent to HK$76.2 billion on Wednesday.
Macau casino operators led the Hong Kong market as gambling revenues rose for a seventh month and hit a two-year high in February. In the month, Macau generated a revenue of 23 billion patacas (US$2.9 billion), up 17.9 per cent from 19.5 billion patacas a year earlier, and the highest since January 2015, Macau government data showed on Wednesday.