Big gains for stocks across Asia
Hong Kong and other regional stock markets soared yesterday on comforting economic data from the United States as well as confidence-boosting comments from US Federal Reserve chairman Alan Greenspan.
The Hang Seng Index gained 3.9 per cent, outpacing other Asian market gains.
Japan's key Nikkei 225 stock average gained 3.03 per cent, while benchmark indices in the Philippines and Singapore gained 3.4 per cent and 2.19 per cent respectively. Every regional market barring those in the mainland and Malaysia gained yesterday.
The normally cautious Mr Greenspan praised the US economy's ability to sustain growth with low inflation.
His speech came after economic data pointed to declining wage pressures and growing economic clout, which had sparked a rally on Wall Street on Thursday.
The data lowers the threat of a rise in US interest rates, boosting banks and property stocks in the region.
On Wall Street at 2.45pm, the Dow Jones Industrial Average was up 139 points at 10,761.53.
In London, the FTSE 100 ended 106.6 points higher at 6,255.7.
