The Hang Seng Index rose 2.8 per cent to 20,838.14 at 11.02am local time, the biggest jump since December 10. The Hang Sang Tech Index gained 3.7 per cent. On the mainland, the CSI 300 Index, which tracks the 300 largest companies in Shanghai and Shenzhen, rose 1.1 per cent. The Shanghai Composite Index increased 1 per cent and the Shenzhen Composite Index rose 2.5 per cent.
Benchmark gauges soared across most Asia-Pacific markets. The Nikkei 225 index surged 8.3 per cent, lifting Japan’s stock index out of a bear market. South Korea’s Kospi Index added 5.5 per cent and Australia’s ASX 200 index jumped 4.6 per cent.
All but two of the Hang Seng Index’s 83 members strengthened, with exporters and manufacturers leading gainers. Optical lens maker Sunny Optical Technology jumped 8.5 per cent to HK$64, electric-car maker Li Auto advanced 6.2 per cent to HK$86.50 and PC maker Lenovo Group surged 9.1 per cent to HK$8.18.
Overnight, Trump unveiled a 90-day pause on applying tariffs on every trading partner, excluding mainland China and Hong Kong. That announcement sent Wall Street on a tear, pushing the S&P 500 Index to jump 9.5 per cent, while the Nasdaq Composite Index closed 12.2 per cent higher, the biggest one-day jump in 24 years.
“The overnight announcement from the US is welcome news,” said ANZ Group chief economist Richard Yetsenga. “The global situation remains fluid, but conditions have improved. The administration has pivoted. The pivot is not a reversal, but it is good news.”
