Shares rise after Wall Avenue Bounce

SINGAPORE – Asia-Pacific shares traded higher on Thursday following the rally on Wall Street.

Hong Kong Hang Seng Index jumped 2.15% in early trade, while the Hang Seng Tech index rose 3.16%.

Shares of Ali Baba about 5% ahead of its earnings results later Thursday.

The Chinese e-commerce giant could see a drop in revenue for the first time ever, according to the average forecast of analysts on Refinitiv. But that could be the bottom line for Alibaba as revenue is expected to improve going forward.

Mainland China markets also gained. The IS Shanghai Composite added 0.39% and the Shenzhen component climbed 0.44%.

Elsewhere in Asia, there are Japanese Nikkei 225 rose 0.57%, while the Topix index was flat.

The IS Kospi in South Korea gained 0.55% and the Kosdaq advanced 1.08%.

In Australia, the S&P/ASX 200 added 0.29%.

MSCI’s broadest index of Asia-Pacific shares outside China was 0.68% higher.

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Overnight in the US, the Dow Jones Industrial Average and the S&P 500 each gained more than 1%, while the Nasdaq Composite rose 2.59%, pulled higher by technology stocks.

A better-than-expected services PMI reading for July gave investors confidence amid worries about a US recession.

DBS, Singapore’s largest bank, reported a net profit of 1.82 billion Singapore dollars ($1.32 billion), the second highest in history, the bank said in a press release. That is higher than the average forecast of 1.7 billion Singapore dollars, according to data from Refinitiv.

The bank’s shares fell 1.42%.

Reuters report citing one source The world’s largest battery maker, CATL, said it will continue to work towards delivering lower cost lithium iron batteries to Ford Motor. CATL will also produce batteries in North America by 2026, the report said on Wednesday.

Bloomberg News reported on Tuesday that CATL was delaying its decision on a North American plant.

CATL shares slipped 0.26% on Thursday.

Currencies and oil

The IS US dollar indexwhich tracks the greenback against a basket of peers, at 106.328, higher than earlier this week.

The IS Japanese yen traded at 133.71 per dollar, weaker than levels seen earlier this week. The IS Australian dollars buy for 0.6961 US dollars.

Oil futures ended Thursday after Brent settled 3.7% lower and US crude fell 4% on Wednesday after US data showed crude and gasoline stockpiles rose unexpectedly.

USA raw rose 0.52% to $91.13 a barrel, while Brent crude gained 0.5% to $97.26 a barrel.

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