Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Hang Seng Index Soars on Alibaba and Baidu Boosting Tech Outlook and Turns Risk-on

Hang Seng Index Soars on Alibaba and Baidu Boosting Tech Outlook and Turns Risk-on

Daniel McCarthy, Strategist
What's on this page

Hang Seng, HSI, AUD, NZD, NOK, USD, JPY, CHF Crude Oil- Talking Points

  • The Hang Seng index raced up today on better than anticipated sales numbers
  • APAC equities move higher across the region as did growth linked currencies
  • Treasury yields are dipping but core PCE ahead could change that

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

Hong Kong’s Hang Seng Index (HSI) went over 3% higher today after Alibaba and Baidu reported solid sales numbers above forecasts.

The rest of APAC equity indices were all the green to some degree. Despite the rosy mood, futures are pointing to a sluggish start to Wall Street ahead.

Positive risk appetite led to gains for the Aussie, Kiwi and Norwegian Krone. Not surprisingly, the US Dollar, Japanese Yen and Swiss Franc were the underperformers through the Asian session.

Treasury bonds continue to move higher in price as their yields edge lower. The 10-year note is now returning 2.75%, a long way from 3.20% seen earlier this month. This has played a role in undermining USD outside of swings in sentiment.

The upbeat risk sentiment out of China lifted most of the commodity complex. Although gold was only slightly higher, trading near US$ 1,854 an ounce.

Crude oil had already rallied in the North American session with the WTI futures contract eclipsing US$ 114 and the Brent contract is around US$ 117.50.

Yesterday, the UK government announced a windfall tax on the out-sized profits of oil and gas companies. The revenue will be used for a one-off payment of £650 to low-income earners.

Looking ahead, the focus will be on the release of the Federal Reserve’s preferred inflation measure, US core PCE price index.

Other data out of the US will include personal income and spending, wholesale inventories and University of Michigan consumer sentiment

The full economic calendar can be viewed here.

How to Trade Oil
How to Trade Oil
Recommended by Daniel McCarthy
How to Trade Oil
Get My Guide

HANG SENG INDEX Technical Analysis

The Hang Seng index looked to break the recent range but stalled at the 55-day simple moving average (SMA).

Further resistance could be offered at the recent highs of 21202 and 21595. Above there, a resistance zone might be at 22400 – 22660, around the April peak of 22535.

On the downside, support may lie at the previous lows of 19816, 19063 and 18134.

Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.