Hong Kong's Hang Seng rises 3%; Alibaba shares soar after earnings report

Hong Kong's Hang Seng rises 3%; Alibaba shares soar after earnings report

May 27, 2022 by CNBC

Key Facts

  • SINGAPORE — Shares in Asia-Pacific rose in Friday morning trade, with investors monitoring shares of Alibaba in Hong Kong after the Chinese tech giant posted better-than-expected fourth-quarter earnings on Thursday.
  • Chinese authorities held an unprecedented nationwide meeting via teleconference on Wednesday in a bid to bolster an economy battered by Covid, with Premier Li Keqiang warning of difficulties "even greater than the severe shock of the pandemic in 2020."
  • CURRENCIES AND OIL The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 101.483 — off levels above 102.2 seen earlier in the week.
  • Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures rising around 0.4% to $117.84 per barrel.

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