Asian stocks climbed, while oil prices were on track for their sharpest weekly gain in over a year as rising tensions in the Middle East continued to unsettle markets.
Hong Kong’s Hang Seng Index surged 2.2% to 22,600.62, buoyed by ongoing optimism surrounding China’s massive stimulus measures.
The index is heading for a weekly gain of over 9% and has risen 22% since Beijing initiated rate cuts on September 24. It is now up about 32% for the year, overtaking Taiwan to become Asia’s best-performing stock market.
In Japan, the Nikkei edged up 0.3%, but is on course for a weekly decline of around 3%. Japanese stocks have experienced a volatile week as investors balanced rising geopolitical risks with the domestic interest rate outlook.
On Wall Street, the Dow Jones Industrial Average dropped 0.4% to 42,011.59, the S&P 500 slipped 0.2% to 5,699.96, and the Nasdaq Composite remained mostly flat, closing at 17,918.48.
In the bond market, yields on benchmark 10-year U.S. Treasury notes increased to 3.85% from 3.80% on Wednesday.
