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Nikkei Markets

Hong Kong stocks climb as virus boosts hopes of Fed rate cut

Shares of HNA Group companies climb after indebted group seeks provincial help

HONG KONG (Nikkei Markets) -- Hong Kong stocks on Monday recovered some of the steep losses they suffered last week amid worries over a global pandemic from the new coronavirus, with sentiment aided by expectations for a rate cut by the U.S. Federal Reserve this month.

The Hang Seng Index, which tumbled 4.3% last week, gained 0.6% to 26,291.68. China Construction Bank rose 2.2%, mobile-phone components supplier Sunny Optical Technology Group jumped 5.1%, offshore energy producer CNOOC added 4.3% and social media and gaming major Tencent Holdings increased 0.9%.

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