Hang Seng Index, Nikkei rise as rate, oil fears recede
Equities rallied on Monday after a big miss on US jobs creation gave the Federal Reserve breathing room to hold off an interest rate hike this month, while traders were also cheered by another drop in oil prices that eased inflation concerns. In Hong Kong, the benchmark Hang Seng Index inched up 68 points, or 0.3 percent, to 24,040 on light turnover of HK$98.1 billion. The tech index was 25 points, or 0.6 percent, up at 4,183 while the China Enterprises Index was 21 points, or 0.3 percent, higher at 8,051. The gains came after highly anticipated US non-farm payrolls data showed the world's top economy created just 29,000 jobs in September – well short of forecasts for around 90,000 – while the readings for the previous two months were also revised down, with July's showing posts were actually lost. Markets immediately repriced the likelihood of a Fed rate hike, with CME's FedWatch tool seeing just over a 20 percent chance, compared with more than 65 percent early last week. Expectations that interest rates would be lifted at least once more this year – after September's hike – have sent government borrowing costs soaring, with 10-year US Treasury yields last week hitting a 24-year high. The...
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