Higher Open Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Tuesday ended the two-day winning streak in which it had picked up more than 275 points or 1.2 percent. The Hang Seng now sits just beneath the 23,050-point plateau although it's expected to rebound again on Wednesday.

The global forecast for the Asian markets is fairly optimistic on easing oil prices and strength among the technology companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished modestly lower on Tuesday following losses from the finance, technology and internet companies.

For the day, the index sank 170.49 points or 0.73 percent to finish at 23,041.32 after trading between 22,983.99 and 23,313.92.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Tuesday; the S&P 500 and NASDAQ moved firmly into positive territory, while the Dow hugged the line all day and just barely managed to finish in the green.

The Dow rose 15.99 points or 0.03 percent to finish at 52,377.57, while the NASDAQ rallied 308.43 points or 1.18 percent to end at 26,477.81 and the S&P 500 added 45.83 points or 0.60 percent to end at 7,722.60.

Tech stocks continued to recover from the sharp pullback seen late last week amid renewed optimism about the artificial intelligence trade after AI giant Anthropic publicly filed for an initial public offering on Monday.

Potentially adding to the positive mood around AI, Nvidia (NVDA) and Meta (META) have announced they will partner to expand their work on Muse and the Muse family of models.

Corporate earnings were a mixed bag as JetBlue (JBLU) and UPS (UPS) reported strong results, while Boeing (BA) disappointed.

Crude oil prices slumped again on Tuesday on efforts by regional intermediaries in the gulf to defuse Middle East tensions. West Texas Intermediate crude for December delivery sank $1.73 or 1.70 percent at $100.03 per barrel.

Closer to home, Hong Kong will provide September figures for imports, exports and trade balance later today. In August, imports surged 60.0 percent on month and exports spiked 53.0 percent for a trade deficit of HKD71.2 billion.