The Hang Seng Index ( in Hong Kong fell briefly at open. But it rose 0.6% in mid-morning trading. )
On Thursday, Hong Kong government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion) to help avert a recession.
China’s Shanghai Composite Index ( gained 0.8% after opening lower. )
Australia’s S&P/ASX 200 seesawed between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.
Japan’s Nikkei ( was 0.1% higher after a lower open. South Korea’s )Kospi (declined 0.8% as it reopened Friday, following Thursday’s public holiday. )
On Thursday, China said it would “take necessary countermeasures” after the United States announced earlier this month a new 10% tariff on $300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.
Here are some other big moves and talking points at 10:30 a.m. Hong Kong time:
- Investors are awaiting further clues about China’s economic conditions. The country’s top economic planner is holding a press conference, according to the National Development and Reform Commission.
- Tencent (, the Chinese social media and gaming giant, continued to fall after it warned of challenges ahead for its business. It was last down 0.8%. )
- Ping An Insurance (, China’s largest insurer, climbed 2.1% in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained 1.7%. )
- Tsingtao Brewery (, China’s second largest beer maker, soared 9% in Shanghai, after its net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped 8%. Its bigger rival )China Resources Beer ( also surged 7% in Hong Kong. )
- On Thursday, the Dow ( rose about 100 points, or 0.4%, recouping some of the heavy losses in the previous session. The )S&P 500 ( ended 0.25% higher. But the )Nasdaq (, with its many tech companies, dipped 0.1%. )
- Alibaba (, the Chinese online retailing giant, jumped 3% on Wall Street after it reported sales that beat market estimates. Its revenue surged 42% in the latest quarter. )