Space Industry and Business News
TRADE WARS
Tech rally helps Hong Kong lead Asian markets higher
Tech rally helps Hong Kong lead Asian markets higher
by AFP Staff Writers
Hong Kong (AFP) Feb 18, 2025

Hong Kong resumed its tech-led rally on a healthy day for Asian markets Tuesday as a meeting between President Xi Jinping and China's top business leaders fanned hopes that a years-long crackdown on the private sector is coming to an end.

The Hang Seng Index's gains extended an impressive start to the year, with the emergence of a new chatbot from Chinese startup DeepSeek stoking optimism in the country's AI drive.

The tech revival has also helped offset worries about the impact of US President Donald Trump's hardball foreign policies and decision to impose sweeping tariffs on trade partners.

Among the luminaries meeting Xi in Beijing were Alibaba co-founder Jack Ma, Huawei founder Ren Zhengfei and Wang Chuanfu, CEO of electric-vehicle giant BYD.

Since taking the helm, Xi has strengthened the role of state enterprises in the world's second-largest economy and waged crackdowns on areas of the private sector undergoing "disorderly" expansion.

The drive has hammered some of the country's biggest names in recent years, sending their share prices plummeting.

State news agency Xinhua reported that Xi had "stressed that the difficulties and challenges currently faced by the development of the private economy have generally appeared during the process of reform and development, and industrial transformation".

"They are partial rather than general, temporary rather than long-term, and surmountable rather than unsolvable," Xi said, according to Xinhua.

He added that Beijing was focused on removing obstacles to commerce, promoting fair competition, cracking down on arbitrary fines and protecting business interests.

Monday's gathering provided some much-needed relief to investors and fanned hopes for a sector revival.

"This was seen as a strong signal that his crackdown on the tech sector is over and with forthcoming pro-business policies to help revive the economy," said National Australia Bank head of market economics Tapas Strickland.

Ma's inclusion hinted at the billionaire magnate's potential public rehabilitation after years out of the spotlight following a tangle with regulators.

Shares in Alibaba rose more than four percent Tuesday, and have now piled on more than 50 percent since the turn of the year. There were also healthy gains in other tech firms including Tencent, XD Inc and Netease.

Shanghai, Tokyo, Singapore, Seoul, Taipei, Manila and Jakarta also rose.

The advances came after a strong day in Europe, where Frankfurt hit a new record. Wall Street was closed for a public holiday.

Meanwhile, Federal Reserve governor Christopher Waller suggested the bank could cut interest rates this year if inflation performs as it has in the past, pointing to last year's spike in the winter followed by a quick easing.

"If this wintertime lull in progress is temporary, as it was last year, then further policy easing will be appropriate," he said in prepared remarks due to be delivered on Tuesday in Sydney.

"But until that is clear, I favour holding the policy rate steady."

With prices showing signs of ticking back up in recent months, traders have scaled back their bets on how many reductions officials would make this year.

"The data are not supporting a reduction in the policy rate at this time," Waller said. "But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year."

His remarks come amid fears that Trump's plans to impose tariffs and slash taxes, regulations and immigration will reignite inflation.

- Key figures around 0240 GMT -

Tokyo - Nikkei 225: UP 0.3 percent at 39,296.11 (break)

Hong Kong - Hang Seng Index: UP 1.7 percent at 23,001.87

Shanghai - Composite: UP 0.2 percent at 3,359.80

Euro/dollar: DOWN at $1.0465 from $1.0483 on Monday

Pound/dollar: DOWN at $1.2601 from $1.2613

Dollar/yen: UP at 151.74 from 151.41 yen

Euro/pound: DOWN at 83.06 pence from 83.11 pence

West Texas Intermediate: UP 0.6 percent at $71.19 per barrel

Brent North Sea Crude: DOWN 0.1 percent at $75.13 per barrel

New York - Dow: Closed for a holiday

London - FTSE 100: UP 0.4 percent at 8,768.01 (close)

dan/lb

INDEX CORP.

Alibaba

BYD COMPANY

NATIONAL AUSTRALIA BANK

Tencent

Dow

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
China inflation picks up after Lunar New Year spending boost
Shanghai (AFP) Feb 9, 2025
Inflation picked up in China last month, official figures showed Sunday, as the Lunar New Year holiday boosted January spending. China has struggled to raise consumption and stave off deflation for months as sluggish spending, a property slump and ballooning local government debt all weigh on growth. The consumer price index (CPI), a key measure of inflation, rose 0.5 percent last month, up from a 0.1 percent rise in November, according to the National Bureau of Statistics. The reading from ... read more

TRADE WARS
Trump creates energy council to power AI race with China

Saudi Arabia to invest $5B in AI data centre; UAE launch DeepSeek-inspired AI models

Sony hikes profit forecast on strong gaming business

PlayStation Network back online after 24-hour outage

TRADE WARS
Satellogic and Telespazio Brasil to provide low-latency satellite imagery for the Brazilian Air Force

Mobix Labs Secures Defense Funding to Advance SATCOM SoC Innovation

ESA and European Commission to establish secure quantum communications network

KP Labs and ESA Unveil PINEBERRY to Enhance AI Security and Transparency in Space Missions

TRADE WARS
TRADE WARS
Galileo ground stations undergo systemwide migration

EUSPA unveils integrated GNSS and secure SATCOM user technology update

GMV to advance the Galileo High Accuracy Service with new data generator

Sierra Space resilient GPS Satellite Program achieves major development milestone

TRADE WARS
Russian airspace closure raises CO2 emissions from flying: study

Urban Sky Secures $30 Million in Series B Round to Advance Stratospheric Innovation

Taiwan says detects six Chinese balloons near island

France delivers first Mirage 2000 fighter jets to Ukraine: minister

TRADE WARS
Smaller but Stronger Relaxor Films Reveal Performance Sweet Spot

China's SMIC says 2024 profit down 45.4% from last year

Neutrons Reveal Magnetic Spiral Structure in Layered Perovskites for Future Quantum Technologies

New AI Function on the Horizon Thanks to Electrically Programmable Spintronic Device

TRADE WARS
Validation technique could help scientists make more accurate forecasts

SFL Missions Inc. Secures CSA Contract for HAWC Satellite Concept Study

Rocket Lab and iQPS finalize arrangement for four Electron missions

Finland and ESA join forces to establish groundbreaking Earth observation supersite

TRADE WARS
A stream turns blood red in Argentina, residents blame pollution

No new clothes: S. Korean climate activist targets hyperconsumption

Air pollution fuels lung cancer among non-smokers: study

Mafia waste victims seek justice in Italy's 'Land of Fires'

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.