Stocks in mainland China and Hong Kong posted two-day declines on Wednesday, led by advances in AI stocks, as investors weighed lagging U.S. economic data for clues about the direction of the Federal Reserve’s monetary policy next year.
At the close, the Shanghai index increased by 1.19%, while the CSI300 index, which includes the largest companies listed in Shanghai and Shenzhen, increased by 1.83%. Hong Kong’s Hang Seng Index rose 0.92%.
Shares of MetaX Integrated Circuits soared 700% in their market debut as investors sought to benefit from government efforts to reduce reliance on artificial intelligence chips from U.S. companies Nvidia and Advanced Micro Devices.
The CSI artificial intelligence subindex jumped 3.62%.
U.S. job growth rebounded more than expected in November after government spending cuts triggered the biggest decline in nonfarm payrolls in almost five years in October.
The data suggests there has been no significant deterioration in labor market conditions as businesses face economic uncertainty caused by President Donald Trump’s aggressive trade policies.
When it comes to trade, China has so far respected all aspects of trade negotiations, U.S. Treasury Secretary Scott Bessent told Fox Business Network, adding that the Trump administration would like to see a trade rebalancing from China.
. In TOKYO, the Nikkei index advanced 0.26%, to 49,512 points.
. In HONG KONG, the HANG SENG index increased by 0.92%, to 25,468 points.
. IN SHANGHAI, the SSEC index gained 1.19% to 3,870 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, advanced 1.83%, to 4,579 points.
. In SEOUL, the KOSPI index rose 1.43% to 4,056 points.
. IN TAIWAN, the TAIEX index recorded a drop of 0.04%, to 27,525 points.
. IN SINGAPORE, the STRAITS TIMES index fell by 0.10%, to 4,575 points.
. IN SYDNEY, the S&P/ASX 200 index fell by 0.16%, to 8,585 points.
Report from the Shanghai editorial team
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