Hong Kong’s Hang Seng Index ( was up 0.8% by midday, while China’s )Shanghai Composite Index ( gained 0.7%. Both had traded lower earlier. )
China earlier said it would step up its efforts to boost disposable income and stabilize employment. The National Development and Reform Commission announced those plans during a press briefing.
Hong Kong has also recently taken measures to help avert a recession. On Thursday, the city’s government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion).
Some companies that trade in Hong Kong and Shanghai also posted strong earnings. Ping An Insurance (, China’s largest insurer, climbed 3% in Hong Kong after it )posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained 2.2%.
Tsingtao Brewery (, China’s second largest beer maker, soared 10% in Shanghai, after its )net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped 11.5%. Its bigger rival China Resources Beer (, best known for Snow beer, surged 7.2% in Hong Kong after posting a )24% increase in net profit for the first half.
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. )
US-China trade tensions continue to be a concern.
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 12:45 p.m. Hong Kong time:
- Tencent (, the Chinese social media and gaming giant, continued to fall after it )warned of challenges ahead for its business. It was last down 0.9%.
- 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.