HK joins regional markets in rising as oil fears ease

Share markets edged higher in Asia on Monday as AI's insatiable demand for data buoyed chipmakers, and oil eased on reports more oil was finding its way out of the Middle East than previously thought despite the ongoing conflict in the Gulf. In Hong Kong, the benchmark Hang Seng Index opened down two points, or 0.01 percent, at 24,748 before sharply reversing direction to be 140 points up at one stage in early trading. The tech index slipped three points, or 0.08 percent, to 4,401 while the China enterprises index was up four points, or 0.05 percent, at 8,229. Up north, the benchmark Shanghai Composite Index opened up eight points, or 0.21 percent, at 3,920. The Shenzhen Component Index was 75 points, or 0.55 percent, higher at 13,716 while the ChiNext Index was up 0.93 percent at 3,403. With the Nikkei closed for a national holiday, the Kospi in Seoul opened up 44 points, or 0.64 percent, at 6,938. Bond markets remained tense after a vicious selloff saw US two-year yields jump 36 basis points in the past two weeks to heights not seen since mid-2024 at 4.7604 percent. Hawkish guidance from the Federal Reserve last week has futures wagering on a 56 percent chance it will...