The Hong Kong tech index saw a significant jump today, with Bilibili leading the gains with an impressive 8% surge. The Hang Seng tech index rose by 2.6%, outperforming the broader Hang Seng index, which saw a more modest increase of about 0.6%.
Bilibili, a popular tech stock, reported full-year revenue of 22.53 billion yuan ($3.11 billion) in 2023 and expressed confidence in continued revenue growth in 2024. Other tech stocks also saw gains, with Baidu up 3.7% and Tencent gaining about 1%.
In other news, Japan is reportedly on the brink of intervening in the yen, according to Steven Englander, head of Global G10 FX research and North America macro strategy at Standard Chartered Bank. The Japanese yen weakened by 0.1% on Thursday, prompting speculation that the government may step in to support the currency.
Barclays also noted a potential shift away from cash and towards risk assets, with analyst Emmanuel Cau suggesting that cash may be losing its appeal as an asset class.
Additionally, GE Vernova and Solventum are set to join the S&P 500 in April, with Solventum, 3M’s health-care business, expected to be spun off from the conglomerate on April 1. GE Vernova, General Electric’s power business, will join the index on April 2.
In after-hours trading, RH and Verint Systems were among the top movers, with RH seeing a 7% jump after forecasting accelerated demand trends for fiscal year 2024. Verint Systems also saw a 5.2% increase after beating fourth-quarter earnings estimates.
Overall, the stock futures opened little changed on Wednesday, setting the stage for potential market movements in the coming days. Stay tuned for more updates on these developing stories.
