On the afternoon of February 4, the Hong Kong market led Asian stocks up.

February 4, 2022 19:55

In the afternoon trading session on February 4, Asian stock markets rose following the increase of the Hong Kong market on the first day of reopening after the holiday.

*Electronic board listing stock indexes at the Tokyo Stock Exchange, Japan*

The Tokyo Stock Exchange (Japan) 225 index increased 0.7% to 27,439.99 points. Notably, the Hang Seng index of the Hong Kong Stock Exchange (China) increased 3.2% to 24,573.29 points.

Meanwhile, stock markets in Seoul, Singapore, Manila, Bangkok and Jakarta also gained points.

Hong Kong led Asian stocks higher as investors returned to the market after the Lunar New Year holiday. Tech giants and market heavyweights including Alibaba and Tencent were the main drivers of the gains, while financial firms such as HSBC also benefited from some share purchases.

However, a surprise statement from the European Central Bank (ECB) reinforced concerns about a possible withdrawal of stimulus measures during the COVID-19 outbreak. ECB President Christine Lagarde for the first time left the door open to a rate hike in 2022, as the eurozone comes under pressure from rising prices. Meanwhile, the Bank of England raised interest rates for the second time in a row.

Investors are now waiting for US jobs data later in the day to gauge the Federal Reserve's policy decisions ahead of its inflation report next week. With the job market on the rise as the economy reopens, the Fed could start raising interest rates in March to combat soaring inflation, which is at its highest level in four decades.

According to News