Stock markets in Asia found their way up on Wednesday. As in New York, tech companies were again in demand, partly due to the hope that inflation had peaked.
In addition, tech companies gained significant ground on the stock exchange in Hong Kong after a media report about an investigation into Didi Global, a Chinese group behind taxi apps.
Sources told the business newspaper The Wall Street Journal that China will fine Didi $1 billion but then cease its investigation into the company’s data use. This also gave investors hope that other Chinese internet concerns would be less bothered by the Beijing authorities.
Alibaba, Tencent, and JD.com gained up to 4.3 percent on the Hong Kong stock exchange. The main stock exchange index in the city-state, the Hang Seng Index, gained 1.7 percent in the meantime. The Shanghai stock market rose 0.7 percent.
In Tokyo, the Nikkei rose 2.4 percent. Toyota rose 0.3 percent despite disappointing production plans. The automaker expects to produce 700,000 cars next month instead of the 850,000 previously announced. In Australia, the All Ordinaries rose 1.6 percent.