Chief Executive John Lee on Tuesday said the government would work to deliver a high-quality experience for all participants at the upcoming Asia-Pacific Economic Cooperation (Apec) Finance Ministers' Meeting, which will be held in Hong Kong between October 20 and 21. Lee said the Ministry of Finance in Beijing was handling the registration and accreditation of participants, and that the meeting would be co-organised by the SAR government and the ministry. The meeting will build on discussions from other Apec financial meetings and cover topics including global and regional macroeconomic conditions, fiscal policies to support people's livelihoods and digital infrastructure financing. The ministry will arrange hotel accommodation, transport and reception services in line with Apec guidelines, Lee said, adding that the SAR government would assist delegations with their registration procedures and work closely with the ministry throughout the process. The chief executive thanked the central government for its trust in the SAR government in hosting the event. Edited by Tony Sabine

Asian stocks rose on Tuesday after a tech-fuelled rally lifted the Nasdaq to a record close, with a retreat in oil prices offering further support even as longer-dated Treasury yields hovered near multi-decade highs. In Hong Kong, the benchmark Hang Seng Index climbed 239 points, or one percent, higher to open at 24,279. The tech index was up 42 points, or 1.02 percent, at 4,226 while the China enterprises index rose 79 points, or 0.99 percent, to 8,131. The benchmark's gains came as the euro languished near 17-month lows after briefly touching US$1.116 overnight, pressured by mounting fiscal concerns in France. Investors dumped French government bonds after an underwhelming budget, while political uncertainty deepened after Spanish Prime Minister Pedro Sanchez called a snap election. Brent crude was little changed at US$100 a barrel after losing 1.9 percent overnight as exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. With mainland indices still closed for the National Day Golden Week holiday, the Nikkei in Tokyo inched up eight points, or 0.01 percent, to open at 69,954 before accelerating its upward trajectory to 256 points at one stage before lunch. In Seoul, the Kospi opened almost 41 points, or 0.58 percent, at 7,044 before trending down to be 20 points lower at one stage before noon. Nasdaq futures edged up 0.2 percent and S&P 500 futures rose 0.1 percent. The Nasdaq notched up a record close overnight, buoyed by softer-than-expected jobs data that dampened expectations for a rate hike from the Federal Reserve this month. AI heavyweight Nvidia climbed 2.1 percent, reaching a record-high close and ⁠boosting its market value to US$5.76 trillion. "The rally in the market was tech led once again, with ⁠the marginal easing of interest rate uncertainty along with a slight moderation in geopolitical risk allowing market participants to focus on the extraordinary earnings growth being delivered by AI names," said Kyle Rodda, a senior analyst at Capital.com. The third-quarter earnings season kicks off next ⁠week. Goldman Sachs estimated consensus forecasts point to 27 percent growth in S&P 500 earnings last quarter, with more than half that growth from companies benefiting from AI infrastructure spending. The relentless climb in US Treasury yields continued even as markets scaled back bets for an interest rate rise this month from the Federal Reserve to just 23 percent from 71 percent a week ago, after top policymakers stressed the need for more data before tightening again. US 10- and 30-year Treasury yields hit fresh 24-year highs overnight, capping a steady climb since mid-August driven by inflation and debt concerns. An ISM survey showed a measure of prices paid by services businesses for inputs jumped to the highest level in more than four years. The 10-year Treasury yield was steady in Asia at 5.3089 percent, after climbing three basis points overnight to hit 5.3493 percent, the highest since 2002, while 30-year yields held at 5.6622 percent having briefly reached 5.7029 percent overnight. (Reuters/Xinhua) Edited by Tony Sabine

The Nasdaq notched a record high close on Monday, lifted by Nvidia and Microsoft, as investors focused on a dip in oil prices and looked ahead to quarterly earnings reports. It was the Nasdaq's second day of ⁠sharp gains after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the US Federal Reserve at its policy meeting this month. The S&P 500 rose and was about 0.3 percent below its August 13 record high close. AI heavyweight Nvidia climbed 2.1 percent and also reached a record-high close, boosting its stock market value to US$5.76 trillion. Microsoft added 1.5 percent, while Meta Platforms and Tesla gained about 2 percent each. The Nasdaq's previous record high close was on September 22. Oil prices slipped after crude exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. "With the economic data calendar being light and earnings about a week away, investors are really groping for anything positive to grab onto, and clearly they're looking at lower energy prices," said Art Hogan, chief market strategist at ⁠B Riley Wealth. Third-quarter earnings season kicks off next week with reports from large US banks. Analysts on average see S&P 500 earnings jumping over 30 percent year over year, thanks largely to AI-related stocks, according to LSEG data. Following jobs data on Friday that showed US job growth slowed more than expected in September, traders see a 24 percent chance of an interest rate hike at the Fed's October meeting, down from a 70 percent chance a week ago, according to CME's FedWatch tool. The Nasdaq rose 1.1 percent, to 27,477, the S&P 500 rose 0.7 percent, to 7,773, while the Dow rose 0.2 percent, to 51,267. (Reuters) Edited by Cecil Wong

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