The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had jumped almost 600 points or 2.9 percent. The Hang Seng Index finished just below the 21,480-point plateau, and now analysts are forecasting a modest retreat at the opening of trade on Wednesday.
The global forecast for the Asian markets suggests mild consolidation on profit taking after solid gains earlier in the week. The Asian markets climbed on Tuesday on news that Euro-zone finance ministers approved a second rescue package for Greece. The European markets finished lower and the U.S. markets were mixed on Tuesday, and the Asian markets are also expected to track to the downside.
The Hang Seng finished modestly higher on Tuesday, nudged into the green by gains from the telecoms.
For the day, the index added 53.93 points or 0.25 percent to finish at 21,478.72 after trading between 21,221.39 and 21,480.34 on volume of 64.63 billion Hong Kong dollars.
Among the gainers, China Telecom spiked 4.1 percent, while China Unicom climbed 2.3 percent and ZTE collected 0.9 percent.
Wall Street offers little insight as stocks finished Tuesday's trading with a mixed performance. With U.S. markets closed on Monday for the President's Day holiday, Wall Street caught up on all the news that broke over the weekend, with the good news offsetting the bad.
Euro-zone finance ministers early Tuesday gave a green light to a second rescue package for Greece, unlocking 130 billion euros in bailout money for the cash-strapped nation. The new bailout would leave Greece with sufficient funds to repay a 14.5 billion euros bond due on March 20.
Ensuring debt sustainability and restoring competitiveness are the main goals of the new program, the Eurogroup said in a statement. The deal follows weeks of sometimes tense negotiations and a number of austerity measures in Greece.
In corporate news, Wal-Mart (WMT) saw earnings for its latest quarter slide more than 4 percent on year. Sales at the world's largest retailer rose about 6 percent to $122.3 billion. Also, Earnings at Home Depot (HD) rose 32 percent in the fourth quarter, thanks to cost controls and a 6 percent rise in sales. Finally, Macy's (M) saw quarterly profit jump 12 percent on year, while rival department store chain Saks (SKS) also announced increased sales and earnings.
The major U.S. averages ended mixed on Tuesday as the Dow added 15.82 points or 0.12 percent to finish at 12,965.69, while the tech-heavy NASDAQ fell 3.21 points or 0.11 percent to finish at 2,948.57 and the S&P 500 ticked up 0.98 points or 0.07 percent to close at 1,362.21.
In economic news, Hong Kong's jobless rate declined to 3.2 percent during three-months to January from 3.3 percent during October to December, the Census and Statistics Department said on Tuesday. The underemployment rate, meanwhile, rose to 1.5 percent from 1.4 percent during the previous three months. The number of unemployed persons decreased by around 4,200 to 111,800 during three months ended January.
Also, People's Bank of China and the Central Bank of the Republic of Turkey on Tuesday signed a three-year currency swap deal worth CNY 10 billion. The agreement intends to improve bilateral trade in respective local currencies of the two countries, the central banks said in a joint statement. After the completion of three years, the deal can be extended upon mutual agreement.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.