Asian stock markets rise, led by Hong Kong

In Asian markets, Hong Kong’s Hang Seng index led the gains. Hong Kong’s Hang Seng index rose 3 percent in the first hour of trading, leading gains in the broader region. The technology sector led the rally, with shares including Baidu, JD.com and Alibaba all up nearly 4 percent. In Australia, the S&P/ASX 200 rose 0.64 percent. The Kospi rose 0.69 percent, easing for a fourth straight month, as South Korea’s May consumer inflation eased to a 19-month low. The Nikkei 225 added 0.62 percent. Mainland China’s Shanghai Composite rose 0.24 percent and the Shenzhen Component Index fell 0.67 percent. Overnight in the U.S., all three major indexes extended gains, with the S&P 500 and Nasdaq Composite closing at their highest levels since August. The Dow Jones Industrial Average rose 0.47 percent. The House late Wednesday passed a bill to raise the debt ceiling and cap government spending by a wide margin, sending the bill to the Senate just days before Monday’s deadline when the U.S. defaults. Senate Majority Leader Chuck Schumer said the House would pass the bill Thursday night. Investors are also eagerly awaiting Friday’s May jobs report, which suggests a strong labor market despite the Fed’s aggressive rate hike plan.