Hong Kong shares soar 9% on China pledge to support economy

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Hong Kong’s share benchmark, the Hang Seng index, has soared 9% after China’s state media said Beijing plans more support for the slowing Chinese economy. The surge was a reprieve from recent heavy selling of Chinese technology companies and other pressures that had pulled the Hang Seng to six-year lows. Shares also rose elsewhere in Asia. Investors are awaiting a decision by the Federal Reserve later Wednesday on interest rate policy. The Fed is expected to increase its key short-term rate by 0.25 percentage points. That would be the first increase since 2018, raising it from a record low of nearly zero. It likely heralds a series of rate hikes.