Live updates: Average UK house price rises to record £267,600 even as growth slows

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Chinese tech stocks rebounded late Friday morning, as Asian stocks mostly trailed Wall Street higher and investors awaited signs of China’s future economic policy following a meeting of the political bureau of the country.

The Hang Seng Tech index gained as much as 7%, with e-commerce group Alibaba up 12%. The city’s benchmark Hang Seng also gained up to 3%, while Australia’s S&P/ASX 200 and South Korea’s Kospi both gained up to 1%. The Chinese CSI 300, meanwhile, was flat.

Those moves followed advances on Wall Street, where the S&P 500 gained 2.5% and the tech-heavy Nasdaq closed up 3.1%, as investors eagerly awaited after-hours results. from Amazon, Intel and Apple.

China’s political bureau is set to meet on Friday as part of a debate on how to better support the country’s economy as it battles the highly infectious variant of the Omicron coronavirus with a series of lockdowns.

On Thursday night, China’s stock compensation agency said it would halve stock transfer fees on mainland stock exchanges to promote “the stable and healthy functioning of the capital market, boost market vitality and bolster support for the real economy” after the country’s benchmark fell more than 20% this year and financial institutions warned that Beijing’s strict zero Covid policy was threatening growth.

European futures also signaled a positive start, with contracts for the FTSE 100 gaining 0.8% and the Euro Stoxx 50 up 1.1%.

Oil prices stabilized after strong gains on Thursday, with Brent Crude, the international benchmark, adding 0.2% to $107.85 a barrel and US marker West Texas Intermediate down 0.1% to hit 105 $.24.

The yield on the 10-year US Treasury note, which underpins global borrowing costs, fell 0.04 percentage points to 2.82%.

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