HK rises amid Anthropic IPO lift for regional markets

Asian markets experienced a surge on Tuesday, with AI pioneer Anthropic's anticipated IPO filing boosting investor confidence ahead of tech earnings and central bank meetings. Hong Kong's Hang Seng Index opened 48 points, or 0.21 percent, higher at 23,260. The China Enterprises Index climbed 14 points, or 0.18 percent, to 7,816, while the tech index rose 28 points, or 0.74 percent, to 3,886.

Meanwhile, the Shanghai Composite Index opened slightly higher at 3,698, while the Shenzhen Component Index gained 0.49 percent, opening at 11,591. The ChiNext Index also saw an increase of 0.89 percent, opening at 2,661. The Hong Kong and mainland gains occurred as Anthropic revealed a significant loss and impressive revenue growth in its US IPO filing.

This, coupled with Meta Platforms' plan to raise up to $95 billion in its largest-ever equity fundraising, contributed to a more positive sentiment. In Tokyo, the Nikkei opened 379 points, or 0.61 percent, higher at 62,569 before climbing further. In Seoul, the Kospi surged 189 points, or 3.46 percent, during early trading. Over a third of US S&P 500 companies, including major players like Alphabet, Microsoft, and Amazon.com, are set to report earnings this week.

Anthony Saglimbene, Ameriprise's chief market strategist, noted that investors are seeking evidence that demand for AI infrastructure is growing beyond the interconnected relationships of these companies. Fed policymakers have indicated they will not raise short-term borrowing costs again this week but are expected to hike rates in December.

Macro and policy head Geng Ngarmboonanant of JP Morgan Asset Management expressed confidence in the US economy's ability to handle higher interest rates.