Global Markets Rally as Hong Kong Stocks Lead Gains, Crude Oil Surges, and Indices Track Second Week of Gains

Hong Kong's Hang Seng index led gains in the region, driven by a surge in property stocks, while other Asia-Pacific markets were mixed. Investors are closely watching key data from Australia and China this week, including the Reserve Bank of Australia's rate decision, China's trade balance for August, and its inflation rate. New Zealand's trade expanded in the second quarter, with total trade reaching NZ$51.8 billion. Semiconductor and software design company Arm is targeting a listing price of $47 to $51 per share in its upcoming IPO. A Fidelity fund investing in China is on track to outperform its peers for a second consecutive year. The US unemployment rate ticked up to 3.8% in August, while wages rose less than expected, indicating a slowing economy. Traders are increasingly betting that the Federal Reserve will not hike rates this year. The highly anticipated IPO of SoftBank-backed Arm could arrive later this month, signaling market sentiment. Vietnamese EV maker VinFast's rally faded quickly after a six-day winning streak.