News Snapshot:
Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba’s stock soared on the internet behemoth’s plans to split into six units. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while Japan’s Nikkei advanced 0.49%. Hong Kong’s Hang Seng index surged over 2%, buoyed by Alibaba after the Chinese e-commerce conglomerate announced its break-up plans. Alibaba’s Hong Kong shares shot up 15%, while the company’s U.S.-listed shares closed 14.3% higher. The news lifted investor confidence in the wider Chinese tech sector, with...
