Around the World's Markets: Hong Kong

THE BENCHMARK Hang Seng index led gains across Asia, rising 244.43 points, or 3.2 per cent, to 7,946.04 on expectations of a 25 basis point cut in US rates today.

HSBC Holdings, parent of the city's two largest lenders, rose 3.9 per cent as traders expected it to benefit from a rate cut. The government intervened in futures, buying the September contract ahead of its expiry today in a bid to force hedge funds to close any short positions.