Hang Seng gains 1.2% while Asian markets wobble on tech selloff

Hang Seng outperformed regional peers, rising about 1.2% as Asian markets opened unevenly amid a US tech-led selloff and renewed doubts over AI spending after a WSJ report on OpenAI. Mainland China’s CSI 300 lagged (-0.26%), while Korea and Australia posted modest declines, signaling selective flows into Hong Kong rather than broad China risk-off. US benchmarks fell overnight (S&P 500 -0.5%, Nasdaq -0.9%), amplifying caution ahead of the Fed decision and heavyweight megacap earnings. The piece highlights trading ideas: buy Hong Kong/Hang Seng exposure and reduce Nasdaq-100 risk, noting the main risk would be a reversal if AI-related earnings or a broader tech rebound materializes. Overall, the market impact is one of rotation and selective positioning, with Hong Kong benefiting from relative strength amid sector-specific concerns.