Hong Kong Stocks Face Soft Open as Oil Surge, Fed Decision Weigh on Asian Markets

Hong Kong's Hang Seng Index is expected to open under pressure on Monday after snapping a three-day losing streak, as rising crude oil prices and caution ahead of the Federal Reserve's rate decision weigh on Asian markets. The index closed up 158.67 points, or 0.69%, at 23,093.37 on Friday, recovering from a 1,450-point, 4.3% slide. Gains in technology and consumer stocks were offset by weakness in financials and properties. Wall Street closed lower Friday, with the Dow falling 1.23% to 52,215.16, the NASDAQ losing 0.21% to 25,955.34, and the S&P 500 dropping 0.52% to 7,623.68. Lingering concerns over the artificial intelligence trade and surging crude prices drove the selloff. West Texas Intermediate crude for December delivery jumped $3.54, or 3.56%, to $103.01 per barrel on fears of a U.S.-Iran conflict and ongoing Houthi-Saudi violence. Traders remain cautious ahead of the Fed's policy decision on Wednesday, where rates are expected to stay unchanged.