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Hong Kong Stocks Higher at Open as US Labor Data Dims Hope of Rate Hike

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Hong Kong stocks opened higher Friday as the eagerly awaited U.S. labor data dashed hopes of an imminent rate hike from the Federal Reserve.

The Hang Seng Index increased 185.82 points, or roughly 0.8%, to 23,240.85, while the Hang Seng China Enterprises Index jumped 62.07 points, or 0.8%, to 7,674.55.

The US economy added 57,000 nonfarm jobs in June, representing the weakest tally since February, official data showed Thursday. The consensus was for a 113,000 increase in a Bloomberg survey.

The cooling labor market doused expectations of an immediate rate hike and raised the odds that the Fed will keep rates on hold until October, Reuters reported.

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