Mainland China and Hong Kong stocks rose for a third consecutive session on Wednesday, with the Shanghai benchmark hitting a more than 3-1/2-year high, as prospects of a Federal Reserve interest rate cut next month lifted investor sentiment.
** At the midday break, the Shanghai Composite index 000001 was up 0.56% after hitting the highest level since December 13, 2021 in morning trade.
** China’s blue-chip CSI300 index 3399300 climbed 0.92%.
** In Hong Kong, the Hang Seng Index 
HSI rose 1.88%.
** Expectations have firmed for a Fed rate cut in September after the U.S. consumer inflation report indicated the pass-through from President Donald Trump’s sweeping tariffs to goods prices has so far been limited.
** With rising expectations of a Fed rate cut, risk appetite improved and “emerging and developed equity markets resonated,” analysts at Guoyuan Securities said in a note.
** The MSCI All Country World Index EURONEXT:IACWI hit an…
