Kevin Warsh, chair of the Federal Reserve, said the Fed’s primary focus is inf.

Investors are focused on the Fed rate decision due later, with markets broadly pricing a rate hike. Tickmill analyst Patrick Munnelly says traders will parse Fed language and policymakers’ resolve to tackle inflation over the coming months. He adds price action in the dollar, gold and equities will most clearly signal whether investors see the Fed as regaining control or merely chasing markets that have moved ahead.

At midday HSI was up 0.12% and the Hang Seng Tech Index was up 0.87%. First-half turnover reached HKD 95.653 bln. Sector leaders: optical communications, semiconductors/chips and gold; laggards: lithium batteries, oil and power equipment. Major stock moves: 06166.HK +13%; 03308.HK, 02513.HK +8%; 01347.HK, 00992.HK +7%; 03330.HK +6%. 02338.HK -4%; CATL (03750.HK) and 02208.HK -3%.