Chinese stocks extend upmove, benchmark index hits six week high

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Chinas Shanghai Composite index gained 0.85%, hitting around six week high as recent upmove stayed well in place. Hong Kong's Hang Seng index spiked 2.60% after yesterdays correction. Alibaba Group Holding spiked 8.5 percent after reports that Apple is partnering with Alibaba to introduce artificial intelligence (AI) features for iPhone users in China. Meanwhile, the broad focus shifting to the release of US consumer price inflation later on today. The US stocks saw choppy moves in last session after firm action on Monday. The Dow added 0.30%. The US Federal Reserve Chair Jerome Powell delivered his semiannual monetary policy testimony before the Senate Banking Committee on Tuesday, stating that the central bank does "not need to be in a hurry" to adjust its policy stance.

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