After another turbulent week, Hong Kong hit a record high. Other markets ended Friday broadly in the green in Asian trading, on strong earnings and hopes of a U.S. interest rate cut. Hong Kong's Hang Seng closed up 550 points, or 1.84%, to 30,405. That's the index's first time closing above the 30,000-point benchmark. In neighboring China, the Shanghai Composite Index rose 27 points, or 0.49%, to 5589.63. "We expect another 50 basis-point rate cut in U.S. for this year, and any rate cut has an impact on Asia," says Server Kucukakin, senior economist at ABN Amro. "It will stop capital flight out of the region because it will be less profitable to bring capital back into the U.S." Kucukakin adds that if the Federal Reserve lowers rates again, this may also stem a significant downturn in Asia, should one strike. "When you compare this period to 10 years ago, the Federal Reserve was tightening during the Asia crisis. Now, if there are any problems, they won't be as bad for the region as the Fed is easing." Mainland Chinese markets have been weaker than Hong Kong since Wednesday, as investors expect Beijing might raise interest rates this weekend to cool inflation. Still, the big gains in Chinese earnings have been mainly in the financial sector, as a result of fees from increased IPO listings. For the third quarter this year, China Citic Bank saw an increase in earnings of more than eight times, to 4.15 billion yuan, or $554 million, vs. 494.71 million yuan, or $66.07 million, a year earlier.