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Hong Kong stocks opened mixed on Tuesday as investors and traders await the crucial U.S. consumer price inflation data set to be released on Tuesday followed by the outcome of the Federal Reserve meeting on Wednesday.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. BABA | -0.06% |
| JD.com Inc JD | -1.57% |
| Baidu Inc BIDU | 0.96% |
| Tencent Holdings Ltd. TCEHY | 0.82% |
| Meituan MPNGF | 2.22% |
| Nio Inc NIO | 0.05% |
| XPeng Inc XPEV | 0.6% |
| Li Auto Inc LI | 0.24% |
The benchmark Hang Seng was trading marginally higher in morning trade. Alibaba stock traded marginally lower in opening trade while JD.com lost over 1.5%. Hong Kong is also scheduled to release its industrial production data.
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“We expect the median FOMC official forecast of the terminal rate to be 5.13%, up 50bp from the estimate provided at the September FOMC meeting,” ANZ Research said in a note.
Macro News: A high-level U.S. delegation held talks with China’s vice foreign minister on Sunday and Monday in Langfang with the visit aimed to follow up on President Joe Biden’s talks with Chinese counterpart Xi Jinping and prepare for Secretary of State Antony Blinken’s visit there early next year, reported Reuters.
China will continue to ease its strict COVID measures and will welcome more international travelers in the near future, the country’s ambassador to the U.S. said Monday, according to Bloomberg.
Company News: China’s upmarket electric car brand Zeekr has confidentially filed for a U.S. initial public offering, aiming to raise over $1 billion, reported Reuters, citing sources.
Nio has announced its 300,000th production vehicle has rolled off the line, adding that the vehicle is a blue ET5 sedan from its factory in NeoPark, according to CnEVPost.
Top Gainers and Losers: Li Ning Company Limited and Techtronic Industries Company Limited are the top losers among Hang Seng constituents, having lost over 7% and 3%, respectively. Alibaba Health Information Technology Limited and Country Garden Services Holdings Company Limited are among the top gainers, having risen over 3% and 2%, respectively.
Global News: U.S. futures traded in the red on Tuesday morning Asia session. The Dow Jones futures lost 0.08% while the Nasdaq futures fell 0.07%. The S&P 500 futures were trading lower by 0.09%.
Elsewhere in Asia Pacific, Australia’s ASX 200 was up by 0.37%. Japan’s Nikkei 225 traded 0.31% higher while China’s Shanghai Composite index rose 0.08%. South Korea’s Kospi fell 0.11%.
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Image and article originally from www.benzinga.com. Read the original article here.