• Sun. Jan 29th, 2023

Alibaba Falls, Nio Rises: Hang Seng Opens Strong As Investors Eye China Trade Data, U.S. Mid-Terms – Alibaba Group Holding (NYSE:BABA)

ByBhavik Nair

Nov 7, 2022
Alibaba Falls, Nio Rises: Hang Seng Opens Strong As Investors Eye China Trade Data, U.S. Mid-Terms - Alibaba Group Holding (NYSE:BABA)

Hong Kong stocks opened in the green on Monday morning, with the benchmark Hang Seng gaining over 1%, as investors shifted their focus toward U.S. mid-term elections and China trade data due later today.












Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -1.86%
JD.com Inc JD 1.46%
Baidu Inc BIDU 2.06%
Tencent Holdings Ltd. TCEHY           1.42%
Meituan MPNGF 0.4%
Nio Inc NIO 4.43%
XPeng Inc XPEV -1.24%
Li Auto Inc LI -1.34%

Shares of Nio gained over 4%, while Baidu stock climbed over 2%. Alibaba shares lost 1.86%. Market participants are also keenly watching out for the U.S. inflation data set to be released later this week.

“We expect U.S. core CPI to rise by 0.4% m/m in October. Higher energy and food prices should result in headline inflation increasing by 0.7%. There are encouraging signs that price pressures are easing in some goods and services, but they remain too elevated. Although the Fed may soon slow the pace of its tightening, there remains much more work to be done as it remains singularly focused on inflation,” ANZ Research said in a note.

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Macro News: China registered 4,420 new locally transmitted COVID-19 infections on Saturday, its highest number of new infections in six months, reported Reuters.

The Chinese yuan declined on Monday morning after health officials pledged to “unswervingly” stick to their “COVID-Zero” approach, reported Bloomberg.

Company News: Foxconn Technology Co Ltd FXCOF said it is working to restart full production at its Zhengzhou plant in China after it was hit by COVID-19 restrictions, reported Reuters. The company has also downgraded its quarterly outlook, the report said.

NIO has added three new battery swap stations in China, taking the total figure to 1,200, reported CnEVPost. Of these, 324 are located along highways, the report said.

Top Gainers and Losers: Country Garden Services Holdings Company Limited and Lenovo Group Limited are the top gainers among Hang Seng constituents, having risen over 6% and 4% respectively. CSPC Pharmaceutical Group Limited was the only loser having shed over 2% on Monday morning.

Global News: U.S. futures traded lower on Monday morning Asia session. Dow Jones futures were down 0.26% while Nasdaq futures lost 0.49%. The S&P 500 futures were lower by 0.36%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.43%. Japan’s Nikkei 225 traded 1.27% higher, while China’s Shanghai Composite index traded 0.26% lower. South Korea’s Kospi gained 0.68%.

Read Next:  Apple Says China’s ‘iPhone City’ Facility Hit By COVID-19 Curbs



Image and article originally from www.benzinga.com. Read the original article here.