Alibaba Slips 1%, Nio, XPeng Rise Over 3%: Hang Seng Opens Firmer After Mixed Wall Street Session

Zinger Key Points
  • Nio rises 3% after news that it set up a mobile tech arm
  • Chinese Premier Li Keqiang indicates higher tolerance for inflation this year
  • Ride hailing app DiDi Chuxing reportedly fears retribution from Chinese authorities

Hong Kong’s benchmark Hang Seng Index opened in the green on Friday, gaining 0.3% in morning trade, even as Wall Street ended on a mixed note overnight ahead of the release of a U.S. jobs report.

Investors in Asia are eyeing the monetary policy statement from the Reserve Bank of Australia and the Indian central bank’s interest rate decision.

Shares of XPeng and Nio rose over 3%, while Alibaba shed 1%.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -1% Inc JD -0.08%
Baidu Inc BIDU  0.74%
Tencent Holdings Ltd. TCEHY           -0.45%
Meituan MPNGF  0.87%
Nio Inc NIO  2.8%
XPeng Inc XPEV  3.5%
Li Auto Inc LI -0.45%

Macro News: China reportedly fired live missiles near Taiwan on Thursday following U.S. House Speaker Nancy Pelosi’s visit to the island, while deploying scores of planes in what is seen as its biggest drills in the Taiwan Strait.

Also Read: Nio Gets Closer To Making Smartphones By Setting Up $100M Mobile Tech Firm

Chinese Premier Li Keqiang has indicated a higher tolerance for inflation this year as the country looks to stabilize its economy in the wake of global recession concerns and geopolitical tensions, reported the South China Morning Post. Li said China’s inflation rate could reach 3.5% this year.

Hong Kong’s new secretary for justice has promised to act on "legitimate concerns" regarding the delay in the prosecution of 47 activists arrested under the national security law, reported the South China Morning Post.

Company News: Ride-hailing app DiDi Chuxing is fearing retribution from Chinese authorities as its management remains concerned the firm may receive more sanctions, reported the Financial Times, citing sources and a DiDi employee saying China's internet regulator could impose an additional fine.

Nio incorporated a company with a registered capital of $100 million that could aid its efforts in phone-making, reported CnEVPost.

Tencent is reportedly looking to hike its stake in French video game maker Ubisoft Entertainment SA UBSFY, the maker of the cult video game “Assasin’s Creed."

Global Market: U.S. markets ended mixed on Thursday as traders braced for the release of the July jobs report on Friday. The Nasdaq gained 0.41%. The Dow Jones Industrial Average lost 0.26%, while the S&P 500 ended flat.

On Friday, Australia’s ASX 200 gained 0.2%. Japan’s Nikkei 225 rose 0.41%, while the South Korean Kospi advanced 0.72%. China’s Shanghai Composite index was up 0.19%.

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