Alibaba, Nio, JD Jump Over 3%: Hang Seng Tracks Wall Street Cues After Suspended Morning Session

Alibaba, Nio, JD Jump Over 3%: Hang Seng Tracks Wall Street Cues After Suspended Morning Session

After being suspended on Thursday morning due to a typhoon alert, Hong Kong's benchmark Hang Seng Index rose 1.22% in afternoon trade, taking cues from Wall Street as investors turned their attention to the start of the Jackson Hole Economic Symposium.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  4.12%
JD.com Inc JD 4.78%
Baidu Inc BIDU 4.93%
Tencent Holdings Ltd. TCEHY           1.61%
Meituan MPNGF 3.35%
Nio Inc NIO 3.83%
XPeng Inc XPEV 0.89%
Li Auto Inc LI 0.53%

Shares of Alibaba, JD.com, Nio and Baidu rose more than 3.5% in afternoon trade.

The Bank of Korea raised its interest rate by 25 basis points to 2.5% which was in line with expectations. All eyes, however, will be on Fed Chair Jerome Powell’s economic outlook speech at Jackson Hole on Friday.

Also Read: Why Alibaba, Nio And Other Stocks' Trading Has Been Suspended In Hong Kong Today

Macro News: China's foreign exchange regulator called many banks on Wednesday to warn them against aggressively selling the yuan, reflecting official discomfort with recent currency weakness, reported Reuters citing sources. The yuan hit a two-year low at 6.8704 on Wednesday and has depreciated close to 1.8% in August so far.

China is lining up a slew of measures to stabilize growth with its State Council readying a 19-point policy package that will keep economic operations within reasonable range, reported Bloomberg, citing state broadcaster CCTV. The package consists a quota of over 300 billion yuan ($43.7 billion) for policy and development financial tools, it said.

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