Hong Kong stocks opened higher on Friday, tracking an upbeat Wall Street session overnight, as investors braced for U.S. Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole summit due later in the day.

The benchmark Hang Seng rose 0.93% at the open, with shares of Alibaba, JD.com, Baidu and Li Auto surging over 3%.

Hong Kong’s exports declined 8.9% in July compared to a year earlier, dragged by disruptions along the border with China and sluggish demand across the global economy, reported Bloomberg. 

Imports fell 9.9% in the month. The trade deficit stood at HK$27.6 billion as against HK$68.5 billion deficit in June, the report said.

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Warren Buffett-backed BYD Company Ltd (OTC: BYDDF) confirmed it will launch a new premium brand with the first model commencing at over RMB 1 million ($146,000), reported CnEVPost, citing local media.

Chinese e-commerce giant Meituan is set to report its second-quarter earnings on Friday.

Global News: U.S. futures were trading lower on Friday morning Asia session. The Dow Jones futures were down 0.11%, while the Nasdaq futures lost 0.14%. The S&P 500 futures were down 0.14%.

Elsewhere in Asia, Australia’s ASX 200 gained 0.73%. Japan’s Nikkei 225 was up 0.89%, while China’s Shanghai Composite index was up 0.19% and South Korea’s Kospi gained 0.51%.