Hong Kong Stocks Open Mixed Ahead Of US Jobs Data: Is The Market Ignoring Chengdu Lockdown?

Zinger Key Points
  • Shares of XPeng lose over 3% in morning session
  • Hong Kong’s interbank borrowing costs rose to the highest level in 14 years
  • China has asked about 21.2 million people in Chengdu to stay indoors
Hong Kong Stocks Open Mixed Ahead Of US Jobs Data: Is The Market Ignoring Chengdu Lockdown?

Hong Kong stocks opened mixed on Friday ahead of the release of the U.S. jobs report that would give more cues on the course and aggression of the U.S. rate hike later this month. The Hang Seng index lost 0.5% in opening trade. Shares of XPeng lose over 3% in the morning session.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -0.11%
JD.com Inc JD 0.98%
Baidu Inc BIDU 0.35%
Tencent Holdings Ltd. TCEHY           0.37%
Meituan MPNGF 0.95%
Nio Inc NIO -0.66%
XPeng Inc XPEV -3.34%
Li Auto Inc LI -0.18%

Macro News: Hong Kong’s interbank borrowing costs rose to the highest level in 14 years, in line with rising global rates amid anticipation of aggressive rate hikes by major central banks, reported Bloomberg. The three-month Hong Kong interbank offered rate rose three basis points to 2.68%, the highest since the 2008 global financial crisis, it said.

China has asked about 21.2 million people in the southwestern Chinese metropolis of Chengdu to stay indoors as it launched four days of citywide COVID-19 testing, reported Reuters.

Also Read: Why This Nio Analyst Has Slashed Its 3Q Delivery Estimate By 12%

Company News: Chinese EV-maker Nio witnessed an 81.6% year-on-year rise in its August month deliveries at 10,677 cars. XPeng saw a 33% rise in August deliveries at 9,578 cars while Li Auto witnessed a 51% fall at 4,571 units.

Hong Kong tech giant Meitu Inc MEIUY has reported an impairment loss of over 300 million yuan ($43.4 million) on its crypto holdings, reported Coin Telegraph, citing local media.

Top Gainers and Losers: Alibaba Health Information Technology Ltd and ENN Energy Holdings Ltd were the top gainers on Hang Seng, gaining about 3% each, while China Resources Land Ltd and Country Garden Services Holdings Company Ltd were the top losers.

Global News: U.S. futures traded in the red on Thursday morning Asia session. The Dow Jones futures were down 0.14% while the Nasdaq futures lost 0.03%. The S&P 500 futures shed 0.14%.

Elsewhere in Asia, Australia’s ASX 200 lost 0.15%. Japan’s Nikkei 225 was down 0.06% while China’s Shanghai Composite index was up 0.08%. South Korea’s Kospi was up 0.62%.

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