Alibaba, JD, Nio Mixed: Hang Seng Muted As Investors Await Cues, Gloomy World Bank Forecast For China Weighs

Zinger Key Points
  • China’s economic output set to lag the rest of Asia for the first time since 1990, a World Bank forecast indicates.
  • China’s Communist Party has reaffirmed President Xi Jinping as its core.
  • Li Auto shares rise over 3.5% in opening trade.

Hong Kong stocks opened mixed on Tuesday, with the benchmark Hang Seng Index edging 0.05% lower and investors searching for cues, as global markets continued to bleed in the aftermath of the U.S. Federal Reserve’s aggressive rate hike and projections.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -0.95% Inc JD 0.57%
Baidu Inc BIDU 0.6%
Tencent Holdings Ltd. TCEHY           -1.13%
Meituan MPNGF 1.19%
Nio Inc NIO -1.65%
XPeng Inc XPEV -0.8%
Li Auto Inc LI 3.93%

China’s economic output is set to lag the rest of Asia for the first time since 1990, according to new World Bank forecasts, reported FT. The World Bank has revised its forecast for China’s gross domestic product growth to 2.8% against 8.1% last year, and down from its forecast made in April of between 4% and 5%, the report said.

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Macro News: The United States, Britain and other nations are calling for a debate at the U.N. Human Rights Council to talk about China's treatment of Uyghurs and other Muslims in the Xinjiang region, reported Reuters.

China’s Communist Party has reaffirmed President Xi Jinping as its core, with the ruling party selecting 2,296 delegates from around the country to attend the 20th Party Congress, reported Bloomberg.

Company News: EV-maker Li Auto said it now expects to deliver 25,500 vehicles in the third quarter which is lower compared to a previous outlook of between 27,000 and 29,000 units, reported CNBC.

Nio, via its wholly owned subsidiary Blue Northstar Ltd, has entered into a strategic financing deal with Australian lithium firm Greenwing, reported CnEVPost.

Top Gainers and Losers: ENN Energy Holdings Ltd and Techtronic Industries Company Ltd were the top losers among Hang Seng’s top constituents, shedding over 2.7% and 1.7%, respectively. Hang Lung Properties Ltd and CITIC Ltd were the top gainers, up 0.92% and 0.82%, respectively.

Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures were up 0.63% while the Nasdaq futures gained 0.74%. The S&P 500 futures were up 0.68%. Elsewhere in Asia, Australia’s ASX 200 was up 0.25%. Japan’s Nikkei 225 was up 0.69% while China’s Shanghai Composite index gained 0.42%. South Korea’s Kospi was down 0.53%.

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