Alibaba, Nio, EV Stocks Fall: Hang Seng's Wednesday Rally Proves A Farce As Index Tracks Weaker Wall Street Close

Zinger Key Points
  • EV-maker shares plunge in opening trade with Xpeng and Nio losing over 6%.
  • Taiwan has warned it would consider any Chinese incursion into its airspace as a “first strike."
  • Attention is now firmly focused on the U.S. September labor market report.

Hong Kong stocks opened in the red on Thursday after Wall Street indices lost steam following a two-day rally. The benchmark Hang Seng lost 0.52% in opening trade.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -1.25% Inc JD -2.63%
Baidu Inc BIDU -1.38%
Tencent Holdings Ltd. TCEHY           -0.65%
Meituan MPNGF 0.06%
Nio Inc NIO -6.57%
XPeng Inc XPEV -6.94%
Li Auto Inc LI -1.93%

ANZ Research said in a note the optimism that buoyed financial markets earlier this week receded as U.S. data continued to articulate the need for further, decisive central bank policy action. “Attention is now firmly focused on the September labor market report where the consensus anticipates a 260k rise in non-farm payrolls,” it said.

Also Read: How To Buy Chinese Stocks

EV-maker shares plunged in opening trade with Xpeng and Nio losing over 6%. Alibaba shares too lost over 1%.

Macro News: Taiwan has warned it would consider any Chinese incursion into its airspace as a “first strike,” reported Bloomberg.

In the weeks leading up to the Communist party congress, at which Xi Jinping is anticipated to secure a third term as party leader, China’s courts have initiated high-profile corruption trials of senior cadres, in what is seen as a crackdown on disloyalty, reported FT.

Company News: The U.S. Defense Department has added DJI Technology Co, the world’s largest maker of consumer drones, to a list of Chinese companies considered to be connected to Beijing’s military, reported the South China Morning Post.

Trading in Chinese lithium battery-maker CALB Co's shares commenced in line with their HK$38 per share issue price in the company's Hong Kong Stock Exchange debut on Thursday, reported Reuters.

Top Gainers and Losers: WuXi Biologics (Cayman) Inc. and, Inc. are the top losers among Hang Seng constituents having shed over 2.5% each. CNOOC Limited and Hengan International Group Company Limited were the top gainers have risen over 1% each.

Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures were up 0.38% while the Nasdaq futures gained 0.52%. The S&P 500 futures were up 0.44%.

Elsewhere in Asia, Australia’s ASX 200 was up 0.07%. Japan’s Nikkei 225 gained 0.93% while mainland Chinese markets remained closed for trading. South Korea’s Kospi was up 1.3%.

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