Alibaba Down 3%, Nio Plunges 9%: Hang Seng Opens In Red As All Eyes Turn to US Inflation Data Release

Zinger Key Points
  • Shares of EV makers Nio and Xpeng fell over 9% in morning trade, while Li Auto shed over 5%.
  • Chinese Vice-Premier Liu He reiterated the importance of boosting domestic demand and making supply-side reforms.
  • China is expanding COVID-19 restrictions in Guangzhou.
Alibaba Down 3%, Nio Plunges 9%: Hang Seng Opens In Red As All Eyes Turn to US Inflation Data Release

Hong Kong stocks opened weaker on Thursday, with the benchmark Hang Seng losing 1.84%, as investors eyed Thursday’s inflation data from the U.S.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -3.64%
JD.com Inc JD -3.72%
Baidu Inc BIDU -2.74%
Tencent Holdings Ltd. TCEHY           -1.86%
Meituan MPNGF -1.52%
Nio Inc NIO -9.93%
XPeng Inc XPEV -9.66%
Li Auto Inc LI -5.43%

“We are forecasting core CPI lifted 0.4% m/m in October (vs 0.6% in September) on weakness in goods prices and plateauing in some elements of core service prices ... That is consistent with our view that the Fed will raise rates by 50bp in December,” said ANZ Research in a note.

Shares of EV makers Nio and Xpeng fell over 9% in morning trade, while Li Auto shed over 5%. Alibaba shares, too, lost over 3%.

Also Read: Best Brokerage And Investment Apps

Macro News: Chinese Vice-Premier Liu He has reiterated the importance of boosting domestic demand and making supply-side reforms, while preventing a return to full isolationism, reported the South China Morning Post.

China is expanding COVID-19 restrictions in Guangzhou, where it is suspending schools and widening lockdowns, reported Bloomberg.

Company News: Apple Inc AAPL supplier and iPhone assembler Foxconn Technology Co Ltd FXCOF is set to update its fourth-quarter outlook on Thursday, after having warned this week of the impact of COVID-19 restrictions at its Zhengzhou plant, reported Reuters.

Tesla Inc’s TSLA electric vehicle inventory in Shanghai rose at its fastest pace ever in October, reported Reuters, citing brokerage data.

Top Gainers and Losers: Techtronic Industries Company Limited and JD.com are the top losers among Hang Seng constituents on Friday, having shed over 4% each in morning trade. Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are the top gainers, having risen over 3% each.

Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures were up 0.14%, while Nasdaq futures gained 0.35%. The S&P 500 futures were trading higher by 0.19%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.36%. Japan’s Nikkei 225 traded 1.01% lower, while China’s Shanghai Composite index traded 0.42% lower. South Korea’s Kospi shed 0.58%.

Read Next: Tesla Finds Buyer In Cathie Wood As Stock Goes Haywire Amid Elon Musk's Twitter Deal, Share Sale

 

Posted In: Chinese EV StocksChinese tech Stockselectric vehiclesEurasiaEVsHang SengHong Kong stock marketAsiaNewsTop StoriesMarketsMoversTrading Ideas