Alibaba, Nio Stocks Mixed: Hang Seng Opens On Cautious Note As Recession Fears Grip Markets

Hong Kong stocks opened mixed on Wednesday morning as investors and traders remained cautious over recession concerns that sparked a weak session on Wall Street the day before. The benchmark Hang Seng gained 0.22% in opening trade with shares of Xpeng and Li Auto rising over 2%. However, shares of Alibaba and Meituan lost over 1%. China is also set to report its November trade data on Wednesday.

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Macro News: Residents of Beijing have been allowed into parks, supermarkets, offices and airports without a negative COVID-19 test on Tuesday, as part of China’s easing restrictions, reported Reuters.

During the two-day visit by Chinese President Xi Jinping to Saudi Arabia beginning Wednesday, initial agreements worth more than 110 billion Saudi riyals ($29.26 billion) will be signed, reported Reuters citing Saudi state news agency SPA.

Company News: Douyin, the Chinese version of TikTok, has partnered with major courier firms to boost its local services strategy in a bid to compete with industry giant Meituan, reported the South China Morning Post.

China's new energy vehicle (NEV) insurance registrations rose during the first week of December as against the previous week, with BYD Co BYDDF BYDDY and Tesla Inc TSLA being the top performers in the week, reported CnEVPost.

Top Gainers and Losers: Alibaba Health Information Technology Limited and WuXi Biologics (Cayman) Inc. were among the top gainers among Hang Seng constituents, having risen over 5% and 1%, respectively. Longfor Group Holdings Limited and CNOOC Limited were among the top losers, having shed over 4% and 2.5%, respectively.

Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures gained 0.11% while the Nasdaq futures rose 0.12%. The S&P 500 futures were trading higher by 0.09%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.93%. Japan’s Nikkei 225 traded 0.42% higher while China’s Shanghai Composite index rose 0.21%. South Korea’s Kospi fell 0.15%.

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