Hong Kong stocks opened in the green on Thursday morning, with the benchmark Hang Seng gaining over 1.5%, as investors and traders cheered the easing COVID-19 restrictions in China, which signaled a reopening of the economy. The government announced that work and local production cannot be stopped unless an area is considered high-risk.
|Alibaba Group Holding Ltd. BABA||1.88%|
|JD.com Inc JD||1.89%|
|Baidu Inc BIDU||1.62%|
|Tencent Holdings Ltd. TCEHY||3.06%|
|Nio Inc NIO||1.67%|
|XPeng Inc XPEV||-0.11%|
|Li Auto Inc LI||2.73%|
Shares of Alibaba and Nio rose over 1.5%. Meituan and Li Auto stocks rose over 2.5% in morning trade.
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Macro News: China's exports and imports narrowed at their steepest pace in at least 2.5 years in November, dragged by sluggish demand, COVID-led production disruptions and a property slump, reported Reuters.
China should change its official name for COVID-19 to indicate the virus' mutation, and patients with light symptoms should be permitted to quarantine at home, said a leading authority on traditional Chinese medicine, according to Reuters.
Senior Chinese officials are discussing an economic growth target for 2023 of around 5%, Bloomberg reported, citing people familiar with the discussion.
Company News: Warren Buffett-backed BYD Co. BYDDF BYDDY is thinking about building a battery plant in the U.S. but doesn’t currently plan on selling its electric cars there, reported Bloomberg citing a top executive.
U.K.-based INEOS and China Petroleum & Chemical Corporation SNPMF, known as Sinopec, have announced a new joint venture agreement that will see INEOS acquire a 50% share in the existing Tianjin Nangang Ethylene Project from Sinopec.
Top Gainers and Losers: Galaxy Entertainment Group Limited and Meituan are the top gainers on the Hang Seng index, having risen over 4% and 2%, respectively. Lenovo Group Limited and CK Infrastructure Holdings Limited are the top losers, having shed over 0.8% each.
Global News: U.S. futures traded in the red on Thursday morning Asia session. The Dow Jones futures lost 0.18% while the Nasdaq futures shed 0.41%. The S&P 500 futures were trading lower by 0.31%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.7%. Japan’s Nikkei 225 traded 0.87% lower while China’s Shanghai Composite index fell 0.08%. South Korea’s Kospi fell 0.9%.
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