Alibaba, Nio Rise: Hang Seng Opens Higher On Easing China Inflation, Strong Wall Street Cues

Zinger Key Points
  • Shares of Alibaba and Nio rose over 1%.
  • China’s consumer price index rose by 1.6% in November compared to a year earlier, down from 2.1% growth in October.
  • A letter from Foxconn founder reportedly played a key role in persuading China to fast-track plans to dismantle Covid-zero policies.

Hong Kong shares opened in the green on Friday following positive cues from Wall Street where major indices gained following the release of the jobless claims data. Investors and traders also digested lower China inflation for November.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  1.34% Inc JD 0.77%
Baidu Inc BIDU 0.51%
Tencent Holdings Ltd. TCEHY           0.13%
Meituan MPNGF -0.79%
Nio Inc NIO 2.05%
XPeng Inc XPEV 0.44%
Li Auto Inc LI -1.29%

Investors also weighed China’s consumer price index (CPI) rising by 1.6% in November compared to a year earlier, down from 2.1% growth in October. The producer price index declined by 1.3% in November, unchanged from October, reported the South China Morning Post.

The benchmark Hang Seng gained 0.7% in morning trade. Shares of Alibaba and Nio rose over 1%.

Also Read: Best Penny Stocks

Macro News: Saudi Arabia and China have highlighted deepening ties with a series of strategic deals on Thursday during President Xi Jinping’s visit, including one with tech giant Huawei, reported Reuters.

China's passenger vehicle sales declined for the first time in six months in November, falling 9.5% from a year earlier to 1.67 million units, reported Reuters.

Company News: Alibaba Group Holding is intending to cultivate 200,000 new influencers to expand its live-streaming business, reported the South China Morning Post.

Nio is set to hold NIO Day 2022 on December 24 at the Hefei Binhu International Convention and Exhibition Center in Hefei, Anhui province, reported CnEVPost.

A letter from Foxconn Technology Co. FXCOF founder Terry Gou played an important role in persuading China’s Communist Party leadership to fast-track plans to dismantle COVID-zero policies, reported the Wall Street Journal, citing people familiar with the matter.

Top Gainers and Losers: Country Garden Services Holdings Company Limited and China Resources Land Limited were the top gainers among Hang Seng constituents, having risen over 7% and 4%, respectively. CNOOC Limited and Galaxy Entertainment Group Limited were among the top losers, having shed over 0.5% each.

Global News: U.S. futures traded in the green on Friday morning Asia session. The Dow Jones futures gained 0.03% while the Nasdaq futures rose 0.12%. The S&P 500 futures were trading higher by 0.1%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.2%. Japan’s Nikkei 225 traded 1.21% higher, while China’s Shanghai Composite index fell 0.2%. South Korea’s Kospi rose 0.55%.

Read Next: Jim Cramer Says Economy Could Be Headed For Soft Landing Despite What Bears Say: 'Doesn't Have To Be A Recession'

Market News and Data brought to you by Benzinga APIs
Posted In: AsiaNewsPenny StocksTop StoriesMarketsMoversTrading IdeasChinese EV StocksChinese tech Stockselectric vehiclesEurasiaEVsHang SengHong Kong stock market
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!