Hong Kong stocks opened in the green on Monday, with the benchmark Hang Seng rising 0.5% in morning trade on the back of China’s top leaders commenting they will focus on boosting the economy next year. Alibaba shares rose over 2% in morning trade while Nio stock lost over 2%. Meituan shares rose over 4%.
|Alibaba Group Holding Ltd. BABA||2.89%|
|JD.com Inc JD||1.42%|
|Baidu Inc BIDU||0.18%|
|Tencent Holdings Ltd. TCEHY||2.08%|
|Nio Inc NIO||-2.01%|
|XPeng Inc XPEV||0.86%|
|Li Auto Inc LI||0.55%|
Macro News: China’s top leaders stated they will focus on boosting the economy next year, pointing towards business-friendly policies and further support for the property market while possibly scaling back fiscal stimulus, reported Bloomberg.
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Shanghai's education bureau has asked most grades in primary, middle and high school to conduct classes online beginning Monday in the wake of worsening COVID-19 infections, reported Reuters.
Company News: Taiwan's government stated on Saturday it would fine Foxconn Technology Co Ltd FXCOF for an unauthorized investment in a Chinese chip-maker despite the Taiwanese firm saying it would be selling the stake, reported Reuters.
The CEOs of China's high-profile electric vehicle makers, XPeng and Li Auto, have tested positive for COVID-19, reported CnEVPost.
Top Gainers and Losers: Meituan and Alibaba Group Holding Limited are the top gainers among Hang Seng constituents, having risen 6% and 4%, respectively. CSPC Pharmaceutical Group Limited and Techtronic Industries Company Limited shares are the top losers, having shed over 2.5% and 1%, respectively.
Global News: U.S. futures traded in the green on Monday morning Asia session. The Dow Jones futures gained 0.13% while the Nasdaq futures rose 0.33%. The S&P 500 futures were trading higher by 0.23%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading lower by 0.08%. Japan’s Nikkei 225 traded 1.17% lower while China’s Shanghai Composite index lost 0.76%. South Korea’s Kospi shed 0.25%.
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