Alibaba, Nio Soar: Hang Seng Jumps Over 2% As Wall Street Cheers Upbeat Consumer Confidence Reading

Zinger Key Points
  • Shares of Xpeng rose over 11%, while Nio gained over 6% in early trade.
  • Alibaba shares rose over 3.5% while stock gained over 4.5%.
  • Chinese workers with mild COVID have been asked to go back to work in some cities.

Hong Kong stocks soared in early morning trade on Thursday, with the benchmark Hang Seng rising over 2%, as investors and traders cheered U.S. consumer confidence data surging to an eight-month high in December following a drop in inflation and the labor market remaining strong. Twelve-month inflation expectations, too, fell to their lowest level since Sept. 2021, at 6.7%.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  3.85% Inc JD 4.93%
Baidu Inc BIDU 4.97%
Tencent Holdings Ltd. TCEHY           2.77%
Meituan MPNGF 4.59%
Nio Inc NIO 6.37%
XPeng Inc XPEV 11.33%
Li Auto Inc LI 4.1%

Shares of Xpeng rose over 11%, while Nio gained over 6% in opening trade. Alibaba shares rose over 3.5% while stock gained over 4.5%.

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Macro News: Berlin has sent its first batch of COVID-19 vaccines to China that would be initially administered to German expatriates, reported Reuters, citing a German government spokesperson.

Chinese workers with mild COVID-19 have been asked to go back to work in some cities, as officials look to limit the economic impact of a surge in cases, reported Bloomberg.

Company News: Tesla Inc TSLA China chief Tom Zhu and a team have been called in to troubleshoot production issues in the United States, reported Reuters.

The wait time for the ET5, Nio's lowest-priced model, has been further shortened in China, reported CnEVPost.

Top Gainers and Losers: Country Garden Services Holdings Company Limited and, Inc. were the top gainers among Hang Seng constituents, having risen over 4% each. WuXi Biologics (Cayman) Inc. and CSPC Pharmaceutical Group Limited are the top losers, having shed 0.88% and 0.73%, respectively.

Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures gained 0.17% while the Nasdaq futures rose 0.25%. The S&P 500 futures were trading higher by 0.23%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading higher by 0.63%. Japan’s Nikkei 225 traded 0.27% higher while China’s Shanghai Composite index gained 0.56%. South Korea’s Kospi gained 0.77%.

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