Alibaba Up 2%, Nio Down 4%: Hong Kong Stocks Mixed As Investors Brace For Fed Minutes, JOLTS Data

Hong Kong stocks opened mixed on Wednesday, with the benchmark Hang Seng gaining over 1%, as investors and traders braced for the release of the minutes of the Federal Reserve meeting. Market participants are also awaiting the Job Openings and Labor Turnover Survey data from the U.S.

Shares of Alibaba and Baidu gained over 2.5%. Nio shares fell over 4% in morning trade, while Xpeng and Li Auto lost over 2%.

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Macro News: Chinese state media played down the severity of the COVID-19 surge on Tuesday, while its scientists briefed the World Health Organization, which has been asking for detailed information on the evolution of the virus, reported Reuters.

The European Union executive said on Tuesday the bloc has offered free COVID-19 vaccines to China, as infections surged following Beijing's relaxation of zero-COVID policies, reported Reuters.

Company News: TikTok owner ByteDance slashed hundreds of jobs at various departments in China, the South China Morning Post reported, citing sources.

Foxconn Technology Co Ltd FXCOF has stated it will manufacture electronic control units for cars based on NVIDIA Corporation’s NVDA DRIVE Orin chip created specifically for computing in connected and autonomous vehicles, reported Reuters.

Top Gainers and Losers: Galaxy Entertainment Group Limited and Alibaba Group Holding Limited are the top gainers on Hang Seng, having risen over 2% each. Techtronic Industries Company Limited and Hengan International Group Company Limited are the top losers, having shed close to 1.5% each.

Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures rose 0.07% while the Nasdaq futures gained 0.3%. The S&P 500 futures were trading higher by 0.15%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading higher by 1.24%. Japan’s Nikkei 225 lost 1.4% while China’s Shanghai Composite index gained 0.05%. South Korea’s Kospi rose 0.94%.

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