Alibaba, Nio Down Nearly 1%: Hang Seng Mirrors Wall Street Weakness Amid Red-Hot Japan Inflation
Hong Kong stocks opened in the red on Friday, with the benchmark Hang Seng losing 0.39%, after U.S. markets witnessed a sell-off overnight as worries of a recession reduced hopes for a "Santa Claus" rally. Japan’s core consumer inflation hit a 40-year high, with the November core CPI rising 3.7% year-over-year, dampening sentiment further.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. (NYSE: BABA) | -0.8% |
| JD.com Inc (NASDAQ: JD) | -1.63% |
| Baidu Inc (NASDAQ: BIDU) | 0.36% |
| Tencent Holdings Ltd. (OTC: TCEHY) | -0.06% |
| Meituan (OTC: MPNGF) | -1.13% |
| Nio Inc (NYSE: NIO) | -0.89% |
| XPeng Inc (NYSE: XPEV) | -3.24% |
| Li Auto Inc (NASDAQ: LI) | -2.4% |
Alibaba and Nio shares lost close to 1% in morning trade.
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Macro News: The World Health Organisation has received no data from China on new COVID-19 hospitalizations since the removal of its zero-COVID policy, reported Reuters. However, the WHO has said gaps in data might be due to Chinese authorities struggling to tally cases.
China is looking forward to cutting quarantine requirements for overseas travelers in January, reported Bloomberg, citing people familiar with the matter.
Company News: Tencent’s founder and chief executive Pony Ma has said cost-cutting will continue next year and that short video is the key to the future, reported the South China Morning Post, citing local media.
NIO's two sub-brands will initially launch hatchbacks to target mainly the European market, reported CnEVPost, citing local media.
Top Gainers and Losers: JD.com and Haier Smart Home Co., Ltd. are the top losers among Hang Seng constituents, having lost over 1% each. China Resources Land Limited and WuXi Biologics (Cayman) Inc. are the top gainers, having risen 1.6% and 0.86%, respectively.
Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures gained 0.1% while the Nasdaq futures rose 0.03%. The S&P 500 futures were trading higher by 0.1%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading lower by 0.79%. Japan’s Nikkei 225 traded 1.14% lower while China’s Shanghai Composite index gained 0.06%. South Korea’s Kospi lost 1.55%.
Read Next: Jim Cramer Highlights Reasons Behind Thursday's Market Fall: 'We Had The Worst Of 3 Worlds'
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