Hong Kong stocks opened weaker on Thursday, with the benchmark Hang Seng losing 1.84%, as investors eyed Thursday’s inflation data from the U.S.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. (NYSE:BABA) | -3.64% |
| JD.com Inc (NASDAQ:JD) | -3.72% |
| Baidu Inc (NASDAQ:BIDU) | -2.74% |
| Tencent Holdings Ltd. (OTC:TCEHY) | -1.86% |
| Meituan (OTC:MPNGF) | -1.52% |
| Nio Inc (NYSE:NIO) | -9.93% |
| XPeng Inc (NYSE:XPEV) | -9.66% |
| Li Auto Inc (NASDAQ:LI) | -5.43% |
“We are forecasting core CPI lifted 0.4% m/m in October (vs 0.6% in September) on weakness in goods prices and plateauing in some elements of core service prices … That is consistent with our view that the Fed will raise rates by 50bp in December,” said ANZ Research in a note.
Shares of EV makers Nio and Xpeng fell over 9% in morning trade, while Li Auto shed over 5%. Alibaba shares, too, lost over 3%.
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Macro News: Chinese Vice-Premier Liu He has reiterated the importance of boosting domestic demand and making supply-side reforms, while preventing a return to full isolationism, reported the South China Morning Post.
China is expanding COVID-19 restrictions in Guangzhou, where it is suspending schools and widening lockdowns, reported Bloomberg.
Company News: Apple Inc (NASDAQ: AAPL) supplier and iPhone assembler Foxconn Technology Co Ltd (OTC: FXCOF) is set to update its fourth-quarter outlook on Thursday, after having warned this week of the impact of COVID-19 restrictions at its Zhengzhou plant, reported Reuters.
Tesla Inc’s (NASDAQ: TSLA) electric vehicle inventory in Shanghai rose at its fastest pace ever in October, reported Reuters, citing brokerage data.
Top Gainers and Losers: Techtronic Industries Company Limited and JD.com are the top losers among Hang Seng constituents on Friday, having shed over 4% each in morning trade. Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are the top gainers, having risen over 3% each.
Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures were up 0.14%, while Nasdaq futures gained 0.35%. The S&P 500 futures were trading higher by 0.19%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.36%. Japan’s Nikkei 225 traded 1.01% lower, while China’s Shanghai Composite index traded 0.42% lower. South Korea’s Kospi shed 0.58%.
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