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Alibaba Up Over 2%, Nio Down 3%: Hong Kong Stocks Mixed As Varying Voices From Fed Cool Rally Down

Hong Kong stocks traded mixed on Tuesday morning, with the benchmark Hang Seng Index trading 1.87% higher, while some electric-vehicle stocks took a hit. Different voices from the U.S. central bank seem to have confused traders and investors as major Wall Street indices took a break from last week’s rally.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  2.67%
JD.com Inc JD 2.39%
Baidu Inc BIDU 3.61%
Tencent Holdings Ltd. TCEHY           3.22%
Meituan MPNGF 2.3%
Nio Inc NIO -3.03%
XPeng Inc XPEV 2.59%
Li Auto Inc LI 0.07%

“Fed Fund futures sold off as senior FOMC [Waller] and Treasury officials [Yellen] advise market participants not to read too much into the weaker October CPI report, and that there is still a long way to go in the battle against inflation. Meanwhile, Fed Vice Chair Brainard noted it would be appropriate to slow the pace of hikes ‘soon,’” said ANZ Research in a note.

Shares of Nio lost over 3% in opening trade. Alibaba and Tencent shares gained over 2% and 3%, respectively, on Tuesday morning.

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Macro News: Chinese President Xi Jinping told U.S. President Joe Biden the Taiwan question was the “very core of China’s core interests” and the “first red line” in bilateral ties which must not be crossed, reported Reuters.

Many Chinese cities started cutting routine community COVID-19 testing on Monday, days after China announced an easing of some of its harsh pandemic measures. This created concerns in some communities as nationwide cases continued to rise, reported Reuters.

Company News: Alibaba’s logistics arm Cainiao has announced the opening of its Latin American headquarters in Sao Paulo, Brazil, according to CNBC.

Tesla Inc TSLA-rival Leapmotor, which announced its first quarterly results post its IPO, has posted a 400% rise in its revenue while its net loss has doubled, reported CnEVPost.

Top Gainers and Losers: Longfor Group Holdings Limited and Country Garden Services Holdings Company Limited are the top losers among Hang Seng constituents, shedding over 6% and 3%, respectively. ENN Energy Holdings Limited and New World Development Company Limited are the top losers, having shed over 2% and 1%, respectively.

Global News: U.S. futures traded higher on Tuesday morning Asia session. Dow Jones futures were up 0.22%, while Nasdaq futures gained 0.39%. The S&P 500 futures were trading higher by 0.27%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.28%. Japan’s Nikkei 225 traded 0.06% lower while China’s Shanghai Composite index was up by 0.31%. South Korea’s Kospi lost 0.31%.

Read Next: Nouriel Roubini Slams Michael Lewis After News About His Next Book On Sam Bankman-Fried: ‘Vulture Who Sucks Up To Powerful Fin Crooks’

 

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