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Alibaba Rises Nearly 3%, EV Stocks Strike Major Gains As Hang Seng Opens On High Note Over Strong Wall Street Cues

Hong Kong’s Hang Seng Index rose over 1.3% in Thursday morning trade in line with positive cues from Wall Street the day before after July consumer inflation in the U.S. came in at 8.5%, below the expected figure of 8.7%, calming fears about aggressive rate hikes by the Fed.

Shares of Alibaba and XPeng rose over 2.5% while NIO shares shot up close to 6%.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  2.9% Inc JD -0.09%
Baidu Inc BIDU 3.31%
Tencent Holdings Ltd. TCEHY           1.83%
Meituan MPNGF 2.36%
Nio Inc NIO 6.14%
XPeng Inc XPEV 3.07%
Li Auto Inc LI 1.91%

Macro News: In its latest reunification paper published by the Taiwan Affairs Office and the Information Office on Wednesday, Beijing has removed an offer not to deploy military personnel in Taiwan and to offer a high degree of autonomy, reported the South China Morning Post. The report added a number of conciliatory measures stated in an earlier paper published in 2000 are missing in the latest version.

China’s consumer price index rose to a two-year high of 2.7% in July, while its factory-gate inflation hit a 17-month low, with producers’ price index rising 4.2% year-on-year, the National Bureau of Statistics data showed Wednesday.

Also Read: Looking At NIO’s Recent Whale Trades

Company News: Deliveries of Warren Buffett-backed electric vehicle maker BYD’s BYDDF blade batteries to Tesla Inc’s TSLA Berlin factory have already commenced, reported CnEVPost, citing Sina Tech. BYD contributed about one-third of China’s NEV sales in July with the firm’s retail sales getting recorded at 158,957 units, reported CnEVPost.

NIO’s flagship sedan ET7 has lost the top spot in the latest premium sedan sales ranking in China, as its deliveries fell, reported CnEVPost. The report stated that with 2,473 retail sales in July, the ET7 ranked No. 8.

Global Markets: The tech-heavy Nasdaq index rose 2.89% while the S&P 500 gained 2.13%. The Dow Jones Industrial Average rose 1.63% after inflation pressures showed signs of easing in July.

Elsewhere in Asia, Australia’s ASX 200 rose 0.9% during the Thursday morning trade. The South Korean Kospi rose 1.31%. China’s Shanghai Composite index was up 0.34%. Japanese markets remain closed on Thursday.

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