Alibaba and Nio share their fall: Hang Seng just 350 points from 2009 lows
Hong Kong stocks opened in the red on Thursday as investors focused on U.S. inflation data expected later in the day. The benchmark Hang Seng opened 1.11% lower and was last seen at 16,538, only nearly 350 points short of hitting 2009 lows.
Shares of Nio, Meituan and JD.com fell more than 3% in morning trading while shares of Alibaba lost more than 1.5 %.
Also read: Brokers for Short Selling
"The U.S. Producer Price Index indicates that inflation is still high, reinforcing the need for the Federal Reserve to stick to its aggressive tightening monetary policy. The market is now looking to see if US consumer price data also shows strong inflation,” ANZ Research wrote in a note.
Macro News: Chinese liquefied natural gas (LNG) importers will stay away from the spot market this winter as demand growth slowest since 2002, reports Reuters.
COVID-19 cases in Shanghai hit a three-month high as city officials quietly closed schools and a slew of other places, Bloomberg reported.
Company News: TikTok's parent company, ByteDance Ltd., has started talks with music labels to expand its music streaming service globally, reported the Wall Street Journal citing sources.
Top winners and losers: Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited were the top losers among Hang Seng voters, losing over 12% and 5%, respectively. CSPC Pharmaceutical Group Limited and Nongfu Spring Co., Ltd. were the biggest gainers, up 2% and 0.9%, respectively.
Global News: US futures traded in the green in Thursday morning's Asian session. Dow Jones futures rose 0.13% while Nasdaq futures gained 0.05%. S&P 500 futures rose 0.15%.
Elsewhere in Asia, Australia's ASX 200 rose 0.22%. Japan's Nikkei 225 lost 0.46% while China's Shanghai Composite index fell 0.33%. South Korea's Kospi lost 1.18%.
Read more: OPEC cuts global oil demand growth forecast for 2022 and 2023:
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hong Kong stocks opened in the red on Thursday as investors focused on U.S. inflation data expected later in the day. The benchmark Hang Seng opened 1.11% lower and was last seen at 16,538, only nearly 350 points short of hitting 2009 lows.
Shares of Nio, Meituan and JD.com fell more than 3% in morning trading while shares of Alibaba lost more than 1.5 %.
Also read: Brokers for Short Selling
"The U.S. Producer Price Index indicates that inflation is still high, reinforcing the need for the Federal Reserve to stick to its aggressive tightening monetary policy. The market is now looking to see if US consumer price data also shows strong inflation,” ANZ Research wrote in a note.
Macro News: Chinese liquefied natural gas (LNG) importers will stay away from the spot market this winter as demand growth slowest since 2002, reports Reuters.
COVID-19 cases in Shanghai hit a three-month high as city officials quietly closed schools and a slew of other places, Bloomberg reported.
Company News: TikTok's parent company, ByteDance Ltd., has started talks with music labels to expand its music streaming service globally, reported the Wall Street Journal citing sources.
Top winners and losers: Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited were the top losers among Hang Seng voters, losing over 12% and 5%, respectively. CSPC Pharmaceutical Group Limited and Nongfu Spring Co., Ltd. were the biggest gainers, up 2% and 0.9%, respectively.
Global News: US futures traded in the green in Thursday morning's Asian session. Dow Jones futures rose 0.13% while Nasdaq futures gained 0.05%. S&P 500 futures rose 0.15%.
Elsewhere in Asia, Australia's ASX 200 rose 0.22%. Japan's Nikkei 225 lost 0.46% while China's Shanghai Composite index fell 0.33%. South Korea's Kospi lost 1.18%.
Read more: OPEC cuts global oil demand growth forecast for 2022 and 2023:
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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