Alibaba and Nio soar over 7%: Powell's speech ignites Hang Seng after Wall Street's steep shutdown
Hong Kong shares soared on Thursday, with the benchmark Hang Seng opening up 2.47% following Federal Reserve Chairman Jerome Powell's speech , which indicated that the central bank could slow the pace of rate hikes as early as December. EV shares surged, with Xpeng shares rising more than 21%, catching up with the move in US stocks from the previous day. Nio shares rose more than 13% while Li Auto shares climbed more than 9% in morning trading. Shares of Alibaba and Baidu rose more than 7%.
Also Read: Best FTX Alternatives: How to Protect Your Crypto
Macro News: Former Chinese President Jiang Zemin, who spearheaded the nation through a decade of rapid economic growth after the 1989 Tiananmen crackdown, died Wednesday in the age of 96, Reuters reported.< /p>
China's manufacturing hub of Guangzhou has removed lockdowns in most parts of the city, including those affected by the riots, and introduced targeted restrictions, Bloomberg reported.< /p>
Company News: Tencent has announced that it will launch new cloud computing products aimed at overseas markets as it seeks new avenues for growth, CNBC reported.
Xpeng saw its net loss widen to RMB2.38 billion ($0.33 billion) for the third quarter of 2022, from RMB1.59 billion for the same period of 2021.
Top winners and losers: Alibaba Health Information Technology Limited and Alibaba Group Holding Limited were the top winners among Hang Seng voters, up more than 8% each. China Resources Land Limited and Hang Lung Properties Limited were among the biggest losers, losing more than 2% and 1% respectively.
Global News: US futures traded in the green in Thursday morning's Asian session. Dow Jones futures were trading flat while Nasdaq futures gained 0.1%. S&P 500 futures were trading up 0.13%.
Elsewhere in Asia-Pacific, Australia's ASX 200 rose 0.94%. Japan's Nikkei 225 traded up 1.05% while China's Shanghai Composite Index gained 1.22%. The South Korean Kospi rose 0.53%.
Read Next: Tesla, Amazon, Snowflake, Xpeng, Salesforce: Why These 5 Stocks Are Catching Investors' Attention Today
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hong Kong shares soared on Thursday, with the benchmark Hang Seng opening up 2.47% following Federal Reserve Chairman Jerome Powell's speech , which indicated that the central bank could slow the pace of rate hikes as early as December. EV shares surged, with Xpeng shares rising more than 21%, catching up with the move in US stocks from the previous day. Nio shares rose more than 13% while Li Auto shares climbed more than 9% in morning trading. Shares of Alibaba and Baidu rose more than 7%.
Also Read: Best FTX Alternatives: How to Protect Your Crypto
Macro News: Former Chinese President Jiang Zemin, who spearheaded the nation through a decade of rapid economic growth after the 1989 Tiananmen crackdown, died Wednesday in the age of 96, Reuters reported.< /p>
China's manufacturing hub of Guangzhou has removed lockdowns in most parts of the city, including those affected by the riots, and introduced targeted restrictions, Bloomberg reported.< /p>
Company News: Tencent has announced that it will launch new cloud computing products aimed at overseas markets as it seeks new avenues for growth, CNBC reported.
Xpeng saw its net loss widen to RMB2.38 billion ($0.33 billion) for the third quarter of 2022, from RMB1.59 billion for the same period of 2021.
Top winners and losers: Alibaba Health Information Technology Limited and Alibaba Group Holding Limited were the top winners among Hang Seng voters, up more than 8% each. China Resources Land Limited and Hang Lung Properties Limited were among the biggest losers, losing more than 2% and 1% respectively.
Global News: US futures traded in the green in Thursday morning's Asian session. Dow Jones futures were trading flat while Nasdaq futures gained 0.1%. S&P 500 futures were trading up 0.13%.
Elsewhere in Asia-Pacific, Australia's ASX 200 rose 0.94%. Japan's Nikkei 225 traded up 1.05% while China's Shanghai Composite Index gained 1.22%. The South Korean Kospi rose 0.53%.
Read Next: Tesla, Amazon, Snowflake, Xpeng, Salesforce: Why These 5 Stocks Are Catching Investors' Attention Today
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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