Alibaba falls, Nio rises: Hang Seng trades in deep red, inspired by pessimistic Wall Street
Hong Kong stocks opened mixed on Thursday morning, taking inspiration from Wall Street where major indices closed in the red on Wednesday as investors and traders lost optimism about a possible end-of-year rebound and prepared for the new year. The benchmark Hang Seng lost more than 1% in morning trading.
Alibaba shares fell more than 2% in morning trading. JD.com and Baidu shares lost more than 5% and 3% respectively. Nio was trading up 0.44%.
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Macro News: Electric vehicle exports from China more than doubled in November, setting a monthly record, driven mainly by European automakers moving production to the country, a reported Bloomberg.
The United States will require travelers from China to test negative for COVID-19 before entering the country, the South China Morning Post reported, citing federal officials from health.
Company News: Prominent New York-listed Chinese tech companies such as Pinduoduo Inc PDD rescind plans to also list their shares in Hong Kong, saying they no longer feel the need to hedge against potential regulatory clashes between the United States and China, The Information reported.
Tesla Inc TSLA said most employees at its Shanghai factory will take vacations at the end of next month, CnEVPost reported, adding that it is not an established practice for to halt operations for an extended period of time during Chinese New Year.
Top winners and losers: JD.com and Alibaba Health Information Technology Limited are the top losers among Hang Seng voters, losing more than 5% each. WuXi Biologics (Cayman) Inc. is the sole winner, having risen more than 2%.
Global News: US futures traded mixed in Thursday morning's Asian session. Dow Jones futures lost 0.07% while Nasdaq futures rose 0.18%. S&P 500 futures were trading up 0.04%.
Elsewhere in Asia-Pacific, the Australian ASX 200 was trading down 1.2%. Japan's Nikkei 225 traded down 1.42% while China's Shanghai Composite fell 0.38%. South Korea's Kospi lost 1.36%.
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Hong Kong stocks opened mixed on Thursday morning, taking inspiration from Wall Street where major indices closed in the red on Wednesday as investors and traders lost optimism about a possible end-of-year rebound and prepared for the new year. The benchmark Hang Seng lost more than 1% in morning trading.
Alibaba shares fell more than 2% in morning trading. JD.com and Baidu shares lost more than 5% and 3% respectively. Nio was trading up 0.44%.
Also read: Best Penny Stocks
Macro News: Electric vehicle exports from China more than doubled in November, setting a monthly record, driven mainly by European automakers moving production to the country, a reported Bloomberg.
The United States will require travelers from China to test negative for COVID-19 before entering the country, the South China Morning Post reported, citing federal officials from health.
Company News: Prominent New York-listed Chinese tech companies such as Pinduoduo Inc PDD rescind plans to also list their shares in Hong Kong, saying they no longer feel the need to hedge against potential regulatory clashes between the United States and China, The Information reported.
Tesla Inc TSLA said most employees at its Shanghai factory will take vacations at the end of next month, CnEVPost reported, adding that it is not an established practice for to halt operations for an extended period of time during Chinese New Year.
Top winners and losers: JD.com and Alibaba Health Information Technology Limited are the top losers among Hang Seng voters, losing more than 5% each. WuXi Biologics (Cayman) Inc. is the sole winner, having risen more than 2%.
Global News: US futures traded mixed in Thursday morning's Asian session. Dow Jones futures lost 0.07% while Nasdaq futures rose 0.18%. S&P 500 futures were trading up 0.04%.
Elsewhere in Asia-Pacific, the Australian ASX 200 was trading down 1.2%. Japan's Nikkei 225 traded down 1.42% while China's Shanghai Composite fell 0.38%. South Korea's Kospi lost 1.36%.
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