Alibaba and Nio fall more than 3% as Hang Seng follows weaker Wall Street close: All eyes now on Australian inflation data
Shares of Alibaba, Nio and Li Auto fell more than 3% on Wednesday morning, with Hong Kong's benchmark Hang Seng index falling more than 1%, ahead of the release of the report. Australian Inflation Report. Forecasts from the Australian Bureau of Statistics point to a steep slope in inflation, 7News reported.
The gloomy mood in Asia also follows a weak Tuesday on Wall Street which saw Walmart Inc WMT cut its earnings forecast. Investors are also bracing for a possible 75 basis point rate hike by the US Fed on Thursday.
Macro News: Hong Kong's CFO has indicated that the city may see interest rate hikes, although the pace may not follow the rate hike trajectory of the Fed and would likely not lead to a crisis in the housing market, the South China Morning Post reported.
Liquidity in China's banking system has increased dramatically amid falling demand for loans, leading banks to lend each other record sums, Bloomberg reported.
New studies published in the journal Science claimed that an animal market in Wuhan was the epicenter of the COVID-19 pandemic, according to another report from the South China Morning Post.
Also read: Walmart Issues Earnings Warning, But These 6 Analysts Stand Bullish on Retail Giant
Corporate News: Alibaba scaled back its global expansion plan as the company's U.S. operation fell short of its goals, the Financial Times reported. The project was also affected by the departure of dozens of employees from the e-commerce giant's New York office.
China's Tencent became the top gaming company by making 180 smaller, strategic investments, leaving behind Sony and Microsoft, Nikkei Asia reported.
After Alibaba announced plans to seek a primary listing in Hong Kong, e-commerce player JD.com and tech giant Baidu may follow suit, reports Bloomberg.
XPeng users have complained of false warnings from its driver monitoring systems due to their eyes being too small,
Shares of Alibaba, Nio and Li Auto fell more than 3% on Wednesday morning, with Hong Kong's benchmark Hang Seng index falling more than 1%, ahead of the release of the report. Australian Inflation Report. Forecasts from the Australian Bureau of Statistics point to a steep slope in inflation, 7News reported.
The gloomy mood in Asia also follows a weak Tuesday on Wall Street which saw Walmart Inc WMT cut its earnings forecast. Investors are also bracing for a possible 75 basis point rate hike by the US Fed on Thursday.
Macro News: Hong Kong's CFO has indicated that the city may see interest rate hikes, although the pace may not follow the rate hike trajectory of the Fed and would likely not lead to a crisis in the housing market, the South China Morning Post reported.
Liquidity in China's banking system has increased dramatically amid falling demand for loans, leading banks to lend each other record sums, Bloomberg reported.
New studies published in the journal Science claimed that an animal market in Wuhan was the epicenter of the COVID-19 pandemic, according to another report from the South China Morning Post.
Also read: Walmart Issues Earnings Warning, But These 6 Analysts Stand Bullish on Retail Giant
Corporate News: Alibaba scaled back its global expansion plan as the company's U.S. operation fell short of its goals, the Financial Times reported. The project was also affected by the departure of dozens of employees from the e-commerce giant's New York office.
China's Tencent became the top gaming company by making 180 smaller, strategic investments, leaving behind Sony and Microsoft, Nikkei Asia reported.
After Alibaba announced plans to seek a primary listing in Hong Kong, e-commerce player JD.com and tech giant Baidu may follow suit, reports Bloomberg.
XPeng users have complained of false warnings from its driver monitoring systems due to their eyes being too small,
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