Alibaba, Nio Rise: Hang Seng Steps Up Wall Street, City Chief John Lee Prepares For Beijing Visit
Hong Kong shares opened in the green on Wednesday, with the benchmark Hang Seng trading up 0.3%. City Manager John Lee is due to visit Beijing from Dec. 21 to 24 as part of his annual visit to brief state leaders on Hong Kong's economic, social and political situation.
>The bears appear to have moved away, taking inspiration from Wall Street. Major U.S. indexes closed slightly higher on Tuesday, ending a four-day losing streak as investors and traders watch for a much-anticipated year-end rally. Hong Kong market participants also shrugged off a surprise move by the Bank of Japan to widen the yield cap on its long-term bonds.
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Xpeng shares gained more than 5%, while Li Auto shares rose nearly 3% in morning trading. Alibaba shares traded up 0.7%.
Macro News: The World Bank has downgraded its growth outlook for China for this year and 2023, citing the impact of the sudden easing of strict COVID-19 containment measures. 19 and continued weakness in the housing sector, Reuters reported.
China's budget deficit stood at $1.1 trillion in the first 11 months of this year, according to Bloomberg calculations based on Ministry of Finance data.
Company News: Chinese company Xiaomi Corp XIACF has started laying off workers in its smartphone and internet services business, as the country battles COVID-19 outbreaks , reported Reuters.
NIO suffered a data breach in which a hacker demanded $2.25 million worth of Bitcoin BTC/USD, CnEVPost reported.
Major winners and losers: WuXi Biologics (Cayman) Inc. and Haier Smart Home Co., Ltd. are the top gainers among Hang Seng constituents, up more than 3% and 1.5%, respectively. Meituan and The Hong Kong and China Gas Company Limited were the biggest losers, losing 0.8% and 0.68% respectively.
Global News: US futures traded in the green in Monday morning's Asian session. Dow Jones futures gained 0.59% while Nasdaq futures rose 0.65%. S&P 500 futures were trading up 0.56%.
Elsewhere in Asia-Pacific, the Australian ASX 200 was trading up 1.34%. The Japanese Nikkei 225 traded down 0.09% while China's Shanghai Composite Index gained 0.06%. South Korea's Kospi gained 0.34%.
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Hong Kong shares opened in the green on Wednesday, with the benchmark Hang Seng trading up 0.3%. City Manager John Lee is due to visit Beijing from Dec. 21 to 24 as part of his annual visit to brief state leaders on Hong Kong's economic, social and political situation.
>The bears appear to have moved away, taking inspiration from Wall Street. Major U.S. indexes closed slightly higher on Tuesday, ending a four-day losing streak as investors and traders watch for a much-anticipated year-end rally. Hong Kong market participants also shrugged off a surprise move by the Bank of Japan to widen the yield cap on its long-term bonds.
Also read: Best Penny Stocks
Xpeng shares gained more than 5%, while Li Auto shares rose nearly 3% in morning trading. Alibaba shares traded up 0.7%.
Macro News: The World Bank has downgraded its growth outlook for China for this year and 2023, citing the impact of the sudden easing of strict COVID-19 containment measures. 19 and continued weakness in the housing sector, Reuters reported.
China's budget deficit stood at $1.1 trillion in the first 11 months of this year, according to Bloomberg calculations based on Ministry of Finance data.
Company News: Chinese company Xiaomi Corp XIACF has started laying off workers in its smartphone and internet services business, as the country battles COVID-19 outbreaks , reported Reuters.
NIO suffered a data breach in which a hacker demanded $2.25 million worth of Bitcoin BTC/USD, CnEVPost reported.
Major winners and losers: WuXi Biologics (Cayman) Inc. and Haier Smart Home Co., Ltd. are the top gainers among Hang Seng constituents, up more than 3% and 1.5%, respectively. Meituan and The Hong Kong and China Gas Company Limited were the biggest losers, losing 0.8% and 0.68% respectively.
Global News: US futures traded in the green in Monday morning's Asian session. Dow Jones futures gained 0.59% while Nasdaq futures rose 0.65%. S&P 500 futures were trading up 0.56%.
Elsewhere in Asia-Pacific, the Australian ASX 200 was trading up 1.34%. The Japanese Nikkei 225 traded down 0.09% while China's Shanghai Composite Index gained 0.06%. South Korea's Kospi gained 0.34%.
Read next:
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