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Alibaba, Nio Shed Over 2%: Hang Seng Index Today – Alibaba Group Holding (NYSE:BABA)


Hong Kong stocks opened mixed on Friday morning as investors and traders remained cautious ahead of the release of U.S. jobs data — a key factor that will determine the Federal Reserve’s future course of action. The benchmark Hang Seng fell 0.35% as shares of Alibaba rose over 2%, while Meituan jumped over 3%. Nio shares opened over 2% lower.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  2.11%
JD.com Inc JD 0.65%
Baidu Inc BIDU -0.56%
Tencent Holdings Ltd. TCEHY           0.68%
Meituan MPNGF 3.44%
Nio Inc NIO -2.11%
XPeng Inc XPEV -0.13%
Li Auto Inc LI 0.13%

FOMC members go into a blackout on Saturday ahead of the 13-14 December meetings, with expectations squarely centered on a 50bp rate hike. It would take a very strong November labor market report to alter that view,” ANZ Research wrote in a note.

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Macro News: China is likely to announce a moderation in its COVID-19 quarantine protocols in the coming days and a reduction in mass testing, reported Reuters, citing sources.

China’s economy will keep expanding at a reasonable speed with stable employment and prices, finance minister Liu Kun said in a speech, Reuters reported.

Company News: U.S. prosecutors have asked a judge to dismiss bank fraud and other charges against Meng Wanzhou, the chief financial officer of China’s Huawei Technologies, reported Reuters.

Xpeng reported a steep decline in deliveries for November compared to a year ago, with deliveries falling 63% year-over-year to 5,811. The company expects to turn things around in December.

Top Gainers and Losers: Alibaba Health Information Technology Limited and Meituan were the top gainers among Hang Seng constituents, having risen over 6% and 4%, respectively. Longfor Group Holdings Limited and Country Garden Services Holdings Company Limited were the top losers, having lost over 5% and 3%, respectively.

Global News: U.S. futures traded in the red on Friday morning Asia session. The Dow Jones futures declined 0.29% while the Nasdaq futures lost 0.46%. The S&P 500 futures were trading lower by 0.36%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.7%. Japan’s Nikkei 225 traded 1.79% lower while China’s Shanghai Composite index fell 0.13%. South Korea’s Kospi fell 1.09%.

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Read More: Alibaba, Nio Shed Over 2%: Hang Seng Index Today – Alibaba Group Holding (NYSE:BABA)

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