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.
|Alibaba Group Holding Ltd. BABA||2.11%|
|JD.com Inc JD||0.65%|
|Baidu Inc BIDU||-0.56%|
|Tencent Holdings Ltd. TCEHY||0.68%|
|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.
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%.