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Hang Seng Opens Weaker As Investors Turn Cautious Ahead Of US Jobs Data By Benzinga

© Reuters. Alibaba, Nio Shed Over 2%: Hang Seng Opens Weaker As Investors Turn Cautious Ahead Of US Jobs Data

Benzinga – 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 fell 0.35% as shares of Alibaba (NYSE:) rose over 2%, while Meituan jumped over 3%. Nio shares opened over 2% lower.

Hong Kong Stocks Today

Alibaba Group Holding Ltd. (NYSE: BABA) 2.11%
JD.com Inc (NASDAQ: JD) 0.65%
Baidu Inc (NASDAQ: NASDAQ:) -0.56%
Tencent Holdings (HK:) Ltd. (OTC: TCEHY) 0.68%
Meituan (OTC: MPNGF) 3.44%
Nio Inc (NYSE: NIO) -2.11%
XPeng Inc (NYSE: XPEV) -0.13%
Li Auto Inc (NASDAQ: 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 (NYSE:) 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 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 was down 0.7%. Japan’s traded 1.79% lower while China’s index fell 0.13%. South Korea’s Kospi fell 1.09%.

Read Next: El-Erian Scripts Fictional Chat Between Fed’s Powell And Markets: ‘I Expected You To Hear The Entirety Of My Remarks…’

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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