[ad_1]
Hong Kong shares opened in the red on Wednesday morning Asia trade after China’s November factory activity narrowed at a faster pace. The official manufacturing purchasing managers’ index (PMI) was recorded at 48 against a 49.2 reading in October, reported Reuters, citing the National Bureau of Statistics (NBS). Alibaba and Nio stocks lost over 1.5% in opening trade.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. BABA | -1.59% |
| JD.com Inc JD | -1.71% |
| Baidu Inc BIDU | -0.71% |
| Tencent Holdings Ltd. TCEHY | -1.47% |
| Meituan MPNGF | -1.09% |
| Nio Inc NIO | -2.2% |
| XPeng Inc XPEV | -0.52% |
| Li Auto Inc LI | 0.28% |
Market participants are also maintaining caution ahead of Federal Reserve Chair Jerome Powell’s speech scheduled later during the day.
Also Read: How To Invest In Startups
Macro News: The Chinese military has stated it drove away a U.S. guided-missile cruiser that “illegally intruded” into waters near the South China Sea’s Spratly Islands, an assertion that has been disputed by the U.S. Navy, reported Reuters.
The International Monetary Fund may have to trim its projection for China’s economic growth as COVID-19-related curbs and difficulties in the property sector hang heavy on prospects, reported Bloomberg. IMF sees the Chinese gross domestic product expanding by 3.2% this year and 4.4% in 2023, according to the report.
Company News: Warren Buffett-backed BYD Co. Ltd. BYDDF BYDDY said on Tuesday it will launch its cars in Mexico next year, with a senior executive pegging its sales target at up to 30,000 vehicles in 2024, reported Reuters.
Alibaba is planning to sell a nearly 3% stake in Indian food delivery firm Zomato Ltd worth $200 million via a block deal, reported CNBC Awaaz citing sources.
Top Gainers and Losers: Techtronic Industries Company Limited and WuXi Biologics (Cayman) Inc. are among the top losers among Hang Seng constituents, having lost over 3% and 1.5%, respectively. Alibaba Health Information Technology Limited and China Mengniu Dairy Company Limited are the top gainers, having risen over 1.5% each.
Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures were up 0.09% while the Nasdaq futures gained 0.12%. The S&P 500 futures were trading higher by 0.11%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.34%. Japan’s Nikkei 225 traded 0.63% lower, while China’s Shanghai Composite index lost 0.1%. South Korea’s Kospi rose 0.37%.
Read Next: Cramer Spotlights Boroden’s Analysis Of S&P 500 Chart: ‘She Sees This As A Make-Or-Break Moment’
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.