Alibaba, Nio Surge Over 6%: Hang Seng Soars As It Plays Catch-Up With Wall Street After Holiday – Alibaba Group Holding (NYSE:BABA)

Hong Kong markets opened on a strong note on Wednesday morning, taking cues from an upbeat Wall Street session where major indices closed about 3% higher. The benchmark Hang Seng index traded 5% higher in the opening session following a holiday on Tuesday.

Shares of Alibaba traded over 7% higher, while JD.com’s stock soared over 9%. Other major stocks such as Meituan, Baidu, and Nio surged by over 6%.

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Macro News: China and Russia are opposed to a public discussion by the U.N. Security Council after the United States asked the 15-member body to meet on North Korea following Pyongyang’s ballistic missile launch over Japan, reported Reuters.

China is looking to “normalize” its military activities around Taiwan, including crossing the median line of the Taiwan Strait, reported Reuters, citing the Taiwanese defense ministry.

Company News: Apple Inc. AAPL added six new Chinese suppliers and dropped seven previous contractors in China during its past financial year to September, reported the South China Morning Post.

Gruby Entertainment has announced Tencent is now a minority shareholder of its studio, reported Gamesindustry.biz.

Top Gainers and Losers: ANTA Sports Products Limited and JD.com, Inc are the top gainers among the Hang Seng constituents having gained over 8%. Country Garden Services Holdings Company Limited and CSPC Pharmaceutical Group Limited were the only losers having shed over 2% and 1.5% respectively.

Global News: U.S. futures traded in the red on Wednesday morning Asia session. The Dow Jones futures were down 0.49% while the Nasdaq futures lost 0.53%. The S&P 500 futures were down 0.52%. The Dow Jones rallied over 1,500 points over the last two sessions.

Elsewhere in Asia, Australia’s ASX 200 was up 1.59%. Japan’s Nikkei 225 gained 0.12% while Chinese markets remained closed for trading. South Korea’s Kospi was down 0.02%.

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