Hong Kong shares traded flat on Friday, with benchmark Hang Seng gaining just 0.05% ahead of the city’s inflation report release. Alibaba shares are up 0.72% in morning trade, while Xpeng shares are up over 5%. Nio shares fell over 1%.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 0.72% |
| JD.com inc JD | 1.98% |
| Baidu Inc BIDU | -0.22% |
| Tencent Holdings GmbH. TCEHY | 1.2% |
| meituan MPNGF | 0.78% |
| Nio Inc NEVER | -1.09% |
| XPeng Inc XPEV | 5.43% |
| Li car inc LI | 1.31% |
macro news: China has sealed off parts of Xi’an, confining some of the city’s 13 million residents to their homes for at least a week, reported Bloomberg.
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Analysts expect Hong Kong’s interbank liquidity could almost halve from its current level of around HK$100 billion before borrowing costs become high enough to limit local dollar losses. reported Bloomberg.
corporate news: A Foxconn technology FXCOF-run iPhone The Zhengzhou factory has imposed strict COVID-19 restrictions, such as closing its canteen, to keep production running normally despite a renewed outbreak. reported the South China Morning Post.
The latest wait time for the NIO ET7 is shown as six to eight weeks in China on the company’s mobile app, indicating a significant reduction from the previous 11-13 weeks, reported CnEVPost.
Top winners and losers: Li Ning Company Limited and The Hong Kong and China Gas Company Limited are the biggest losers among Hang Seng constituents, at over 3% and 2%, respectively. Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are the top gainers, up over 3% and 2% respectively.
Global News: US futures were mixed trading in Asia on Friday morning. Dow Jones futures rose 0.14% while Nasdaq futures lost 0.31%. S&P 500 futures traded unchanged.
Elsewhere in Asia Pacific, Australia’s ASX…
