Hong Kong stocks opened in the green on Wednesday, with benchmark Hang Seng gaining 2.5% as investors began to consider the possibility of a slowdown in aggression from the Federal Reserve when it announces monetary policy next week .
The Hang Seng traded above the 15,500 level after falling below the 15,000 level on Tuesday for the first time since April 2009.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 0.94% |
| JD.com inc JD | 2.22% |
| Baidu Inc BIDU | 3.06% |
| Tencent Holdings GmbH. TCEHY | 4.75% |
| meituan MPNGF | 7.29% |
| Nio Inc NEVER | 15.14% |
| XPeng Inc XPEV | 12.37% |
| Li car inc LI | 7.27% |
Nio and Xpeng shares are up over 15% and 12%, respectively, while Meituan and Li Auto shares are up over 7%.
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macro news: China’s cabinet on Tuesday released rules to encourage private enterprise, including incentives for financial institutions to lend to them, reported Reuters.
China’s broad budget deficit hit an all-time high in the first nine months of 2022 as COVID-19 outbreaks and a contraction in the real estate market continue to weigh on government revenues, reported Bloomberg.
The highly contagious XBB could become the next dominant COVID-19 strain in Hong Kong, but levels of hybrid immunity among people should keep serious diseases at bay, health experts said according to to the South China Morning Post.
corporate news: Brand supported by Huawei AITO has started offering discounts to car buyers, becoming the first local brand to do so after Tesla’s price cut, reported CnEVPost.
Nio has signed a contract with the Jiangqiao Municipal Government in Shanghai to build its new International Headquarters there. reported CnEVPost.
Top winners and losers: Alibaba Health Information Technology Ltd and meituan are the top gainers among Hang Seng constituents today, up over 10% and 8%, respectively. Longfor Group Holdings Limited and CITIC…
