Hong Kong stocks tumbled on Wednesday, taking hints of a sharp sell-off on Wall Street sparked by higher-than-expected US inflation for August. shares of Alibaba, baiduand JD.com fell over 3%, with the benchmark Hang Seng index down over 2.3%. A report from the United States that it is considering sanctions against China to stave off a potential attack on Taiwan further weighed on market sentiment.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -3.56% |
| JD.com inc JD | -3.26% |
| Baidu Inc BIDU | -4.48% |
| Tencent Holdings GmbH. TCEHY | -1.31% |
| meituan MPNGF | -1.63% |
| Nio Inc NEVER | 1.61% |
| XPeng Inc XPEV | -1.01% |
| Li car inc LI | 1.74% |
Despite the sell-off, shares of EV manufacturers no and Li car held with gains over 1%.
Also read: It’s the worst day of 2022 for the major indices
macro news: Chinese Prime Minister Li Keqiang has called for more action to boost consumption in the economy as the latest data points to a further slump in travel and spending during a three-day bank holiday amid COVID-19 controls Bloomberg.
The United States is exploring options for a package of sanctions against China to prevent it from invading Taiwan European Union come under diplomatic pressure from Taipei to do the same, Reuters reported by citing the source.
corporate news: Starbucks Corporation SBUX has announced it will have about 9,000 stores in China by 2025, a 56% increase from the current figure, reports Reuters.
Tencent Holdings get approval for a new game for the first time since Chinese authorities froze all licenses in 2021, according to media reports.
Top winners and losers: Techtronic Industries Company Limited and WuXi Biologics (Cayman) Inc. are the top losers among the top 30 components of Hang Seng, losing over 6% and 4% respectively. CNOOC Limited is the only gainer, up 0.6% on Wednesday morning.
Global News: US futures traded mixed Tuesday morning…
