Hong Kong markets opened lower on Wednesday, with benchmark Hang Seng down almost 1.9% as investors wait US inflation data for September due later this week. The Hang Seng is at its lowest level since October 2011.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -3.42% |
| JD.com inc JD | -1.04% |
| Baidu Inc BIDU | -3.29% |
| Tencent Holdings GmbH. TCEHY | -1.96% |
| meituan MPNGF | -4.29% |
| Nio Inc NEVER | -3.91% |
| XPeng Inc XPEV | -0.95% |
| Li car inc LI | 2.17% |
Alibaba, Meituan, Nio and Baidu shares lost over 3% in morning trade.
Also read: Best Forex Brokers
macro news: Bank lending in China nearly doubled month-on-month in September, well beating expectations thereafter PBoCs Actions, reported Reuters.
The cost of insuring China’s sovereign debt rose to its highest level since January 2017 on Tuesday, according to Reuters reportedciting data from S&P Global Market Intelligence.
corporate news: Warren Buffett-supports BYD Co started its first passenger car in India, an electric SUV, on Tuesday.
XPeng completed its first public overseas flight X2 flying car and will announce the key results of the next generation product, CnEVPost, in two weeks reported.
Top winners and losers: meituan and WuXi Biologics (Cayman) Inc. were the biggest losers among Hang Seng members, each down over 4%. Lenovo Group Limited was the only winner, up 0.37%.
Global News: US futures were trading in the green in Asia on Wednesday morning. Dow Jones futures were up 0.04%, while Nasdaq futures were up 0.1%. S&P 500 futures were up 0.07%.
Elsewhere in Asia, the Australian ASX 200 was up 0.08%. Japan’s Nikkei 225 lost 0.17%, while China’s Shanghai Composite Index lost 0.75%. South Korea’s Kospi lost 0.4%.
Continue reading: Ray Dalio says ‘perfect storm’ forming as Fed hikes rates: ‘There will of course be real pain’
