Hong Kong stocks traded mixed on Tuesday, with the benchmark Hang Seng index falling over 1% in morning trade as investors continued to flee mainland China stocks in the wake of the president Xi Jinpings historical power consolidation.
At the time of writing, Hang Seng was trading below the 15,000 mark, falling below it for the first time since April 2009.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 0.24% |
| JD.com inc JD | 0.85% |
| Baidu Inc BIDU | -2.03% |
| Tencent Holdings GmbH. TCEHY | -1.26% |
| meituan MPNGF | -2.4% |
| Nio Inc NEVER | -3.46% |
| XPeng Inc XPEV | 2.01% |
| Li car inc LI | -4.8% |
shares of Alibaba while trading over 0.2% higher Xpeng Stocks are up over 2% in morning trade. Li car Stocks, meanwhile, fell over 4% no Stocks fell over 3%.
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Macro News: China new home prices in September fell for the second straight month, plagued by mortgage boycotts, a deepening debt crisis and COVID-19 restrictions. reported Reuters.
That People’s Bank of China adjusted rules to allow companies to borrow more from abroad, allowing for more foreign capital inflows at a time when the yuan is plummeting against the dollar, reported Bloomberg.
corporate news: Xpengs G9 Sport Utility Vehicle has passed a closed field autonomous driving test, advancing the company’s plan to launch an autonomous taxi company, reported the South China Morning Post.
Tesla cuts prices on its Giga Shanghai-cars manufactured by about 5%, reversing announced price increases earlier this year.
Top winners and losers: New World Development Company Limited and China Mengniu Dairy Company Limited are the biggest losers among Hang Seng constituents, down over 4% and 2%, respectively. Alibaba Health Information Technology Limited and Lenovo Group Limited are the top gainers, each up over 2%.
Global News: US futures were trading lower in Asia on Tuesday morning. The Dow Jones…
