Alibaba, Xpeng, Nio Slide Over 3%: Why Hong Kong Stocks Fall After US Jobs Report

Benzinga2022-08-08

Hong Kong’s benchmark Hang Seng Index opened lower on Monday, down 0.78% at press time, as a better-than-expected July jobs report in the U.S. intensified fears of aggressive rate hikes.

Shares of Alibaba, XPeng and Nio lost over 3% in opening trade.

Company News: SoftBank Group Corp. is expected to report first-quarter earnings on Monday. The briefing will be live at 4:30 p.m. Japan local time and will be presented by Chairman and CEO Masayoshi Son.

Alibaba is working alongside Perennial Consortium to redevelop AXA Tower into Singapore’s tallest skyscraper.

China’s largest manufacturer of new energy vehicles (NEV) BYD is planning to set up a new commercial vehicle and parts production base in Huai'an, eastern Jiangsu province, reported the CnEVPost.

Global News: U.S. indices traded mixed on Friday dragged by better-than-expected July jobs report that raised fears of aggressive monetary tightening ahead. The Nasdaq fell 0.5% while the S&P 500 shed 0.16%. The Dow Jones Industrial Average gained 0.23%.

Elsewhere in Asia, Australia’s ASX 200 lost 0.42%. Japan’s Nikkei 225 fell 0.18%, while the South Korean Kospi shed 0.42%. China’s Shanghai Composite index was down 0.25%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • JCai
    2022-08-09
    JCai
    K
  • Bspn
    2022-08-08
    Bspn
    Ok
  • pal22
    2022-08-08
    pal22
    👌
  • Remotecam
    2022-08-08
    Remotecam
    US Markets hardly moved to the jobs report (relatively).  HKEX reacting strongly looks like a better guage to what's coming compared to the "silliness" happening in US markets now. This coming Wednesday's CPI report will be a major indicator moving forward. Do you feel the "10.0%" ? Stay cautious everyone. Don't trade in euphoria.
  • Cherry16
    2022-08-08
    Cherry16
    Hmmm
  • Paggie
    2022-08-08
    Paggie
Leave a comment
11