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%.
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