Hong Kong stocks witnessed a sharp decline on Monday with the benchmark Hang Seng falling over 2% in morning trade. Shares of Alibaba and JD.com lost about 3% in morning trade while EV peers including Nio, Xpeng and Li Auto declined over 1%.
Macro News: China's industrial companies witnessed their overall profits fall further in the January-October period, reported Reuters. Industrial profits fell 3% in the first 10 months of 2022 compared to a year earlier, it said.
Company News: TikTok has engaged the help of tech startups to boost its struggling e-commerce operations, as it looks to diversify its revenues amid a slowdown in digital advertising, reported Financial Times.
NIO, which has previously confirmed it is making phones, has said its phone project is progressing well, according to William Li, the company's founder, reported CnEVPost.
Top Gainers and Losers: CG Services are the top losers, having shed over 9%.
Global News: U.S. futures traded in the red on Monday morning Asia session. The Dow Jones futures were down 0.46% while the Nasdaq futures lost 0.75%. The S&P 500 futures were trading lower by 0.61%.
Elsewhere in Asia Pacific, Australia’s ASX 200 was down 0.46%. Japan’s Nikkei 225 traded 0.75% lower while China’s Shanghai Composite index lost 1.7%. South Korea’s Kospi declined by 1.19%.
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