ZINGER KEY POINTS
- Benchmark Hang Seng Index was trading 3.33% higher.
- Alibaba and Tencent shares gained over 9% and 8%, respectively.
Hong Kong stocks went higher on Tuesday morning, with the benchmark Hang Seng Index trading 3.33% higher. Different voices from the U.S. central bank seem to have confused traders and investors as major Wall Street indices took a breakfrom last week’s rally.
“Fed Fund futures sold off as senior FOMC [Waller] and Treasury officials [Yellen] advise market participants not to read too much into the weaker October CPI report, and that there is still a long way to go in the battle against inflation. Meanwhile, Fed Vice Chair Brainard noted it would be appropriate to slow the pace of hikes 'soon,'” said ANZ Research in a note.
Shares of Nio rose over 2%. Alibaba and Tencent shares gained over 9% and 8%, respectively, on Tuesday morning.
Company News: Alibaba’s logistics arm Cainiao has announced the opening of its Latin American headquarters in Sao Paulo, Brazil, according to CNBC.
Tesla Inc -rival Leapmotor, which announced its first quarterly results post its IPO, has posted a 400% rise in its revenue while its net loss has doubled, reported CnEVPost.
Top Gainers and Losers: Longfor Group Holdings Limited and Country Garden Services Holdings Company Limited are the top losers among Hang Seng constituents, shedding over 6% and 3%, respectively. ENN Energy Holdings Limited and New World Development Company Limited are the top losers, having shed over 2% and 1%, respectively.
Global News: U.S. futures traded higher on Tuesday morning Asia session. Dow Jones futures were up 0.22%, while Nasdaq futures gained 0.39%. The S&P 500 futures were trading higher by 0.27%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.28%. Japan’s Nikkei 225 traded 0.06% lower while China’s Shanghai Composite index was up by 0.31%. South Korea’s Kospi lost 0.31%.
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