Alibaba, Nio Down Nearly 1%: Hang Seng Mirrors Wall Street Weakness Amid Red-Hot Japan Inflation

Benzinga2022-12-23

KEY POINTS

  • Alibaba and Nio shares lost close to 1% in morning trade.
  • Japan’s core consumer inflation hit a 40-year high with the November core CPI rising 3.7% year-over-year.
  • The WHO has received no data from China on new COVID-19 hospitalisations since the removal of its zero-COVID policy.

Hong Kong stocks opened in the red on Friday, with the benchmark Hang Seng losing 0.39%, after U.S. markets witnessed a sell-off overnight as worries of a recession reduced hopes for a "Santa Claus" rally. Japan’s core consumer inflation hit a 40-year high, with the November core CPI rising 3.7% year-over-year, dampening sentiment further.

Macro News: China is looking forward to cutting quarantine requirements for overseas travelers in January, reported Bloomberg, citing people familiar with the matter.

Company News: Tencent’s founder and chief executive Pony Ma has said cost-cutting will continue next year and that short video is the key to the future, reported the South China Morning Post, citing local media.

NIO's two sub-brands will initially launch hatchbacks to target mainly the European market, reported CnEVPost, citing local media.

Top Gainers and Losers: JD.com and Haier Smart Home Co., Ltd. are the top losers among Hang Seng constituents, having lost over 1% each. China Resources Land Limited and WuXi Biologics (Cayman) Inc. are the top gainers, having risen 1.6% and 0.86%, respectively.

Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures gained 0.1% while the Nasdaq futures rose 0.03%. The S&P 500 futures were trading higher by 0.1%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading lower by 0.79%. Japan’s Nikkei 225 traded 1.14% lower while China’s Shanghai Composite index gained 0.06%. South Korea’s Kospi lost 1.55%.

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

Leave a comment
3