Alibaba Jumps 7%, Nio Surges 13%: Hang Seng Breaches 17,000-mark For 1st Time Since Mid-October

KEY POINTS

• Shares of Nio rose near 13%, while Meituan stock gained over 9% in morning trade.
• Alibaba stock shot up over 7%.
• New bank lending in China declined more than expected in October.

Hong Kong stocks rose on Friday, with the benchmark Hang Seng opening over 5% higher, as softer-than-expected inflation in the U.S.sparked optimism among investors and traders that price rises may have peaked out.

Shares of Nio rose near13%, while Meituan stock gained over 9% in morning trade. Alibaba stock shot up over 7%.

Macro News: New bank lending in China declined more than expected in October, with 615.2 billion yuan ($84.86 billion) of new yuan loans given in October, versus 2.47 trillion yuan in September, reported Reuters.

Company News: Apple Inc-supplier Foxconn Technology Co Ltd said on Thursday it expected smartphone revenue to decline this quarter and is adjusting production to avoid the recent COVID-19 curbs at its iPhone factory in China from affecting holiday order, reported Reuters.

Chinese battery-maker CATL and Japanese mini-vehicle specialist Daihatsu Motor have signed a memorandum of understanding under which CATL will supply power batteries for Daihatsu's EV models and promote the deployment of battery technology, reported CnEVPost.

Top Gainers and Losers: Longfor Group Holdings Limited and Techtronic Industries Company Limited were among the top gainers among Hang Seng constituents, having risen over 19% and 13%, respectively. All stocks in the index were trading in the green on Friday.

Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were up 0.06%, while the Nasdaq futures lost 0.04%. The S&P 500 futures were trading lower by 0.03%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 2.63%. Japan’s Nikkei 225 traded 2.64% higher, while China’s Shanghai Composite index was up by 1.51%. South Korea’s Kospi gained 2.85%.