China’s economic output set to lag the rest of Asia for the first time since 1990, a World Bank forecast indicates.
Li Auto shares rise over 3.5% in opening trade.
Hong Kong stocks opened mixed on Tuesday, with the benchmark Hang Seng Index edging 0.05% lower and investors searching for cues, as global markets continued to bleed in the aftermath of the U.S. Federal Reserve’s aggressive rate hike and projections.
China’s economic output is set to lag the rest of Asia for the first time since 1990, according to new World Bank forecasts, reported FT. The World Bank has revised its forecast for China’s gross domestic product growth to 2.8% against 8.1% last year, and down from its forecast made in April of between 4% and 5%, the report said.
Company News: EV-maker Li Auto said it now expects to deliver 25,500 vehicles in the third quarter which is lower compared to a previous outlook of between 27,000 and 29,000 units, reported CNBC.
Nio, via its wholly owned subsidiary Blue Northstar Ltd, has entered into a strategic financing deal with Australian lithium firm Greenwing, reportedCnEVPost.
Top Gainers and Losers: ENN Energy Holdings Ltd and Techtronic Industries Company Ltd were the top losers among Hang Seng’s top constituents, shedding over 2.7% and 1.7%, respectively.Hang Lung Properties Ltd and CITIC Ltd were the top gainers, up 0.92% and 0.82%, respectively.
Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures were up 0.63% while the Nasdaq futures gained 0.74%. The S&P 500 futures were up 0.68%. Elsewhere in Asia, Australia’s ASX 200 was up 0.25%. Japan’s Nikkei 225 was up 0.69% while China’s Shanghai Composite index gained 0.42%. South Korea’s Kospi was down 0.53%.
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