Hong Kong shares waved on Wednesday morning Asia trade after China’s November factory activity narrowed at a faster pace. The official manufacturing purchasing managers' index (PMI) was recorded at 48 against a 49.2 reading in October, reported Reuters, citing the National Bureau of Statistics (NBS). Alibaba and Nio stocks lost about 1% in morning trade.
Macro News: The International Monetary Fund may have to trim its projection for China’s economic growth as COVID-19-related curbs and difficulties in the property sector hang heavy on prospects, reported Bloomberg. IMF sees the Chinese gross domestic product expanding by 3.2% this year and 4.4% in 2023, according to the report.
Company News: Warren Buffett-backed BYD Co. Ltd. said on Tuesday it will launch its cars in Mexico next year, with a senior executive pegging its sales target at up to 30,000 vehicles in 2024, reported Reuters.
Alibaba is planning to sell a nearly 3% stake in Indian food delivery firm Zomato Ltd worth $200 million via a block deal, reported CNBC Awaaz citing sources.
Top Gainers and Losers: Techtronic Industries Company Limited and WuXi Biologics (Cayman) Inc. are among the top losers among Hang Seng constituents, having lost over 3% and 1.5%, respectively. Alibaba Health Information Technology Limited and China Mengniu Dairy Company Limitedare the top gainers, having risen over 1.5% each.
Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures were up 0.09% while the Nasdaq futures gained 0.12%. The S&P 500 futures were trading higher by 0.11%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.34%. Japan’s Nikkei 225 traded 0.63% lower, while China’s Shanghai Composite index lost 0.1%. South Korea’s Kospi rose 0.37%.