KEY POINTS
- Shares of Nio fell over 9%, while Xpeng and Li Auto stocks lost over 4% in morning trade.
- Alibaba shares were trading over 2% lower.
- China’s imports and exports shrank in October, with outbound shipments declining 0.3% compared to a year earlier.
Macro News: China’s imports and exports shrank in October, with outbound shipments declining 0.3% compared to a year earlier and inbound shipments falling 0.7%,reportedReuters.
China ramped up its oil imports in October, having bought 43.14 million tons of the commodity, after the government released more fuel-export quota in a bid to help revive the nation’s virus-battered economy, reported Bloomberg.
Company News:Chinese chip manufacturer Hua Hong Semiconductor Ltd has got a regulatory nod for an 18 billion yuan ($2.5 billion) IPO in Shanghai,reportedReuters.
Tesla Inc started offering additional discounts in China for consumers who buy its inventory vehicles,reportedCnEVPost.
Top Gainers and Losers: Country Garden Services Holdings Company Limited and China Resources Land Limitedwere the top losers among Hang Seng constituents, having shed over 2.5% in morning trade. Hang Lung Properties Limited and New World Development Company Limited were among the top gainers, having risen over 1% each.
Global News: U.S. futures traded mixed on Tuesday morning Asia session. The Dow Jones futures were up 0.03% while the Nasdaq futures gained 0.02%. The S&P 500 futures were trading lower by 0.07%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.32%. Japan’s Nikkei 225 traded 1.33% higher, while China’s Shanghai Composite index traded 0.62% lower. South Korea’s Kospi gained 0.8%.