KEY POINTS
- Shares of Alibaba, Meituan, Nio and Baidu lose over 4% in morning trade.
- New bank lending in China almost doubled in September compared to the previous month.
- The cost of insuring exposure to China's sovereign debt surged to its highest level since January 2017 on Tuesday.
Hong Kong markets opened in the red on Wednesday, with the benchmark Hang Seng losing 2%, as investors await U.S. inflation data for September due later this week. The Hang Seng is trading at its lowest level since October 2011.
Macro News: New bank lending in China almost doubled in September compared to the previous month and far exceeded expectations following the PBoC’s actions, reported Reuters.
The cost of insuring exposure to China's sovereign debt surged to its highest level since January 2017 on Tuesday, Reuters reported, citing data from S&P Global Market Intelligence.
Company News: Warren Buffett-backed BYD Co launched its first passenger car in India, an electric SUV, on Tuesday.
XPeng completed its first overseas public flight of the X2 flying car, and is set to reveal key results of the next-generation product in two weeks, CnEVPost reported.
Global News: U.S. futures traded in the green on Wednesday morning Asia session. Dow Jones futures were up 0.04%, while Nasdaq futures gained 0.1%. S&P 500 futures were up 0.07%.
Elsewhere in Asia, Australia’s ASX 200 was up 0.08%. Japan’s Nikkei 225 lost 0.17%, while China’s Shanghai Composite index was down 0.75%. South Korea’s Kospi was down 0.4%.