• 71
  • 5
  • 1

Alibaba Gains 1%, JD Sheds 3%: Hang Seng Opens Lower As All Eyes On US Inflation Data

Benzinga2022-08-09

KEY POINTS

  • Tencent Holdings plans to shut down content creation app Kandian
  • Hang Seng Index falls over 0.4% as investors look ahead to crucial U.S. inflation data

Hong Kong shares were mixed on Tuesday morning, with the benchmark Hang Seng Index down more than 0.4%, as investors looked ahead to crucial U.S. inflation data that will decide the course of further rate hikes by the Federal Reserve.

Shares of Alibaba rose 1% in opening trade, while those of JD.com lost over 3%.

SoftBank Group Corp.’s shares fell over 4% in Tuesday morning trade in Japan after the firm announced a ¥2.33 trillion ($17.23 billion) loss in its vision fund unit during the June quarter, mainly led by a slide in share prices of portfolio companies due to growing fears of an economic recession.

Company News: Chinese tech giantTencentis reportedly planning to shut downits content creation app Kandian next Monday as part of efforts to boost efficiency.

Details about Tesla Inc rival XPeng Motors' flagship SUV G9’s interiors have been revealed ahead of the firm’s rumored plans to start taking pre-orders this week, reported CnEVPost.

Amid increasing costs, Meituan is set to raise the prices of its bicycle-sharing passes by as much as 50%, reported Yicai Global.

Global Markets: It was a day of surprises for Wall Street, as weaker-than-expected earnings dragged shares of NVIDIA Corporation by over 6%, while downbeat sales and profit forecast led Palantir Technologies Inc stock to plunge 14%.

Indices ended mixed on Monday, with the Nasdaq closing 0.1% lower, the S&P 500 losing 0.12% and the Dow Jones Industrial Average ending on a flat note, as investors turned their attention to U.S. consumer price index data due on Wednesday.

Elsewhere in Asia, Australia’s ASX 200 was trading flat on Tuesday morning. Japan’s Nikkei 225 fell 0.8%, while the South Korean Kospi shed 0.26%. China’s Shanghai Composite index was down 0.15%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment5

  • Xman0808
    ·2022-08-09
    Nice
    Reply
    Report
  • robot1234
    ·2022-08-09
    Undervalued and Risky - Why Alibaba's Situation is Getting more Complicated. BABA price targets indicate a possible 30%+ upside, with high disagreement amongst analysts.The situation with the company doesn't seem to be getting better yet, and investors are faced with a mix of discrete risks that are hard to evaluate.The forward PE indicates that BABA is trading close to the fundamentals, and investors have opted-out of incorporating the risks into their valuation. Kicking off with the latest earnings report, the key highlights are:Quarterly revenue of $30.7b, close to analysts' estimates.A beat on the adjusted EPS at $1.75 vs the estimated $1.53. With EPS at $1.27.Net income decreased by 50% YoY to $3.395b.Non-GAAP Free Cash Flow $3.310b - keep in mind the large outflow of cash from i
    Reply
    Report
  • hphoa
    ·2022-08-09
    Good
    Reply
    Report
  • Vincentan59
    ·2022-08-09
    Is normal up and down [Facepalm] [Facepalm] [Facepalm] 
    Reply
    Report
  • Looyusooi
    ·2022-08-09
    Ok 
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial