Hong Kong stocks opened in the green on Friday after major Wall Street indices closed over 2% overnight despite strong consumer inflation data for September. China’s subdued inflation for September also appears raised feelings.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 3.37% |
| JD.com inc JD | 2.1% |
| Baidu Inc BIDU | 4.01% |
| Tencent Holdings GmbH. TCEHY | 3.17% |
| meituan MPNGF | 4.38% |
| Nio Inc NEVER | 3.01% |
| XPeng Inc XPEV | 1.38% |
| Li car inc LI | 0.44% |
Benchmark Hang Seng rose 3% in morning trade with shares Alibaba and baidu Gain of over 3% in morning trade.
“US equity markets initially struggled after the strong US CPI report but then recovered. That could indicate a degree of optimism that the year-long sell-off is nearing its end. However, some tech buying and short covering could have supported the rally as well.” ANZ research said in a note.
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macro news: China’s consumer inflation for September was subdued as lockdowns continued to hurt spending habits, while soft commodity prices kept producer inflation under control, reported Bloomberg. The consumer price index rose 2.8% year-on-year in September, the report said.
Liang Wanniana National Health Commission Panel expert in China has defended the zero-Covid policy, saying it was inevitable that the restrictions the country is using to control transmission have hit the economy, but the approach is scientific and effective. reported Bloomberg.
corporate news: no plans to enter the US market by the end of 2025 and launch cheaper models as it ramps up its international expansion.
Volkswagen AG VWAGY software unit Karia will spend over US$2 billion to acquire a 60 percent stake in a new Chinese technology company festivals Horizon Robotics.
Top winners and losers: WuXi Biologics (Cayman) Inc. and ANTA sports products…
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