Hong Kong stocks opened in the green on Wednesday, with benchmark Hang Seng gaining 2.5% as investors began to consider the possibility of a slowdown in aggression from the Federal Reserve when it announces monetary policy next week .

The Hang Seng traded above the 15,500 level after falling below the 15,000 level on Tuesday for the first time since April 2009.

Nio and Xpeng shares are up over 15% and 12%, respectively, while Meituan and Li Auto shares are up over 7%.

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macro news: China’s cabinet on Tuesday released rules to encourage private enterprise, including incentives for financial institutions to lend to them, reported Reuters.

China’s broad budget deficit hit an all-time high in the first nine months of 2022 as COVID-19 outbreaks and a contraction in the real estate market continue to weigh on government revenues, reported Bloomberg.

The highly contagious XBB could become the next dominant COVID-19 strain in Hong Kong, but levels of hybrid immunity among people should keep serious diseases at bay, health experts said according to to the South China Morning Post.

corporate news: Brand supported by Huawei AITO has started offering discounts to car buyers, becoming the first local brand to do so after Tesla’s price cut, reported CnEVPost.

Nio has signed a contract with the Jiangqiao Municipal Government in Shanghai to build its new International Headquarters there. reported CnEVPost.

Top winners and losers: Alibaba Health Information Technology Ltd and meituan are the top gainers among Hang Seng constituents today, up over 10% and 8%, respectively. Longfor Group Holdings Limited and CITIC…