Hong Kong shares rose on Friday, with the benchmark Hang Seng opening over 5% higher softer than expected inflation in the US sparked optimism among investors and traders that the price rise may have peaked.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 7.86% |
| JD.com inc JD | 10.13% |
| Baidu Inc BIDU | 6.07% |
| Tencent Holdings GmbH. TCEHY | 7.52% |
| meituan MPNGF | 9.8% |
| Nio Inc NEVER | 13.22% |
| XPeng Inc XPEV | 6.86% |
| Li car inc LI | 7.7% |
Shares of Nio are up over 13%, while Meituan shares are up over 9% in morning trade. Alibaba stock soared over 7%.
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Macro News: China’s new top leadership on Thursday reiterated the “dynamic zero” COVID-19 policy, with officials in Guangzhou urging residents to work from home. reported Reuters.
Bank new lending in China fell more-than-expected in October, with 615.2 billion yuan ($84.86 billion) in new yuan loans in October, down from 2.47 trillion yuan in September. reported Reuters.
Company News: Apple Inc AAPL-Offerer Foxconn Technology Co Ltd FXCOF said Thursday it expects smartphone revenue to decline this quarter and is adjusting production to avoid the latest COVID-19 restrictions at its iPhone factory in China affecting holiday ordering, reported Reuters.
Chinese battery manufacturer CATL and Japanese mini vehicle specialist Daihatsu engine have signed a memorandum of understanding whereby CATL will supply batteries for Daihatsu’s EV models and promote the use of battery technology, reported CnEVPost.
Top winners and losers: Longfor Group Holdings Limited and Techtronic Industries Company Limited were among the top gainers among Hang Seng constituents, up over 19% and 13%, respectively. All stocks in the index were trading in the green on Friday.
Global News: US futures traded mixed in Asia on Friday morning. Dow Jones futures rose 0.06% as…
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