Hong Kong stocks opened lower on Monday after the major Wall Street indices closed Over 2% lower on Friday after upbeat jobs data that could potentially pave the way for the US federal reserve to continue its aggressive rate hike path.

ANZ Research said in a note that while the drop in unemployment was partly due to a small decline in the labor force participation rate (from 62.4% to 62.3%), it was still a very solid report. “The data is a headache for the Fed, which has already hiked three consecutive 75 basis points to forestall rising underlying inflationary pressures,” it said.

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The benchmark Hang Seng fell over 2% in morning trade. Alibaba’s shares fell over 2.5%, while shares in Xpeng and Li Auto lost over 6%.

macro news: New home sales by square footage fell 37.7% year-on-year during the week-long National Day holiday in China, according to a private survey, as tough pandemic restrictions further hit weak demand, reported Reuters.

China is seeing a rebound in COVID-19 cases after the holiday just as the country’s top leaders gather in Beijing for a meeting with the president Xi Jinping, reported Bloomberg.

corporate news: EV manufacturer Tesla Inc TSLA sold 83,135 Chinese-made vehicles wholesale in September, breaking its monthly sales record in China, reported Reuters citing the China Passenger Car Association (CPCA).

Grocery delivery giant meituan considers expansion into Hong Kong and international markets as domestic growth slows, reported Bloomberg.

Top winners and losers: Li Ning Company Ltd and meituan are the top losers among Hang Seng constituents, down over 6%…