Hong Kong shares opened lower on Monday as recession concerns continued to plague stock markets around the world, with major indexes in the US fall over 1% on Friday.

Benchmark Hang Seng opened 0.53% lower, with shares in Xpeng, Nio and Baidu down over 5% in morning trade. Alibaba shares lost over 1%.

“Risk was firmly off in US markets as earnings numbers came in and the University of Michigan survey showed consumer inflation expectations rising for the first time in seven months,” ANZ Research said in a statement.

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Macro News: China has gained sweeping control of Hong Kong, transforming it from chaos to governance, Chinese President Xi Jinping said in a speech on Sunday during the opening of the Communist Party Congress, reported Reuters.

China has the right to use force against Taiwan under dire circumstances as a last resort, but peaceful reunification is its first choice, a Communist Party spokesman said Saturday. according to to Reuters.

corporate news: Alibaba is preparing significant discounts and extra help for merchants ahead of this year’s promotion singles day shopping spectacle, reported the South China Morning Post.

China’s largest offshore oil and gas drill Cnooc Ltd. Reported net income is expected to more than double in the first nine months of the year, reported Bloomberg.

Top Winners and Losers: Li Ning Company Limited and JD.com were the biggest losers among Hang Seng constituents, down over 4% and 3%, respectively. China Mengniu Dairy Company Limited and Lenovo Group Limited were the top gainers, up over 3% and 1.5% respectively.

Global News: US futures…