Hong Kong shares were trading flat on Friday, with the benchmark Hang Seng edging just 0.05% up, ahead of the release of the inflation report in the city. Shares of Alibaba rose 0.72% in morning trade, while Xpeng shares gained over 5%. Nio shares fell over 1%.
|Alibaba Group Holding Ltd. BABA||0.72%|
|JD.com Inc JD||1.98%|
|Baidu Inc BIDU||-0.22%|
|Tencent Holdings Ltd. TCEHY||1.2%|
|Nio Inc NIO||-1.09%|
|XPeng Inc XPEV||5.43%|
|Li Auto Inc LI||1.31%|
Macro News: China has locked down parts of Xi’an and has restricted some of the city’s 13 million people to their homes for at least a week, reported Bloomberg.
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Analysts are expecting Hong Kong’s interbank liquidity may nearly halve from about HK$100 billion currently before borrowing costs hit high enough to restrict the local dollar’s losses, reported Bloomberg.
Company News: A Foxconn Technology FXCOF-run iPhone factory in Zhengzhou has imposed tough COVID-19 restrictions, such as closing its dine-in canteen, to keep production running normally amid a fresh outbreak, reported the South China Morning Post.
The latest wait time for the NIO ET7 is being displayed as six to eight weeks in China on the company’s mobile app, indicating a significant reduction from the previous 11-13 weeks, reported CnEVPost.
Top Gainers and Losers: Li Ning Company Limited and The Hong Kong and China Gas Company Limited are the top losers among Hang Seng constituents, having shed over 3% and 2%, respectively. Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are the top gainers, having risen over 3% and 2%, respectively.
Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were up 0.14% while the Nasdaq futures lost 0.31%. The S&P 500 futures were trading flat%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.42%. Japan’s Nikkei 225 lost 0.12% while China’s Shanghai Composite index gained 0.57%. South Korea’s Kospi rose 0.21%.
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Image and article originally from www.benzinga.com. Read the original article here.