Alibaba, Nio Surge: Hang Seng Index Opens Firmer On Hopes Of Early Christmas Gift From Fed - Alibaba Group Holding (NYSE:BABA)


Hong Kong shares opened in the green on Tuesday, with the benchmark Hang Seng gaining over 3%, as optimism grew over the U.S. Federal Reserve toning down its aggressive stance. Investors and traders have already factored in a 75 basis points hike in the upcoming monetary policy due on Wednesday.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  5.37% Inc JD 5.03%
Baidu Inc BIDU 3.13%
Tencent Holdings Ltd. TCEHY           6.71%
Meituan MPNGF 8.41%
Nio Inc NIO 3.01%
XPeng Inc XPEV 1.77%
Li Auto Inc LI 1.21%

Shares of Meituan rose over 8%, while Tencent shares rose over 6%. Alibaba gained over 5% in morning trade.

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Macro News: Chinese Foreign Minister Wang Yi told his U.S. counterpart on Monday the U.S. should stop its attempts to contain and suppress China and avoid creating obstacles to the two nations’ relationship, reported Reuters.

China’s property sector has at least $292 billion of onshore and offshore borrowings that will be due through the end of 2023, reported Bloomberg.

Company News: India has commenced an inquiry into MG Motor India Private Ltd. in regard to alleged financial irregularities, reported Bloomberg.

Tesla Inc TSLA will showcase its Model S Plaid and Model X Plaid at the China International Import Expo on November 5, reported CnEVPost.

Top Gainers and Losers: Meituan and Li Ning Company Limited are the top gainers among Hang Seng constituents, having risen over 7%. Lenovo Group Limited is the only loser, having shed 1.75%.

Global News: U.S. futures traded in the green on Monday morning Asia session. The Dow Jones futures were up 0.36% while the Nasdaq futures gained 0.42%. The S&P 500 futures were trading higher by 0.39%.

Elsewhere in Asia Pacific, Australia’s ASX 200 was up 1.04%. Japan’s Nikkei 225 gained 0.17% while China’s Shanghai Composite index rose 1.13%. South Korea’s Kospi gained 1.43%.

Read Next: Larry Summers Says US Facing Complex Challenges: ‘Curbing Inflation Comes First, But We Can’t Stop There’


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