Hong Kong stocks opened in the green on Tuesday following a bounce on Wall Street where major indices recorded significant gains as the focus shifted toward the earnings season. The benchmark Hang Seng opened over 1% higher. Shares of Alibaba and Meituan opened over 3% higher in Hong Kong.
|Alibaba Group Holding Ltd. BABA||3.21%|
|JD.com Inc JD||2.33%|
|Baidu Inc BIDU||0.96%|
|Tencent Holdings Ltd. TCEHY||2.83%|
|Nio Inc NIO||1.74%|
|XPeng Inc XPEV||0.44%|
|Li Auto Inc LI||-0.67%|
Macro News: China has delayed the release of economic indicators slotted for release this week, including its third-quarter GDP data due on Tuesday, amid the week-long congress of the ruling Communist Party, reported Reuters.
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Six largest state-owned banks in China have pledged they will enhance support to the slowing economy, responding to President Xi Jinping’s call for high-quality economic growth, reported Reuters.
Company News: Warren Buffett-backed electric-vehicle maker BYD Co. BYDDF BYDDY estimates its third-quarter profit could rise as much as 365%, reported Bloomberg.
NIO has commenced deliveries of its flagship sedan ET7 to European consumers within 10 days after it held a product launch there, reported CnEVPost.
Top Gainers and Losers: Meituan and Alibaba Group Holding Limited were the top gainers among Hang Seng constituents, having risen over 3% in morning trade. WuXi Biologics (Cayman) Inc. and ANTA Sports Products Limited were the top losers, having shed over 2% and 1%, respectively.
Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures were up 0.6% while the Nasdaq futures gained 0.79%. The S&P 500 futures were up 0.7%.
Elsewhere in Asia, Australia’s ASX 200 was up 1.43%. Japan’s Nikkei 225 gained 0.56% while China’s Shanghai Composite index was down 0.03%. South Korea’s Kospi rose 0.52%.
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Image and article originally from www.benzinga.com. Read the original article here.