Alibaba Group Holding (NYSE:BABA) – Alibaba and Nio rise more than 1% as Hong Kong tech stocks encourage Wall Street rebound: Cautious investors watch key Fed event

Major U.S.-listed Chinese tech and electric vehicle stocks rose in Hong Kong on Thursday, with Alibaba and Nio adding more than 1%, following an upbeat late night on Wall Street.

The reference Hang Seng Indexhowever, was down 0.3% as investors stayed away from the U.S. Federal Reserve Chair Jerome Powell‘s speech later today.

US Fed Vice Chairman Lael Brainard asserted that the central bank would do what is necessary to contain inflation, while considering the risks of going too far.

Hong Kong stocks today
Store Movement
Ali Baba Holding Group ltd. BABA 1.09% Inc. J.D. 0.94%
Baidu Inc. BIDU 0.83%
Tencent Holdings ltd. TCEHY -1.22%
Meituan MPNGF 0.64%
Nio Inc. NIO 1.82%
XPEng Inc XPEV 0.1%
Li-Auto Inc. LI 0.1%

Read also : Why NewAge stocks are hammered

Macro News: China’s crude oil imports in August fell 9.4% from a year earlier, driven by outages at state-run refineries and reduced operations at independent plants, reported Reuters.

China’s exports and imports grew at their slowest pace in four months in August, driven by weaker inflation-led foreign demand and disrupted domestic production due to related lockdowns and heatwaves to COVID. Exports rose 7.1% in August from a year earlier, down from an 18% gain in July.

China’s foreign exchange reserves fell for a second consecutive month to the lowest since October 2018, driven by a decline in global financial asset prices, reported Bloombergquoting the government.

Company News: NIO Inc. announced its second quarter results with operating losses widening to RMB 2.85 billion or $424.8 million.

Tesla Inc. TSLA reduced its waiting times for new vehicles in China by up to six weeks.

Main winners and losers: CNOOC Limited and China Land Resources Limited are Hang Seng’s biggest losers, losing more than 1.5% in opening trade. Galaxy Limited Entertainment Group and Hang Lung Properties Limited are the main gainers, increasing by more than 1%.

World News: US futures were trading in the red in the Asian session on Thursday morning. Dow Jones futures rose 0.07%, while Nasdaq futures gained 0.17%. S&P 500 futures rose 0.09%.

Elsewhere in Asia, Australia’s ASX 200 rose 0.71%. Japan’s Nikkei 225 rose 1.97%, while China’s Shanghai Composite index lost 0.08%. The South Korean Kospi rose 0.31%.

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