Alibaba, Nio Stocks Mixed: Hang Seng Index Today - Alibaba Group Holding (NYSE:BABA)

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Hong Kong stocks opened mixed on Wednesday, with the benchmark Hang Seng gaining 0.9% in opening trade after softer-than-expected consumer price inflation in the U.S. took major Wall Street indices higher. EV shares traded in the red, with Nio and Li Auto losing over 1% in opening trade. Alibaba and Tencent gained over 1% each.












Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  1.58%
JD.com Inc JD 0.26%
Baidu Inc BIDU 2.63%
Tencent Holdings Ltd. TCEHY           1.38%
Meituan MPNGF 2.23%
Nio Inc NIO -1.37%
XPeng Inc XPEV -0.12%
Li Auto Inc LI -1.29%

Investors and traders are now bracing for the outcome of the Federal Reserve meeting on Wednesday. “Even before the release of the CPI data the market was expecting the Fed will increase rates by 50 bps, and this data confirms that a slower rate is now appropriate. The question now is how much further will the Fed need to go? We forecast a 50 bps rise this week followed by two 25 bps lifts in February and March,” ANZ Research said in a note.

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Macro News: China is readying an over 1 trillion yuan ($143 billion) support package for its semiconductor industry in a major move towards self-sufficiency in chips, reported Reuters, citing sources.

Chinese leaders have delayed an important economic policy meeting in the wake of growing signs that COVID-19 infections are rising in Beijing about a week after the government removed some of its harsh anti-virus restrictions, reported Reuters citing state media.

Company News: Warren Buffett’s Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) sold 1.33 million Hong Kong-listed shares of electric vehicle maker BYD Co. BYDDF BYDDY. The divestment reduced Warren Buffett-owned investment company’s holdings in BYD’s total issued H-shares to 14.95% on December 8.

NIO is working on an ultra-luxury sedan to compete with Mercedes-Maybach S-Class, reported CnEVPost, citing local media.

Top Gainers and Losers: Longfor Group Holdings Limited and Techtronic Industries Company Limited are among the top gainers among Hang Seng constituents, having risen over 4% and 3%, respectively. Alibaba Health Information Technology Limited and Galaxy Entertainment Group Limited are the top losers, having shed over 0.9% and 0.6%, respectively.

Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures gained 0.19% while the Nasdaq futures rose 0.26%. The S&P 500 futures were trading higher by 0.23%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up by 0.37%. Japan’s Nikkei 225 traded 0.61% higher while China’s Shanghai Composite index rose 0.13%. South Korea’s Kospi gained 0.78%.

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Image and article originally from www.benzinga.com. Read the original article here.