Hong Kong stocks opened in the red on Friday, with the benchmark Hang Seng losing 0.39%, after U.S. markets witnessed a sell-off overnight as worries of a recession reduced hopes for a "Santa Claus" rally. Japan's core consumer inflation hit a 40-year high, with the November core CPI rising 3.7% year-over-year, dampening sentiment further.
| Stock | Movement |
|---|---|
| $BABA-SW (09988.HK)$ | -0.8% |
| $JD.com, Inc.-SW (09618.HK)$ | -1.63% |
| $BIDU-SW (09888.HK)$ | 0.36% |
| $TENCENT (00700.HK)$ | -0.06% |
| $Meituan-W (03690.HK)$ | -1.13% |
| $NIO-SW (09866.HK)$ | -0.89% |
| $XPENG-W (09868.HK)$ | -3.24% |
| $Li Auto-W (02015.HK)$ | -2.4% |
Alibaba and Nio shares lost close to 1% in morning trade.
Company News: Tencent's founder and chief executive Pony Ma has said cost-cutting will continue next year and that short video is the key to the future, reported the South China Morning Post, citing local media.
NIO's two sub-brands will initially launch hatchbacks to target mainly the European market, reported CnEVPost, citing local media.
Top Gainers and Losers: JD.com and Haier Smart Home Co., Ltd. are the top losers among Hang Seng constituents, having lost over 1% each. China Resources Land Limited and WuXi Biologics (Cayman) Inc. are the top gainers, having risen 1.6% and 0.86%, respectively.
Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures gained 0.1% while the Nasdaq futures rose 0.03%. The S&P 500 futures were trading higher by 0.1%.
Elsewhere in Asia-Pacific, Australia's ASX 200 was trading lower by 0.79%. Japan's Nikkei 225 traded 1.14% lower while China's Shanghai Composite index gained 0.06%. South Korea's Kospi lost 1.55%.
