Alibaba, Nio Rise Over 2%: Hang Seng Index Today – Alibaba Group Holding (NYSE: BABA)

Hong Kong shares opened with a 3% gain on the benchmark Hang Seng in morning trade on Tuesday despite continued unrest in China. Xi JinpingStrict COVID-19 restrictions. Investors and traders weighed in on some good news on the Chinese regulatory front that is intended to support the property sector. Market participants keep a close watch Speech by Federal Reserve Chairman Jerome Powell on Wednesday.

hong kong stocks today
inventory motion
alibaba group holding Ltd Dad 4.5% ink range 5.42%
Baidu Inc Beedu 4.28%
Tencent Holdings Ltd TCEHY 2.74%
Meituan Mpngf 4.45%
NIO Inc nio 2.02%
XPEng Inc XPEV 1.82%
Lee Auto ink Took 6.46%

ANZ Research said in a note, “Our rule-based projections for the US federal funds rate (FFR) indicate that this year’s aggressive rate hikes have brought policy rates in line with neutrality, but kept inflation on target.” More growth is needed to bring it back.”

Shares of Lee Auto jumped more than 6% in morning trading. Alibaba, Baidu and climbed more than 4%.

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Macro News: China’s finance ministry said on Monday it would extend tariff exemptions on some imported products from the United States until May 31, 2023. informed of Reuters.

China Securities Regulatory Commission has said that some multi-year restrictions on stock sales by developers will be removed to support “stable and healthy” growth of the sector, informed of Bloomberg.

Company News: Pinduoduo Inc. PDD Reported third quarter revenue growth of 65% year over year to $4.99 billion, Breaking the consensus of $4.31 billion.

NIO’s next generation models will enter the US, informed of CNEVpost, citing local media outlet Letpost.

Top gainers and losers: Country Garden Services Holdings Company Limited And Alibaba Health Information Technology Limited Hang Seng is the top gainer among components. Hengan International Group Company Limited And CLP Holdings Limited He is among the top losers.

Global News: US futures were trading in the green in the Asia session on Tuesday morning. Dow Jones futures were up 0.03% while Nasdaq futures rose 0.18%. S&P 500 futures were trading 0.14% higher.

Elsewhere in Asia Pacific, Australia’s ASX 200 was up 0.11%. Japan’s Nikkei 225 traded 0.47% lower while China’s Shanghai Composite index rose 1.27%. South Korea’s Kospi rose 0.34%.

Read further: Top economist El-Arian urges caution on ‘short and shallow’ recession consensus call: plans for ‘range of possible outcomes’

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