Alibaba, NIO Stocks Drop: Hang Seng Index Today – Alibaba Group Holding (NYSE: BABA)

Hong Kong shares opened in the red on Monday, with the benchmark Hang Seng down 1% in morning trade, as investors and traders focused on Tuesday’s US consumer price inflation and significant FOMC meeting where the Federal Reserve is expected to hike its Policy rates reduced by 50 basis points on Wednesday,

hong kong stocks today
inventory motion
alibaba group holding Ltd Dad -1.36% ink range -2.11%
Baidu Inc Beedu -4.55%
Tencent Holdings Limited TCEHY -0.55%
Meituan Mpngf -2.28%
NIO Inc nio -4.72%
XPEng Inc XPEV -7.79%
Lee Auto ink Took -11.33%

Li Auto shares fell more than 11%, while Xpeng stock fell more than 7%. Alibaba shares were down more than 1% in morning trading, while Nio was down more than 4%.

“After a very rapid tightening of policy rates this year, we expect the FOMC, ECB and BOE to reduce rate hikes to 50 bp but reaffirm that they remain determined to bring inflation back to target.” and will take appropriate and necessary steps,” ANZ Research said in a note.

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Macro News: China’s COVID-19 worries deepened on Sunday as many shops and other businesses remained closed, and an expert warned of thousands of new coronavirus cases, Reuters reported.

Investment agreements worth about $50 billion were signed during the China summit held in Saudi Arabia last week. informed of Bloomberg, citing the state’s investment minister.

Company News: NIO Founder William Lee Confirmed that the company is set to launch two new models at the NIO Day 2022 event later this month. informed of CNEVPost.

China Petroleum and Chemical Corporation snpmf Is known Sinopecwho is a minority stakeholder CMSnegotiating to secure newbuilds Jiangnan And delianReuters reported.

Top Gainers and Losers: Country Garden Services Holdings Co. Ltd. And Longfour Group Holdings Limited Hang Seng components suffered the most, falling more than 11% and 5%, respectively. Hang Lung Properties Limited And Alibaba Health Information Technology Limited were the top gainers, climbing over 4% and 1%, respectively.

Global News: US futures were trading in the red in the Asia session on Monday morning. Dow Jones futures lost 0.07%, while Nasdaq futures fell 0.18%. S&P 500 futures were trading lower by 0.16%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.52%. Japan’s Nikkei 225 traded 0.29% lower while China’s Shanghai Composite index fell 0.41%. South Korea’s Kospi fell 0.49%.

Read further: Janet Yellen Thinks Inflation Is Coming Down Next Year And Here’s What She Has To Say About The Recession

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