Hong Kong shares opened in the red on Wednesday, with the benchmark $Hang Seng Index(800000.HK)$ losing 2.04% in opening trade as investors turned their eyes toward inflation data from China and the U.S.
EV shares took a hit, with $NIO-SW(09866.HK)$ and $Li Auto-W(02015.HK)$ falling more than 6% at press time. Shares of $Tesla(TSLA.US)$ rival $XPENG-W(09868.HK)$ fell over 6.5%.Stock | Movement |
---|---|
$BABA-SW(09988.HK)$ | -2.6% |
$JD.com, Inc.-SW(09618.HK)$ | -4.2% |
$BIDU-SW(09888.HK)$ | -3.57% |
$TENCENT(00700.HK)$ | -1.07% |
$Meituan-W(03690.HK)$ | -3.98% |
$NIO-SW(09866.HK)$ | -6.33% |
$XPENG-W(09868.HK)$ | -7.06% |
$Li Auto-W(02015.HK)$ | -5.84% |
Macro News: More trade skirmishes are expected as Australia commenced an anti-dumping investigation into Chinese aluminum extrusions, reported the South China Morning Post.
Japan's wholesale inflation softened in July, with prices rising 8.6% compared to the 9.4% seen in June, reported Reuters.
Company News: Nio has started allowing its customers to test drive its new SUV ES7 post locking in orders beginning Aug. 2, according to a report.
Global Markets: U.S. markets ended in the red on Tuesday, with the Nasdaq losing 1.19% on the back of weaker chip stocks. The S&P 500 lost 0.42%, while the Dow Jones Industrial Average shed 0.18%.
On Wednesday, Australia's ASX 200 lost 0.18%, Japan's Nikkei 225 fell 0.54%, and the South Korean Kospi shed 0.62%. China's Shanghai Composite index was down 0.16%.