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Nio, XPeng fall over 6%, Alibaba edges down: Hang Seng slips as investors brace for China, US inflation data

Benzinga Real-time News ·  Aug 9, 2022 23:33

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%.
Hong Kong Stocks Today
StockMovement
$BABA-SW(09988.HK)$-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%.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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