Alibaba, Nio Shares Fall: Recession Worries, Volatile Wall Street Keep Hong Kong Stocks In Red – Alibaba

Hong Kong shares opened in the red on Monday as recession worries continued to plague stock markets across the world with major indices in the U.S. falling over 1% on Friday.

Hong Kong Stocks Today
Stock	Movement
Alibaba Group Holding Ltd. BABA	-1.16%
JD.com Inc JD	-3.95%
Baidu Inc BIDU	-5.46%
Tencent Holdings Ltd. TCEHY	-1.2%
Meituan MPNGF	-1.07%
Nio Inc NIO	-5.31%
XPeng Inc XPEV	-6.33%
Li Auto Inc LI	-2.63%

The benchmark Hang Seng opened 0.53% lower with shares of Xpeng, Nio and Baidu losing over 5% in morning trade. Alibaba shares lost over 1%.

“Risk was firmly off in US markets as earnings results rolled in and the University of Michigan survey showed consumer inflation expectations rising for the first time in seven months,” ANZ Research said in a note.

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Macro News: China has gained comprehensive control over Hong Kong, converting it from chaos to governance, Chinese President Xi Jinping said in a speech on Sunday during the opening of the Communist Party congress, reported Reuters.

China has the right to use force over Taiwan as the last resort in compelling circumstances, but peaceful reunification is its first choice, a Communist Party spokesman said on Saturday, according to Reuters.

Company News: Alibaba is readying significant discounts and extra help for merchants in the run-up to this year’s Singles’ Day shopping extravaganza, reported the South China Morning Post.

China’s biggest offshore oil and gas driller Cnooc Ltd. stated net profit probably more than doubled in the first nine months of the year, reported Bloomberg.

Top Gainers and Losers: Li Ning Company Limited and JD.com were the top losers among Hang Seng constituents, having shed over 4% and 3%, respectively. China Mengniu Dairy Company Limited and Lenovo Group Limited were the top gainers, rising over 3% and 1.5%, respectively.

Global News: U.S. futures traded in the green on Monday morning Asia session. The Dow Jones futures were up 0.42% while the Nasdaq futures gained 0.47%. The S&P 500 futures were up 0.46%.

Elsewhere in Asia, Australia’s ASX 200 was down 1.44%. Japan’s Nikkei 225 lost 1.26% while China’s Shanghai Composite index was down 0.3%. South Korea’s Kospi fell 0.16%.