U.S.-listed Chinese electric-vehicle stocks surged in early Hong Kong trading on Friday, with Nio Inc NIO and Li Auto Inc LI adding more than 4%, following a firmer close on Wall Street overnight for a third straight session.
The Hang Seng Index rose 0.8% at the open after having ended in the red on Thursday, dragged by financials and property stocks.
|Li Auto 4.81%|
|Tencent Holdings 1.44%|
EVs Lead Rally: Li Auto led the surge, gaining more than 4.7% in opening trade, Nio was up over 4%, while Tesla Inc TSLA rival XPeng Inc XPEV rose 2.44% at press time.
Tech Rises And Rises: Shares of Baidu Inc BIDU rose over 2%, while Alibaba Group Holding Ltd. BABA added 1.6%. Tencent Holdings Ltd. TCEHY shares were up 1.4%, while shopping platform Meituan MPNGF rose 1.89%. E-commerce player JD.com Inc JD gained 1.3%.
Macro News: Hong Kong is set to witness its first prime rate hike since 2018 following aggressive policy by the U.S. Federal Reserve, according to a Bloomberg survey.
China’s banking regulator has nudged small banks to dispose of their non-performing assets. The China Banking and Insurance Regulatory Commission (CBIRC) spokesperson Qi Xiang stated in a press conference that small and medium-sized banks have disposed of 594.5 billion yuan ($87.9 billion) worth of bad loans in the first six months, reports Caixin Global.
Company News: Nio is set to deliver its 150 kWh solid-state batteries in the fourth quarter, Pandaily reported. The firm delivered 12,961 cars in June 2022, witnessing a 60.3% year-on-year increase.
Baidu unveiled its all-electric robotaxi and plans to deploy the vehicle at scale across China, TechCrunch reported. It has started charging fares in Beijing for its driverless rides, seen as a pre-cursor to commercializing its robotaxi business.
Global Markets: U.S. markets traded in the green for a third straight session on Thursday, led by a rally in tech stocks, with the Nasdaq surging 1.36%. The Dow Jones Industrial Average closed 0.51% higher, while the S&P 500 rose 0.99%.
Tesla Inc TSLA shares jumped close to 10% on better-than-expected earnings.
Elsewhere in Asia, Japan’s Nikkei 225 traded marginally higher at 0.07% while the South Korean Kospi fell 0.57%. China’s Shanghai Composite traded flat while Australia’s ASX 200 was down 0.08% in opening trade.
Image and article originally from www.benzinga.com. Read the original article here.