Shares of major U.S.-listed Chinese companies mostly traded lower again in Hong Kong on Tuesday, with tech giants like Alibaba (NYSE:BABA) Group Holdings (NYSE: BABA), Tencent Holdings (HK:0700) (OTC: TCEHY), Baidu Inc (NASDAQ: NASDAQ:BIDU), and JD.com (NASDAQ: JD) deep in the red.
In the electric vehicle segment, Nio Inc (NYSE: NIO) and Xpeng Inc (NYSE: NYSE:XPEV) shed as much as 3%, while Li Auto Inc (NASDAQ: LI) bucked the downtrend.
| Alibaba | -4.24% |
| Tencent | -0.95% |
| Baidu | -3.67% |
| JD.com | -4.19% |
| Nio | -7.29% |
| Xpeng | -3.03% |
| Li Auto | 2.27% |
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading down about a percent, dragged by weaker global cues.
Elsewhere, Japan's Nikkei 225 lost 2%, while Shanghai's SSE (LON:SSE) Composite Index shed 1.9%, and Singapore's SGX Nifty fell 0.10%.
Macro Factors: The fear of the U.S. Federal Reserve tightening monetary policy again after hotter-than-expected inflation data continued to hurt investor sentiments across global markets.
An increase in COVID-19 cases in China also stoked worries, as the government reimposed restrictions just weeks after lifting a strict lockdown country.
Meanwhile, the MSCI All-Country World Index is down more than 20% from its recent peak, a resonation of the bear market.
Company In News: Chinese tech giant Tencent has bought a stake worth $264 million in Walmart Inc's (NYSE: NYSE:WMT) Flipkart, according to media reports citing official documents.
Xpeng will use the integrated die-casting technology from Guangdong Hongtu Technology, the latter said in a release, as EV makers seek new methods to bump up efficiency.
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