Hong Kong’s Hang Seng Index rose over 1.3% in Thursday morning trade in line with positive cues from Wall Street the day before after July consumer inflation in the U.S. came in at 8.5%, below the expected figure of 8.7%, calming fears about aggressive rate hikes by the Fed.
Shares of Alibaba (NYSE:BABA) and XPeng rose over 2.5% while NIO shares shot up close to 6%.
| Alibaba Group Holding Ltd. (NYSE: BABA) | 2.9% |
| JD.com Inc (NASDAQ: JD) | -0.09% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | 3.31% |
| Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) | 1.83% |
| Meituan (OTC: MPNGF) | 2.36% |
| Nio Inc (NYSE: NIO) | 6.14% |
| XPeng Inc (NYSE: XPEV) | 3.07% |
| Li Auto Inc (NASDAQ: LI) | 1.91% |
China’s consumer price index rose to a two-year high of 2.7% in July, while its factory-gate inflation hit a 17-month low, with producers’ price index rising 4.2% year-on-year, the National Bureau of Statistics data showed Wednesday.
Also Read: Looking At NIO's Recent Whale Trades
Company News: Deliveries of Warren Buffett-backed electric vehicle maker BYD’s (OTC: BYDDF) blade batteries to Tesla Inc’s (NASDAQ: TSLA) Berlin factory have already commenced, reported CnEVPost, citing Sina Tech. BYD contributed about one-third of China's NEV sales in July with the firm’s retail sales getting recorded at 158,957 units, reported CnEVPost.
NIO's flagship sedan ET7 has lost the top spot in the latest premium sedan sales ranking in China, as its deliveries fell, reported CnEVPost. The report stated that with 2,473 retail sales in July, the ET7 ranked No. 8.
Global Markets: The tech-heavy Nasdaq index rose 2.89% while the S&P 500 gained 2.13%. The Dow Jones Industrial Average rose 1.63% after inflation pressures showed signs of easing in July.
Elsewhere in Asia, Australia’s ASX 200 rose 0.9% during the Thursday morning trade. The South Korean Kospi rose 1.31%. China’s Shanghai Composite index was up 0.34%. Japanese markets remain closed on Thursday.
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