Hong Kong stocks opened in the green on Tuesday following a bounce on Wall Street where major indices recorded significant gains as the focus shifted toward the earnings season. The benchmark Hang Seng opened over 1% higher. Shares of Alibaba (NYSE:BABA) and Meituan opened over 3% higher in Hong Kong.
| Alibaba Group Holding Ltd. (NYSE: BABA) | 3.21% |
| JD.com Inc (NASDAQ: JD) | 2.33% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | 0.96% |
| Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) | 2.83% |
| Meituan (OTC: MPNGF) | 3.34% |
| Nio Inc (NYSE: NIO) | 1.74% |
| XPeng Inc (NYSE: XPEV) | 0.44% |
| Li Auto Inc (NASDAQ: LI) | -0.67% |
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Six largest state-owned banks in China have pledged they will enhance support to the slowing economy, responding to President Xi Jinping's call for high-quality economic growth, reported Reuters.
Company News: Warren Buffett-backed electric-vehicle maker BYD Co. (OTC: BYDDF) (OTC: BYDDY) estimates its third-quarter profit could rise as much as 365%, reported Bloomberg.
NIO has commenced deliveries of its flagship sedan ET7 to European consumers within 10 days after it held a product launch there, reported CnEVPost.
Top Gainers and Losers: Meituan and Alibaba Group Holding Limited were the top gainers among Hang Seng constituents, having risen over 3% in morning trade. WuXi Biologics (Cayman) Inc. and ANTA Sports Products Limited were the top losers, having shed over 2% and 1%, respectively.
Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures were up 0.6% while the Nasdaq futures gained 0.79%. The S&P 500 futures were up 0.7%.
Elsewhere in Asia, Australia’s ASX 200 was up 1.43%. Japan’s Nikkei 225 gained 0.56% while China’s Shanghai Composite index was down 0.03%. South Korea’s Kospi rose 0.52%.
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