Hong Kong shares opened in the red on Wednesday, with the benchmark Hang Seng Index losing 0.83% in opening trade as investors turned their eyes toward inflation data from China and the U.S.
EV shares took a hit, with Nio and Li Auto falling more than 5.5% in opening trade. Shares of Tesla Inc (NASDAQ: TSLA) rival XPeng fell over 3.5%.
| Alibaba (NYSE:BABA) Group Holding Ltd. (NYSE: BABA) | -0.6% |
| JD.com Inc (NASDAQ: JD) | -1.92% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | -2.01% |
| Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) | 0.07% |
| Meituan (OTC: MPNGF) | -0.91% |
| Nio Inc (NYSE: NIO) | -5.82% |
| XPeng Inc (NYSE: XPEV) | -4.65% |
| Li Auto Inc (NASDAQ: LI) | -5.44% |
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More trade skirmishes are expected as Australia commenced an anti-dumping investigation into Chinese aluminum extrusions, reported the South China Morning Post.
Japan’s wholesale inflation softened in July, with prices rising 8.6% compared to the 9.4% seen in June, reported Reuters.
Company News: Nio has started allowing its customers to test drive its new SUV ES7 post locking in orders beginning Aug. 2, according to a report.
Taiwan's national security officials want to force Apple Inc (NASDAQ: NASDAQ:AAPL) supplier Foxconn to withdraw an $800 million investment in Chinese chipmaker Tsinghua Unigroup, reported the Financial Times.
Global Markets: U.S. markets ended in the red on Tuesday, with the Nasdaq losing 1.19% on the back of weaker chip stocks. The S&P 500 lost 0.42%, while the Dow Jones Industrial Average shed 0.18%.
On Wednesday, Australia’s ASX 200 lost 0.18%, Japan’s Nikkei 225 fell 0.54%, and the South Korean Kospi shed 0.62%. China’s Shanghai Composite index was down 0.16%.
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