Hong Kong’s Hang Seng index opened in the green on Wednesday, gaining 0.3% in morning trade as investors keenly await Tencent’s earnings, along with the New Zealand central bank rate decision.
| Alibaba (NYSE:BABA) Group Holding Ltd. (NYSE: BABA) | 0.5% |
| JD.com Inc (NASDAQ: JD) | 0.6% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | -0.45% |
| Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) | -0.73% |
| Meituan (OTC: MPNGF) | 2.67% |
| Nio Inc (NYSE: NIO) | -0.73% |
| XPeng Inc (NYSE: XPEV) | 0.45% |
| Li Auto Inc (NASDAQ: LI) | -1.55% |
The People’s Bank of China-backed Financial News stated Beijing should introduce new pro-growth policies at an appropriate time to keep growth within a reasonable range, citing Wen Bin, chief economist at China Minsheng Bank, according to Bloomberg.
Company News: Chinese tech giant Tencent is set to deliver its second-quarter earnings today. Reuters had earlier reported it plans to sell all or a bulk of its $24 billion stake in Meituan following which the latter’s shares lost over 9% on Tuesday.
As demand unexpectedly weakened, Chinese EV-manufacturer Li Auto is offering an incentive worth 7,000 yuan ($1,030) on its first model, the Li ONE EREV (extended-range electric vehicle), reported CnEVPost.
Global News: U.S. futures were trading in the red during Wednesday morning Asia session. The Dow Jones futures were down 0.03% while the Nasdaq futures shed 0.08%. The S&P 500 futures lost 0.04%.
Elsewhere in Asia, Australia’s ASX 200 lost 0.21%. Japan’s Nikkei 225 gained 0.94% while China’s Shanghai Composite index was trading flat. South Korea’s Kospi lost 0.19%.
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