Shares of Alibaba and JD.com rose more than 3% in Wednesday morning’s opening session, with Hong Kong’s benchmark Hang Seng Index also starting on a positive note, gaining 0.91% . Alibaba is expected to release its June quarter results on Thursday.
|Ali Baba Holding Group ltd. BABA||4.31%|
|JD.com Inc. J.D.||3.07%|
|Baidu Inc. BIDU||1.79%|
|Tencent Holdings ltd. TCEHY||2.58%|
|Nio Inc. NIO||2.3%|
|XPfra Inc XPEV||1.62%|
|Li-Auto Inc. LI||2.18%|
Also Read: What Alibaba, Tencent and Baidu’s June Quarter Earnings Could Look Like
Speaker of the United States House Nancy Pelosi arrived at Taiwan’s legislature and is expected to meet politicians and activists amid strong responses from Beijing, which has stepped up its military drills.
Macro News: China is preparing to carry out a series of military actions around Taiwan in response to Pelosi’s visit to the island. Observers believe the announced actions are a clear upgrade by the military, and these are likely to continue in the future, the South China Morning Post reported.
Services activity in China grew at the fastest pace in 15 months, with the Caixin Services Purchasing Managers (PM) Index hitting 55.5 in July, the fastest growth since April 2021, reported Reuters.
Analysts expect a hike in Hong Kong’s prime rate as early as this month as a key indicator of bank liquidity continues to slide, the South China Morning Post reported.
Hong Kong’s new leader John Lee achieved the lowest approval rating immediately after taking office compared to his predecessors, according to a poll, as reported by the Hong Kong Free Press Journal.
Company News: Alibaba, Tencent and Baidu are expected to post lower revenues for the June quarter, according to a Bloomberg report.
Tesla Inc. TSLA rival XPeng Engines built China’s largest self-contained computing center named “Fuyaofor self-driving model training in Ulanqab, Inner Mongolia, reports CnEVPost.
While Nio vehicles are expected to roll in Germany, Denmark, Sweden and the Netherlands soon, users in those countries can start registering on the app, CnEVPost reported.
Global Markets: U.S. markets fell on Tuesday as investors continued to closely watch developments related to Pelosi’s visit to Taiwan. The Dow Jones Industrial Average fell 1.23%, the S&P 500 lost 0.67%, while the Nasdaq fell 0.16%.
Elsewhere in Asia, Australia’s ASX 200 traded down 0.51%, Japan’s Nikkei 225 rose 0.5%, while South Korea’s Kospi rose 0.32%. China’s Shanghai Composite Index rose 0.68%.