Alibaba, EV Stocks Snap Losing Streak In Hong Kong Today; Tesla Rival Nio Surges On Debut — What's Driving The Rebound?

Shares of U.S.-listed Chinese tech companies traded higher in Hong Kong on Thursday, lifting the benchmark Hang Seng Index into positive territory after a four-day slump.

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The Macro Factors: The Hang Seng Index opened higher and was up 1.3% at the time of writing.

The overnight fall in crude oil prices and progress in Russia-Ukraine ceasefire talks helped boost sentiment.

However, crude oil prices have recovered some of their overnight losses. U.S. crude futures gained 0.5% to $109.19 per barrel in Asian trades Thursday.

Hong Kong’s CEO Carrie Lam has said the financial hub will indefinitely postpone a plan to test the entire population for COVID-19 in March and prioritize vaccinating the elderly, Bloomberg reported.

Companies In The News: Shares of Tesla Inc. TSLA rival Nio Inc. NIO — which debuted in Hong Kong on Thursday in a secondary listing — surged as much as 5.9% to HKD 169.5 after opening at HKD 160. The stock is currently trading at HKD 161.80.

The Hong Kong listing of Alibaba’s affiliated fintech Ant Group has been postponed indefinitely as the bankers remain concerned over China’s continued crackdown on the domestic tech sector, the Information reported on Wednesday.

Shares of Chinese companies closed notably higher in U.S. trading on Wednesday after the major averages ended in positive territory.

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