Nio Surges 18% On Upbeat Analyst Coverage: Hong Kong Stocks Mixed As Xi-Putin Meeting, US Inflation Data In Focus

Shares of electric-vehicle maker Nio surged 18% in Hong Kong on Tuesday morning, following positive analyst coverage, even as domestic stocks opened on a mixed note. 

The benchmark Hang Seng was up 0.03% in morning trade. Shares of Alibaba rose over 1.7%, while Meituan, Li Auto and JD.com shares lost over 1%.

Nio-Positive: Deutsche Bank analyst Edison Yu has named Nio his top pick among Chinese EV makers, while BofA Securities reiterated its 'buy' rating and raised its price target, based on healthy momentum for its offerings.

Also Read: Cathie Wood Snaps Up $1.6M In Beaten-Down Nvidia Stock — Also Adds Shares Of This Autonomous Tech

Macro News: Investors and traders are keenly eyeing the U.S. inflation data set to be released later today. 

Chinese President Xi Jinping is set to meet his Russian counterpart Vladimir Putin as he commences a three-day trip to Kazakhstan and Uzbekistan on Wednesday, his first international trip since the onset of the pandemic.

Xi is also expected to defy the Communist Party’s retirement norms of an age cap of 68 years by getting a landmark third term in power next month, reported Bloomberg.

Company News: A barrage of pre-orders for the new iPhone 14 series smartphones in China has crashed Apple Inc’s AAPL online services and has pushed shipments out five to seven weeks beyond the September 16 launch date for the Pro and Pro Max, reported the South China Morning Post.

Top Gainers and Losers: WuXi Biologics (Cayman) Inc. and Longfor Group Holdings Ltd are the top losers, dropping over 14% and 2.8% respectively. Lenovo Group Ltd and Galaxy Entertainment Group Ltd were the top gainers, adding 2.6% and 1.6%, respectively, among Hang Seng’s top 30 constituents.

Global News: U.S. futures traded mixed on Tuesday morning Asia session. The Dow Jones futures were down 0.01%, while Nasdaq futures gained 0.07%. The S&P 500 futures rose 0.03%.

Elsewhere in Asia, Australia’s ASX 200 rose 0.31%. Japan’s Nikkei 225 was up 0.24%, while China’s Shanghai Composite index rose 0.11%. South Korea’s Kospi was up 0.08%.