Alibaba Up 3%, Nio Rises 1%: Hong Kong Shares Open Higher, China Delays GDP Data Release – Alibaba Group Holding (NYSE:BABA)

Hong Kong stocks opened in the green on Tuesday following a bounce on Wall Street where major indices recorded significant gains as the focus shifted toward the earnings season. The benchmark Hang Seng opened over 1% higher. Shares of Alibaba and Meituan opened over 3% higher in Hong Kong.

Macro News: China has delayed the release of economic indicators slotted for release this week, including its third-quarter GDP data due on Tuesday, amid the week-long congress of the ruling Communist Party, reported Reuters.

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Six largest state-owned banks in China have pledged they will enhance support to the slowing economy, responding to President Xi Jinping’s call for high-quality economic growth, reported Reuters.

Company News: Warren Buffett-backed electric-vehicle maker BYD Co. BYDDF BYDDY estimates its third-quarter profit could rise as much as 365%, reported Bloomberg.

NIO has commenced deliveries of its flagship sedan ET7 to European consumers within 10 days after it held a product launch there, reported CnEVPost.

Top Gainers and Losers: Meituan and Alibaba Group Holding Limited were the top gainers among Hang Seng constituents, having risen over 3% in morning trade. WuXi Biologics (Cayman) Inc. and ANTA Sports Products Limited were the top losers, having shed over 2% and 1%, respectively.

Global News: U.S. futures traded in the green on Tuesday morning Asia session. The Dow Jones futures were up 0.6% while the Nasdaq futures gained 0.79%. The S&P 500 futures were up 0.7%.

Elsewhere in Asia, Australia’s ASX 200 was up 1.43%. Japan’s Nikkei 225 gained 0.56% while China’s Shanghai Composite index was down 0.03%. South Korea’s Kospi rose 0.52%.

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