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Alibaba, Nio, XPeng Slide Over 1% As US Rate-Hike Fears Overpower China’s Slashing Of Benchmark Lending Rates

Hong Kong shares opened lower on Monday, in tune with other Asian markets, as fears of a rate hike by the U.S. Federal Reserve gathered momentum ahead of the Jackson Hole summit later this week. The Hang Seng index lost 0.8% in opening trade even as China slashed its benchmark lending rates to boost a sluggish economy.

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Alibaba, EV Stocks Fall, Tencent Bucks The Trend After Earnings Report: Hang Seng Index Today

Hong Kong’s Hang Seng index opened in the red on Thursday, losing 0.39% in morning trade, following a sluggish session on Wall Street on Wednesday. The U.S. Federal Reserve has indicated more rate hikes according to the minutes of its policy meeting. However, it did indicate the pace of the hikes could slow.

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