Shares of major U.S.-listed Chinese companies mostly traded lower again in Hong Kong on Tuesday, with tech giants like Alibaba Group Holdings, Tencent Holdings, Baidu Inc, and JD.com deep in the red.
In the electric vehicle segment, Nio Inc and Xpeng Inc shed as much as 3%, while Li Auto Inc bucked the downtrend.
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading down about a percent, dragged by weaker global cues.
Elsewhere, Japan's Nikkei 225lost 2%, while Shanghai's SSE Composite Indexshed 1.9%, and Singapore's SGX Niftyfell 0.10%.
Macro Factors: The fear of the U.S. Federal Reserve tightening monetary policyagain after hotter-than-expected inflation data continued to hurt investor sentiments across global markets.
An increase in COVID-19 cases in China also stoked worries, as the government reimposed restrictions just weeks after lifting a strict lockdown country.
Meanwhile, the MSCI All-Country World Index is down more than 20% from its recent peak, a resonation of the bear market.
Company In News: Chinese tech giant Tencent has bought a stake worth $264 million in Walmart Inc's WMT-1.86%+ Free Alerts Flipkart, according to media reportscitingofficial documents.
Xpeng will use the integrated die-casting technology from Guangdong Hongtu Technology, the latter said in a release, as EV makers seek new methods to bump up efficiency.
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