Asia markets set for mixed session, investors assess China EV prospects as Xiaomi enters the fray
General view of electric screen of Shanghai stock shares and Shenzheng shares are seen in front of high rise modern commercial and financial buildings at Lujiazui in Shanghai, China on July 31, 2023.
Ying Tang | Nurphoto | Getty Images
Asia-Pacific markets were headed for a mixed trading session on the last trading day of 2023, with investors assessing prospects of electric vehicle companies after China’s Xiaomi unveiled its first EV.
In the early hours of Friday, Australia S&P/ASX 200 index dipped 0.37%, cooling off from two straight sessions of gains, but was still up 7.76% for the year.
China and Hong Kong markets will be closely watched after Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China’s oversaturated electric-vehicle market.
The company seeks to compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop.
Futures for Hong Kong’s Hang Seng index stood at 17,222, pointing to a higher open compared with the HSI’s close of 17,043.53.
China and Hong Kong indexes rallied more than 2% each in the previous session, but were still set to be the biggest percentage losers for the year among major Asia-Pacific markets.
China’s CSI 300 index is down 11.8% for the year, while the Hang Seng has plunged 13.8% in 2023.
Japan’s Nikkei 225 is also set to open lower, with the futures contract in Chicago at 33,455 and its counterpart in Osaka at 33,430 against the index’s last close of 33,539.62.
The Nikkei 225 has gained 28.5% so far this year, making it Asia’s top-performing market.
The broader Topix has surged 24.8% in 2023.
Overnight, the S&P 500 finished marginally higher Thursday, closing in on a new all-time high in the penultimate trading day of what’s been a strong year for stocks.
The broad market index added 0.04% to finish at 4,783.35, putting it within striking distance of its highest closing level of at 4,796.56 set in January 2022. The Dow Jones Industrial Average rose 0.14% to notch a fresh record closing high. The Nasdaq Composite inched down 0.03%.
— CNBC’s Evelyn Cheng, Samantha Subin and Alex Harring contributed to this report
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-991180154-aad62bea33e2473a808a24eb81b8e068.jpg "How the Minimum Wage Impacts Unemployment")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1427847593-c401663a1b954137ac712a650eea3a95.jpg "Borrowing from Your Retirement Plan")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1711953018-c9f8489969fb4eb5b4108181d0d42071.jpg "Are We in a Baby Boomer Retirement Crisis?")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1889646212-29894e7d25f24600ab15c966a1c78f89.jpg "The Long, Weird History of Universal Basic Income—and Why It’s Back")