Hong Kong stocks retreat as Xpeng leads EV stocks lower, U.S.-China talks kick off

Hong Kong stocks led declines in the Asia-Pacific region on Thursday as Xpeng led electric vehicle stocks lower, while investors digested high-level discussions between the United States and China.

The Hang Seng index fell 1.46%, after gaining 3.92% in the previous session.

Hong Kong-listed shares of Xpeng dropped 4.16% after the Chinese EV company reported a wider quarterly loss.

U.S. President Joe Biden and Chinese President Xi Jinping met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

Separately, the South Korea stock markets opened an hour later than usual, at 10 a.m. local time. The delayed open was intended to ease rush-hour traffic as college entrance exams were administrated across the country.  

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South Korea’s Kospi was 0.06% higher at 2,488.11, while the Kosdaq was 0.22% up at 811.11.

Japan’s Nikkei 225 dipped 0.28% down at 33,424.41 and the Topix lower by 0.19% at 2,368.62.

Mainland China’s CSI 300 dropped 0.97% to 3,572.36.

In Australia, the S&P/ASX 200 fell 0.67% to close at 7,058.40.

.N225Nikkei 225 Index*NIKKEI32791.8483.941.5
.HSIHang Seng Index*HSI16201.49-132.88-0.81
.AXJOS&P/ASX 200*ASX 20071994.10.06
.KS11KOSPI Index*KOSPI2525.367.510.3
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1008338.17-3.52-0.04

Overnight, U.S. stocks climbed, building on the strong rally from Tuesday, on the back of more encouraging inflation data.

The S&P 500 advanced 0.16%, while the Nasdaq Composite inched higher by 0.07%. The Dow Jones Industrial Average added 163.51 points, or 0.47%.

The Dow rose for the fourth straight session.

— CNBC’s Lisa Kailai Han contributed to this report

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