Hong Kong stocks gain more than 5% as Asian markets rise after US inflation report

Hong Kong stocks gain more than 5% as Asian markets rise after US inflation report

Earnings preview: Softbank to post net profit after posting earlier losses

Softbank is expected to post a net profit in upcoming quarterly results.

A median forecast predicts the Japanese conglomerate will post annualized net profit of 2.769 billion yen ($19.5 billion) for its second quarter ending September 30, according to a Refinitiv survey.

The company recorded two consecutive periods of quarterly net losses, with a net loss of 3.16 trillion yen in the first quarter ending June 30 and a net loss of 2.1 trillion yen in the fourth quarter ending March 30 .

— Lee Ying Shan

Hong Kong movers: Alibaba, JD.com, Tencent soar at opening

Hong Kong-listed shares of Chinese tech companies have surged into early trading in Asia, with the broader Hang Seng Index briefly rising more than 6%.

Tech giants Alibaba and JD.com climbed 7.94% and 10% respectively. Tencent added 9.16% and Meituan gained 12.26%.

— Lee Ying Shan

Currency control: Japanese yen and Chinese yuan at strengthened levels

The japanese yen and chinese yuan hovered around strengthened levels after the US dollar index fell more than 1% overnight on a weaker-than-expected inflation report.

The yen settled at 141.63 against the greenback, hovering around the highest levels it had seen in two months before weakening past 150 in October.

The onshore yuan was around 7.18, also trading near its highest levels against the dollar in nearly a month.

—Jihye Lee

Asia-Pacific indices open after US inflation report

CNBC Pro: Bitcoin Will Fall Further, Fund Manager Says — Until That Catalyst Triggers

Bitcoin is down 75% from its all-time high, and a cryptocurrency exchange is on the verge of bankruptcy. In such an environment, a bond fund manager reveals the only thing necessary for prices to rise.

Michael Howell of Cross Border Capital also said that due to the missing catalyst there was an increased risk that investors would come in “a bit too early”.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

CPI rises less than expected

The consumer price index in the United States – a broad gauge of inflation – rose 0.4% in October from the previous month. Year over year, the CPI rose 7.7%.

Economists polled by Dow Jones were expecting a monthly gain of 0.6% and an annual increase of 7.9%.

Excluding volatile food and energy costs, the so-called core CPI rose 0.3% for the month and 6.3% on an annual basis, against respective estimates of 0.5% and 6.5%.

—Jeff Cox

Dollar index on pace for worst day since December 2015

The U.S. dollar slid against a basket of other currencies on Thursday as investors cheered the weaker-than-expected October CPI report, signaling that inflation may have peaked.

The dollar index lost 2%, putting it on pace for its worst daily performance since Dec. 4, 2015. If the index falls more than 2.1%, it will hit levels not seen since 2009.

This week, the dollar index is down 2.3% and is on course for its worst week since March 2020.

—Carmen Reinicke

Biden worries about Xi’s relationship with Putin ahead of G-20 summit

The US government has introduced some of its most extensive export controls yet aimed at cutting China off from advanced semiconductors. Analysts said the move could hamper China’s microchip industry.

Mandel Ngan | AFP | Getty Images

President Joe Biden is expected to discuss Russia’s war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting.

The meeting between the two leaders, the first since Biden assumed the US presidency, will take place ahead of the G-20 summit in Bali, Indonesia.

“I think the president will be honest and direct with President Xi about how we see the situation in Ukraine with Russia’s war of aggression,” a senior Biden administration official told reporters during the briefing. a call.

“It’s something the President and President Xi have talked about a number of times before. They talked about it extensively in March on their video call, and then they talked about it again in July, so it’s part of a conversation in course between the two of them,” added the official, who spoke on condition of anonymity.

—Amanda Macias

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