Hong Kong stocks jump after China trims quarantine period, up more than 7%

Oil prices rose more than 2% due to the easing of quarantine measures in China

The reopening of stocks jumped after China announced the easing of Covid measures

China has shortened the time of the Covid quarantine by two days

Chinese state media announced on Friday that the country will shorten the quarantine period for international travelers by two days.

The revised rules state that travelers will have to stay in a quarantine facility for five days, down from the previous period of seven days, with a two-day home observation period.

— Evelyn Cheng, Lee Ying Shan

Profit preview: Softbank reports net profit after seeing previous losses

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

Median forecasts forecast the Japanese conglomerate to post an annual net profit of ¥2.769 trillion ($19.5 billion) in the second quarter ended Sept. 30, according to research by Refinitiv.

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

— Lee Ying Shan

Hong Kong moves: Alibaba, JD.com, Tencent rise at open

Hong Kong-listed shares of Chinese technology companies jumped in early Asian trading as the broader Hang Seng index briefly added more than 6%.

Also Read :  Ethereum price hits $1.6K as markets expect the Fed to ease the pressure

Tech giants Alibaba and JD.com rose 7.94% and 10%, respectively. Tencent claimed 9.16% and Meituan 12.26%.

— Lee Ying Shan

Currency control: Japanese yen, Chinese yuan at strengthened levels

The Japanese yen a Chinese yuan hovered around strengthened levels after the US dollar index fell more than 1% overnight on a report of softer-than-expected inflation.

The yen was at 141.63 against the dollar, hovering around its strongest levels in two months before weakening above 150 in October.

The onshore yuan was around 7.18 and also traded near its strongest levels against the dollar in nearly a month.

— Jihye Lee

Asia-Pacific indices opened after the US inflation report

CNBC Pro: Bitcoin Will Keep Falling, Fund Manager Says — Until This One Catalyst Kicks In

Bitcoin is down 75% from its all-time high and the cryptocurrency exchange is on the verge of bankruptcy. In such an environment, the bond fund manager will discover the only thing that is needed to drive up prices.

Also Read :  Avoid Self-Inflicted Losses In A Down Market

Cross Border Capital’s Michael Howell also said there was an increased risk of investors getting in “a bit early” due to the lack of a catalyst.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CPI will rise less than expected

The US consumer price index – a broad gauge of inflation – rose 0.4% in October from the previous month. On a year-on-year basis, the CPI increased by 7.7%.

Economists in the Dow Jones survey expected a month-on-month gain of 0.6% and a year-on-year increase of 7.9%.

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

— Jeff Cox

Dollar index on pace for worst day since December 2015

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

The dollar index fell 2%, its worst daily performance since Dec. 4, 2015. If the index falls more than 2.1%, it will reach levels not seen since 2009.

The dollar index fell 2.3% this week and is on pace for its weakest week since March 2020.

Also Read :  U.S. unveils new nuclear stealth bomber, the B-21 Raider

— Carmen Reinicke

Biden to express concerns about Xi Jinping’s relationship with Putin ahead of the G-20 summit

The US government has imposed some of its most extensive export controls to cut China off from advanced semiconductors. Analysts said the move could undermine China’s domestic chip industry.

Mandel Ngan | AFP | Getty Images

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

The meeting of the two leaders, the first since Biden assumed the US presidency, will take place before 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 the Russian war of aggression,” a senior Biden administration official told reporters.

“This is a topic that the president and President Xi Jinping have talked about several times. They talked about it extensively in March in their video call and then they talked about it again in July, so it’s part of an ongoing conversation between the two of them,” the official added. , who spoke on condition of anonymity.

— Amanda Macias


Leave a Reply

Your email address will not be published.

Related Articles

Back to top button