Hong Kong stocks gain more than 5% as Asia markets rise after U.S. inflation report

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

Shares of Hong Kong-listed Chinese technology companies rose in early Asian trade as the broader Hang Seng Index briefly rose more than 6%.

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

– Lee Ying Shan

Currency control: Japanese yen, Chinese yuan at strengthened levels

that one Japanese yen and Chinese yuan after the US swung around stronger levels dollar index It fell more than 1% overnight on the softer-than-expected inflation report.

The yen stood at 141.63 against the greenback, hovering around the strongest levels seen in two months before weakening above 150 in October.

The yuan was onshore at around 7.18, also near the dollar’s strongest level in a month.

– Jihye Lee

Asia-Pacific indices are open after the US inflation report

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Michael Howell of Cross Border Capital also said that with the missing catalyst, there was an increased risk of investors jumping in “a little too soon”.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CPI is lower than expected

The U.S. consumer price index — a broad measure of inflation — rose 0.4 percent in October from a month earlier. On a year-on-year basis, the CPI increased by 7.7%.

Economists polled by Dow Jones expect a month-on-month increase of 0.6% and a year-on-year growth 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, compared to estimates of 0.5% and 6.5% respectively.

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– Jeff Cox

The dollar index is on track for its worst day since December 2015

The US 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.

This week, the dollar index fell 2.3 percent and is its worst week since March 2020.

– Carmen Reinicke

Biden will raise concerns about Xi’s relationship with Putin ahead of the G-20 summit

The US government has introduced some of the most comprehensive export controls yet aimed at cutting off China from advanced semiconductors. Analysts said the move could cripple China’s domestic chip industry.

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Mandel Ngan | AFP | Getty Images

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

The meeting between the two leaders, the first since Biden became the president of the United States, will take place before the G-20 Summit in Bali, Indonesia.

A senior Biden administration official told reporters on the phone, “I think the president will be honest and direct with President Xi about the situation in Ukraine with the Russian war.

“This is an issue that the president and President Xi have talked about several times in the past. They talked about it extensively in a video call in March and then they talked about it again in July, so that’s part of it. It’s a constant conversation between the two of them.”

– Amanda Macias

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