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

Oil prices rose more than 2 percent on China’s easing of quarantine.

Stocks reopened higher after China eased its Covid measures.

China has reduced the Covid Quarantine time by two days.

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

The revised rules will require national travelers to self-isolate for five days, shorter than the previous seven-day period, with a two-day home observation period.

– Evelyn Cheng Lee Ying Shan

Earnings preview: Softbank to post net profit after seeing past losses

Softbank is expected to post a net profit. Next Quarterly Earnings.

The Japanese conglomerate forecast an average profit of 2.769 trillion yen ($19.5 billion) for the second quarter ended Sept. 30, according to a Refinitiv survey.

The company posted consecutive quarterly 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.

– Li Yingshan

Hong Kong movers: Alibaba, JD.com, Tencent surged at the open.

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

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

– Li Yingshan

Currency Check: Japanese Yen; The Chinese yuan is at a stronger level

Hi Japanese yen versus Chinese yuan Strong levels linger after the US Dollar index It fell more than 1 percent overnight on a softer-than-expected inflation report.

The yen was at 141.63 behind the greenback, moving to its strongest level in two months before weakening above 150 in October.

The onshore yuan was trading near its strongest level in nearly a month, at around 7.18.

– Jihye Lee

Asia-Pacific indexes open higher after U.S. inflation report.

CNBC Pro: Bitcoin Will Fall Further Until This Catalyst Comes In, Fund Manager Says

Bitcoin is down 75% from its all-time high and the cryptocurrency exchange is on the verge of bankruptcy. In such a case, A bond fund manager describes something that is necessary for prices to rise.

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Cross Border Capital’s Michael Howell also said there was an increased risk that investors were “a bit too early” because of the missing catalyst.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CPI was lower than expected.

The US consumer price index – a broad measure of inflation – rose 0.4% in October from a month earlier. On a year-over-year basis, CPI rose 7.7%.

Economists polled by Dow Jones expected a month-on-month increase of 0.6% and a year-over-year growth of 7.9%.

including volatile food and energy costs; So-called core CPI rose 0.3% and 6.3% for the month, compared with respective estimates of 0.5% and 6.5% annualized increases.

– Jeff Cox

Dollar index for worst day since December 2015

The U.S. dollar fell on Thursday, buoyed by a weaker-than-expected October CPI report that signaled inflation may be peaking.

The dollar index fell 2%

The dollar index fell 2.3% this week, on pace for its worst week since March 2020.

– Carmen Reinicke

Biden said he wanted to raise concerns about the relationship between Xi and Putin ahead of the G-20 summit.

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

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

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

“It’s something that the president and President Xi Jinping have talked about many times. We talked about it extensively in their video call in March, and then again in July, so it’s part of an ongoing conversation between the two of them. They are,” the official added, speaking on condition of anonymity.

– Amanda Macias

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