Softbank reports quarterly profit, beating expectations
Softbank Group Spread Quarterly net profit of 3.03 trillion yen ($21.4 billion) for the second quarter ended September 30, topping Refinitiv’s estimate of a net profit of 2.77 trillion yen.
The company experienced two consecutive periods of quarterly losses.
– Lee Ying Shan
Reopening stocks jump after China’s easing COVID measures mentions
The Chinese yuan is at its strongest level in more than a month after China eased Covid measures
The Chinese yuan hit its strongest level in more than a month after China announced some easing of Covid measures.
wild Chinese yuan It recently traded at 7.0949 against the US dollar, the strongest levels the currency has seen since late September.
Oil prices rose more than 2% on the back of China easing quarantine measures
China reduces Covid quarantine time by two days
Chinese state media announced on Friday that the country will do so Reducing quarantine time For international travelers for two days.
The revised rules state that travelers will be required to stay in the quarantine facility for five days, shorter than the previous seven-day period, with a three-day period for home monitoring.
– Evelyn Cheng, Li Ying Shan
Correction: This post has been updated to accurately reflect the duration of home monitoring to three days.
Earnings preview: SoftBank posts net profit after seeing previous losses
SoftBank is expected to post a net profit in the next quarterly earnings.
The median forecast expects the Japanese giant to report an annual net profit of 2.769 trillion yen ($19.5 billion) for the second quarter ended September 30, according to a survey by Refinitiv.
The company published Two consecutive quarterly net losseswith 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 ending March 30.
– Lee Ying Shan
CNBC Pro: Analysts Love These Electric Vehicle Related Stocks — And They Give Over 100% Upside
While automakers may be an obvious way to play the electric car boom, a broader supply chain can also provide opportunities for investors.
One-quarter of the 75-component shares of ETF Global X Autonomous and Electric Vehicles They are tech names, with materials and industrial stocks, plus auto stocks, and make up the rest.
CNBC Pro has scanned the ETF for stocks rated as “buy” by the majority of analysts, with a serious bullish potential.
CNBC Pro subscribers can read more here.
– Xavier Ong
Hong Kong carriers: Alibaba, JD.com, Tencent soar at opening
Shares of Chinese technology companies listed on the Hong Kong Stock Exchange emerged in the early Asian trade as the broadest Hang Seng Index More than 6% was added briefly.
tech giants Ali Baba And the JD.com They rose 7.94% and 10%, respectively. Tencent Added 9.16% and Mituan 12.26% profit.
– Lee Ying Shan
Currency check: Japanese yen and Chinese yuan at reinforced levels
The Japanese Yen And the Chinese yuan Hovering around strong levels after the US dollar index It fell more than 1% overnight on a weaker-than-expected inflation report.
The Japanese yen stood at 141.63 against the dollar, hovering around the strongest levels seen in two months before easing back after 150 in October.
The local yuan was around 7.18, and is also trading near its strongest level against the dollar in nearly a month.
– Jie Lee
CNBC Pro: Goldman Sachs says buying these stocks ahead of China’s $2.6 trillion reopening boom
Chinese stocks could get a 20% boost if the country eases its no-coronavirus policy, according to Goldman Sachs.
The investment bank has named a number of stocks that it expects to benefit from the reopening.
Professional subscribers can Read more here.
– Xavier Ong
Asia and the Pacific indices open their doors after the US inflation report
CNBC Pro: Bitcoin Will Fall Further, Fund Manager Says — Until This Catalyst Begins
Bitcoin drops 75% from all-time high, cryptocurrency exchange in range On the verge of bankruptcy. In such an environment, a bond fund manager reveals the one thing that is needed for prices to rise.
Michael Hoyle of Cross Border Capital also said that due to the lack of the catalyst, there is an increased risk of investors entering “a bit early”.
CNBC Pro subscribers can read more here.
– Ganesh Rao
CPI rose less than expected
US Consumer Price Index – a broad measure of inflation – it rose 0.4% in October compared to the previous month. On an annual basis, the consumer price index rose 7.7%.
Economists polled by Dow Jones expected a monthly gain of 0.6% and a year-over-year gain of 7.9%.
Excluding volatile food and energy costs, core CPI rose 0.3% for the month and 6.3% year over year, compared to related estimates of 0.5% and 6.5%.
– Jeff Cox
The dollar index is moving at an accelerating pace for the worst day since December 3, 2015
The US dollar fell on Thursday against a basket of other currencies as investors cheered the weaker-than-expected October CPI report, indicating that inflation may have peaked.
The dollar index fell 2%, putting it on track to record its worst daily performance since December 3. 4, 2015. If the index falls more than 2.1%, it will reach levels not seen since 2009.
This week, the dollar index is down 2.3% and is on track for its worst week since March 2020.
– Carmen Renick
Biden raises concerns about Xi’s relationship with Putin ahead of G20 summit
The US government has introduced some of the most comprehensive export controls, but they are intended to isolate China from advanced semiconductors. Analysts said the move could hamper 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 next week in a face-to-face meeting.
The meeting between the two leaders is the first since Biden took over the presidency of the United States. It will be held before the G20 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 in a phone call.
“This is a topic that President and President Xi have talked about several times before. They talked about it extensively in March in their video call and then talked about it again in July, so it is part of an ongoing conversation between the two.” The official, who spoke on condition of anonymity, added the official, who spoke on condition of anonymity. “.
– Amanda Macias
