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Asia-Pacific stocks mostly lower, Tokyo inflation at highest in 40 years; US markets closed

Hong Kong movers: Casinos, technology stocks drop on rising China case numbers Hong Kong-listed stocks related to reopening and technology fell in Asia’s morning session following reports of a surge of Covid cases in China. Shares of casino operator MGM China fell more than 4%, Wynn Macau lost 2.5%, Sands China fell 3%, and SJM …

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Fed minutes, Bank of Korea decision, Sri Lanka

Bill Ackman says Hong Kong dollar peg will break Billionaire hedge fund manager Bill Ackman questioned the sustainability of the Hong Kong dollar‘s peg to the greenback, adding that his firm Pershing square has a significant short position on the currency. “We have a large national short position against the Hong Kong dollar through the …

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Hong Kong stocks lead losses as China Covid cases rise; Asia markets mixed

JD.com shares drop after company cuts senior management pay Hong Kong-listed shares of JD.com traded more than 5% lower in the afternoon after the company confirmed pay cuts of its senior management team. The Chinese e-commerce giant confirmed that it will slash the cash salaries of its senior management team by up to 20%, effective …

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Japan sees core inflation at its highest in 40 years as Asia-Pacific stocks rise

Philippines central bank expects economy to see “low growth” next year, not a recession Central bank governor Felipe Medalla of Bangko Central ng Pilipinas (BSP) said the economy is expected to see “low growth” of under 5%, not a recession, next year. Speaking to CNBC’s Sri Jegarajah in an interview, he said the central bank …

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APEC leaders meet, Japan trade, Australia unemployment

Temasek writes down full FTX investment, says it has no direct exposure in crypto Singapore’s sovereign wealth fund Temasek announced it will write down its full investment in FTX after the firm’s rapid collapse last week. The state investor said in a release that “in view of FTX’s financial position, we have decided to write …

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Asia-Pacific markets fall as second day of G-20 is underway

World Bank says Russia is ‘wrecking their own future’ through Ukraine war World Bank President David Malpass said Russia is hurting its own future by continuing a war on Ukraine. “It weakens Russia, it makes them outcasts and it really is wrecking their own future,” he said. “I’m hurt by what Russia is doing to …

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Chinese stocks to buy as China eases Covid restrictions and reopens

China announced a shortening of its quarantine requirements last week, while simplifying travel rules and adjusting its monitoring regime. The news raised hopes that the country could soon materially roll back its draconian Covid restrictions, widely seen as the strictest in the world. China has stood firm on its zero-Covid policy even as countries around …

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Hong Kong stocks up 3% as tech stocks rise; China’s activity data disappoints

There’s tremendous value in some Chinese tech stocks, says Primavera Capital Shares of large Chinese tech companies are currently “just so depressed” and “dirt cheap,” said Fred Hu, founder and chairman of Primavera Capital. The Hang Seng Tech index in Hong Kong is down more than 30% from the start of the year, though the …

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Hong Kong stocks jump 2% in mixed Asia session, Softbank shares drop 11%

Bitcoin falls below $16,000 to lowest since Nov. 2020 as FTX saga continues CNBC Pro: UBS says disinflation is on the way — and shares 8 global stocks to play it Swiss bank UBS has forecasted a “sharp” disinflation in 2023. It said weak growth alongside “mechanical” indicators, such as easing supply chain bottlenecks and …

Hong Kong stocks jump 2% in mixed Asia session, Softbank shares drop 11% Read More »