Hong Kong stocks jump 6% as Asia-Pacific markets rise after U.S. inflation report

Currency analysis: Japanese yen, Chinese yuan at strengthened levels

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

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

The onshore yuan was around 7.18, also trading near its strongest level against the dollar in nearly a month.

— Jihye Lee

CNBC Pro: Bitcoin will fall more, says fund manager – until this one catalyst kicks in

Bitcoin is down 75% from its all-time high, and cryptocurrency exchanges are on the brink of bankruptcy. In such an environment, a bond fund manager reveals something that is necessary for prices to rally.

Michael Howell from Cross Border Capital also said that because of the missing catalyst, there is an increased risk of investors getting a “too little.”

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CNBC Pro subscribers can read more here.

— Ganesh Rao

Asia-Pacific indices opened after the US inflation report

CPI rises below expectations

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

Economists polled by Dow Jones expected a month-on-month gain 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 the respective estimates of 0.5% and 6.5%.

— Jeff Cox

Dollar index on course for worst day since December 2015

The US dollar fell Thursday against a basket of other currencies as investors cheered the CPI report for October that came in weaker than expected, signaling that inflation may have picked up.

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The dollar index fell 2%, putting it on course for its worst daily performance since December 4, 2015. If the index falls more than 2.1%, it will hit levels not seen since in 2009.

This week, the dollar index is down 2.3% and is on track for the worst week since March 2020.

—Carmen Reinicke

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

The US government has introduced some of the most extensive export controls aimed at cutting China off from advanced semiconductors. Analysts say the move could disrupt 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.

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The meeting between the two leaders, the first since Biden assumed the presidency of the US, 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 in the war of aggression with Russia,” a senior Biden administration official told reporters on a call.

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

— Amanda Macias


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