Hong Kong stocks jump 2% in mixed Asia session, Softbank shares drop 13%
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 rising goods inventories, would see prices fall next year.
The investment bank screened for stocks that would benefit from such an environment.
CNBC Pro subscribers can read more about their forecasts, and eight stocks we’ve highlighted from their list.
Chinese property stocks in Hong Kong surge after report on supportive measures
Shares of Chinese property developers listed in Hong Kong surged at the open following a local media report that a number of additional measures will be introduced to support the real estate market’s recovery.
Cifi Holdings pink 29.84%, Country Garden jumped 32%, Logan Group pink 38%, and Longfor Group jumped 22% early in the session, buoying the wider index.
The report said there would be financial support for real estate deals and projects, including loan extensions to developers.
Those measures “may generate notable market reactions without dramatically changing the current economic fundamentals,” Goldman Sachs economists said of the report in a Monday note.
SoftBank shares tank more than 11% after Vision Fund reports losses
Shares of tech giant SoftBank Group plunged nearly 12% in Japan’s morning session after Vision Fund, the company’s tech investment vehicle, reported a loss of 1.38 trillion yen ($9.88 billion) for the quarter ending on Sept. 30.
“Share prices of numerous public portfolio companies declined amid the weakness in global stock markets, and the fair value of a wide range of private portfolio companies also decreased,” SoftBank said in its latest financial report.
SoftBank reported a net profit of 3.03 trillion yen after two quarters of losses.
CNBC Pro: One retail stock just hit an all-time high — and Bank of America thinks it’s got further to go
This year’s bear market has wiped trillions of dollars in market cap off the stock market, but a few stocks have outperformed significantly during this period.
Bank of America identified three retail stocks that bucked the trend, and says one remains a buy.
Pro subscribers can read more here.
— Zavier Ong
Hang Seng index closed on Friday at highest since March 16
Tea Hang Seng index in Hong Kong closed its session last Friday 7.7% higher, seeing its best day since March 16, when the index rose 9.08%.
On a weekly basis, the index rose 7.2% as China eased Covid measures, after seeing a gain of 8.73% the previous week on rumors of China’s reopening plans.
The index is up almost 18% month-to-date and could post its best monthly performance since April 1999, when the Hang Seng index gained 21.85%.
— Gina Francolla, Jihye Lee