Hong Kong shares jump 2% in mixed Asian session, Softbank shares fall 13%

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Bitcoin drops below $16,000 to lowest since November 2020 as FTX saga continues

CNBC Pro: UBS says disinflation is on its way — and shares 8 global stocks to play it

Swiss bank UBS has predicted “strong” disinflation in 2023.

He said weak growth coupled with ‘mechanical’ indicators, such as easing supply chain bottlenecks and rising commodity inventories, would lead to lower prices next year. .

The investment bank selected stocks that would benefit from such an environment.

CNBC Pro subscribers can learn more on their predictions, and eight stocks we’ve highlighted in their list.

—Ganesh Rao

Chinese real estate stocks in Hong Kong rise after report on support measures

Shares of Hong Kong-listed Chinese property developers jumped at the open following local media report that a number of additional measures will be put in place to support the recovery of the real estate market.

Cifi Holdings increased by 29.84%, country garden jumped 32%, Logan Group increased by 38%, and Longfor Group jumped 22% early in the session, supporting the broader index.

The report says there would be financial support for real estate transactions and projects, including loan extensions to developers.

These measures “could generate notable market reactions without dramatically altering current economic fundamentals,” Goldman Sachs economists said of the report in a Monday note.

—Jihye Lee

SoftBank shares fall more than 11% after Vision Fund announces losses

Shares of the tech giant SoftBank Group plunged nearly 12% in morning session in Japan after Vision Fund, the company’s technology investment vehicle, announced a loss of 1.38 trillion yen ($9.88 billion) for the quarter ending September 30.

“The stock prices of many public holding companies have fallen amid weakness in global equity markets, and the fair value of a wide range of private holding companies has also declined,” SoftBank said in its latest financial report. .

SoftBank reported net profit of 3.03 trillion yen after two quarters of losses.

—Abigail Ng

CNBC Pro: A retail stock just hit an all-time high — and Bank of America thinks it still needs to go higher

This year’s bear market wiped out trillions of dollars of market capitalization from the stock market, but a few stocks outperformed significantly during this period.

Bank of America identified three retail stocks that bucked the trend, and said one remains a buy.

Pro subscribers can find out more here.

— Zavier Ong

The Hang Seng index closed Friday at the highest since March 16

The Hang Seng Index in Hong Kong closed its session last Friday up 7.7%, having 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 posting an 8.73% gain the previous week on rumors of China’s reopening plans.

The index is up almost 18% since the start of the month and could post its best monthly performance since April 1999, when the Hang Seng index gained 21.85%.

Gina Francolla, Jihye Lee

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