Hong Kong stocks jump 5% as Asia-Pacific markets rise after U.S. inflation report

Hong Kong Movers: Alibaba, JD.com, Tencent soar opening

Shares of Chinese technology companies listed in Hong Kong rallied in early Asian trade and the broader Hang Seng Index briefly added more than 6%.

Tech giants Alibaba and JD.com rose 7.94% and 10%, respectively. Tencent added 9.16%, while Meituan gained 12.26%.

— Lee Ying Shan

Currency check: Japanese yen, Chinese yuan at strengthened levels

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

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

The yuan was on shore around 7.18, also trading near the strongest levels against the dollar in almost a month.

— Jihye Lee

Asia-Pacific indices open after US inflation report

CNBC Pro: Bitcoin Will Fall More, Fund Manager Says – Until This Catalyst Kicks In

Bitcoin is down 75% from its all-time high, and a cryptocurrency exchange is on the verge of bankruptcy. In such an environment, a bond fund manager reveals the one thing needed to raise prices.

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

CNBC Pro subscribers can read more here.

— Ganesh Rao

CPI rises less than expected

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

Economists polled by Dow Jones had expected a one-month gain of 0.6% and a year-over-year advance of 7.9%.

Excluding volatile food and energy costs, so-called core CPI rose 0.3% for the month and 6.3% on an annual basis, compared with respective estimates of 0.5% and 6.5%.

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— Jeff Cox

Dollar index on pace for worst day since December 2015

The US dollar slipped on Thursday against a basket of other currencies as investors hailed a weaker-than-expected October CPI report, indicating that inflation may have peaked.

The dollar index lost 2%, sending it to its worst daily performance since December 4, 2015. If the index falls more than 2.1%, it will hit levels not seen since 2009.

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

-Carmen Reinicke

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

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, the first since Biden ascended to the Presidency of the United States, 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 with the Russian war of aggression,” a senior Biden administration official told reporters on a call.

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

— Amanda Macias

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