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Saturday, September 24, 2022

Hong Kong’s Hang Seng rises 2%, leads Asia markets higher after Powell’s inflation comments

Worst is not over for Japanese yen, analyst says

The Japanese yen’s depreciation is one of the more “rigorous” and “easiest” moves to explain because it is “based on real fundamentals,” director of Monex Group Jesper Koll told CNBC, adding it could plummet even further in coming months.

It is the most “textbook-driven currency move I’ve seen in 30 years,” he said.

Koll pointed towards the interest rate differential between the U.S. and Japan as one of the “powerful forces” that will move the yen, adding the chance of the Bank of Japan raising rates is “close to nil.”

Read the full story here.

– Charmaine Jacob

CNBC Pro: Uranium is ‘on a tear’ right now. Here are two ETFs to play it

One niche area of the commodity market — uranium — has been a bright spot over the past month, with its performance outpacing even that of the broader energy sector.

Two ETFs have surged in recent weeks, as the West scrambles to reduce its reliance on Russian energy.

Pro subscribers can read more here.

— Weizhen Tan

Bilibili plunges 16% at open after reporting second-quarter loss

Hong Kong-listed shares of Chinese video and gaming company Bilibili plunged more than 16% at the open after reporting a miss on its second-quarter earnings overnight.

The company reported a net loss of more than $300 million almost double the amount of loss reported for the same period a year ago.

Citi Research’s vice president of China internet and media Brian Gong, however, was optimistic and said regulatory concerns over the country’s gaming industry are easing.

Pointing to the government’s resuming of gaming licenses, Gong said “although their number is less than expected, it shows the environment is improving,” he said on CNBC’s “Squawk Box Asia,” adding that “the worst is behind us.”

—Jihye Lee

CNBC Pro: Citi just upgraded eight Chinese stocks

China’s “economic recovery looks to be slower than market expectations,” Citi’s stock analysts said in a Sept. 2 report.

They downgraded 12 China stocks — but upgraded eight. Here are three stocks from their updated list of top Hong Kong and mainland-traded Chinese stocks to buy.

Pro subscribers can read more here.

Evelyn Cheng

U.S. stock futures open little changed

U.S. stock futures opened little changed following a choppy session in the major averages as Wall Street considered the pace of future interest rate hikes.

Dow Jones Industrial Average futures rose by 23 points, or 0.07%. S&P 500 and Nasdaq 100 futures climbed 0.08% and 0.13%, respectively.

— Sarah Min

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