Hong Kong Home Prices Drop to Six-Year Low 📉

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Hong Kong Existing-Home Prices Drop to Six-Year Low, Genesis considering cutting 200 of its 1300 jobs, China property market shows little signs of revival despite stimulus, Elon Musk's X to launch premium subscriptions soon, Coinbase is ‘confident’ a U.S. bitcoin ETF will be approved after SEC’s court defeat.

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Let's jump in.

Before The Bell

Markets

• Markets were mostly down over the past day. The NZX 50 lost -1.3%, to 10,994.08, the ASX 200 decreased -1.2% to 6,900.70, the S&P 500 decreased -0.8% to 4,278.00 and the Nasdaq lost -1.0%

• Singapore’s dollar surged to an all-time high against the Malaysian ringgit as the latter was weighed down by weaker exports and its widening rate differential with the US (BBG)

• The Taiwan dollar is regaining an edge over China’s yuan as a carry-trade currency (BBG)

• U.S. Treasury yields ticked lower Friday after rising to multiyear highs as investors digested comments by Federal Reserve Chairman Jerome Powell. The yield on the 10-year Treasury fell to 4.939% by 5:25 a.m. ET, down around 5 basis points. The 2-year Treasury yield was trading around 5.155%, down around 2 basis points (RT)

Earnings and Data

• Blackstone Inc., grappling with higher interest rates and stung by a pullback in dealmaking, reported a 12% decline in quarterly profit available to shareholders (BBG)

News Summary

• Supporters of Sir Tim Shadbolt have come up with what they term an "ideal way" to honour the long-term Invercargill mayor — by naming the city's airport after him (1 News)

• Hong Kong’s existing home prices dropped to the lowest level since April 2017 in the latest sign of an extended slump in the city’s residential property market (BBG)

• Chinese President Xi Jinping urged Vietnam not to forget the roots of the friendship between the two Communist countries during a meeting with Vietnamese President Vo Van Thuong in Beijing (BBG)

• Genesis Energy has told its staff that it is considering cutting 200 jobs from the retail arm of its business (Stuff)

• Britain needs to better track funds going into green investments to assess how much is needed from the private sector and should consider targeted tax changes to encourage sustainable projects, banking industry body UK Finance said (RT)

• China's troubled property market is showing little signs of a recovery in the short term despite a series of government stimulus measures to help revive activity in the sector which makes up a quarter of the nation's economic output (RT)

• Elon Musk said on Friday social media platform X, formerly known as Twitter, will soon launch two new tiers of premium subscriptions. "One is lower cost with all features, but no reduction in ads, and the other is more expensive, but has no ads," Musk said on a post on X (RT)

• Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company’s chief legal officer, Paul Grewal (CNBC)

• A Russian appeals court has imposed interim measures against Credit Suisse and ruled that funds totalling USD$20.9 million held by the Swiss bank in Russia may be seized, court filings published on Thursday showed (RT)

Deal Flow

Investments / M&A

• I Squared Capital agreed to buy Deutsche Bahn AG’s Arriva transport business, which operates London’s iconic red double-decker buses (BBG)

• Exxon Makes Up for Lost Time With USD$60 Billion Shale Deal (BBG)

• FaZe Holdings Inc., the struggling video game influencer company with 512 million followers across social media, is being acquired by GameSquare Holdings Inc (BBG)

• SoftBank's venture capital fund SVF Growth, Singapore, will sell a 1.1% stake in Indian food delivery firm Zomato for 10.24 billion rupees (USD$123.24 million) (RT)

• Indian automaker Tata Motors said on Thursday it will buy a 26.79% stake in digital logistics firm Freight Tiger for 1.50 billion rupees (USD$18.05 million), looking to boost its truck and freight operations (RT)

VC & Fundraising

• Hydrogen project developer HH2E is in talks to raise up to 300 million euros (USD$317 million) in debt to help fund its two planned projects in Germany (RT)

Equity Raises

• Renault SA is pushing on with a plan to list its Ampere electric-vehicle and software unit in the first half of next year, undaunted by recent market jitters and the skepticism of some analysts (BBG)

• CVC Capital Partners' institutional backers plan to sell shares in the buyout group as part of its upcoming initial public offering (RT)

Debt

• The cement business of Indian billionaire Gautam Adani's flagship group said on Friday it had secured a new USD$3.5 billion loan to refinance debt it had taken to buy ACC Ltd and Ambuja Cements last year (RT)

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