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SoftBank’s stock is having its worst week in nearly three months — Asian Market latest



The stock is down 1.5% Friday morning, putting SoftBank on pace for its fourth straight day of losses. Bloomberg reported early Friday, citing anonymous sources, that the Japanese tech company is planning to take a writedown to its Vision Fund of at least $5 billion to reflect the sinking valuation of holdings like WeWork and Uber. SoftBank did not immediately respond to a CNN Business request for comment.
Earlier this week, SoftBank announced a massive WeWork bailout.

SoftBank is down nearly 7% this week. That’s the worst week for the stock since the first full week of August, when it closed down nearly 10%.

Asian markets, meanwhile, opened mostly lower Friday.

Japan’s Nikkei (N225) was up 0.1% in early trading, though pulled back a little bit to trade down 0.1%. South Korea’s Kospi (KOSPI) edged down about 0.1%, but recovered some to trade flat. Hong Kong’s Hang Seng (HSI) slumped 0.5%. China’s Shanghai Composite (COMP) fell 0.6%.
US stock futures were mixed during Asian trading hours. The Dow (INDU) was down more than 0.1%, while the S&P 500 (SPX) was nearly flat. The Nasdaq (COMP) was up slightly.



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