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For the first time in two years Amazon missed earnings expectations, Singapore seems to be benefiting from Hong Kong's unrest, and the Australian property market turnaround is making some people think a bubble is returning. Here are some of the things people in markets are talking about today.

Not Amazing

As U.S. earnings season develops, Amazon.com is today’s fallen hero. The company reported its first quarterly profit decline in more than two years and missed analysts’ estimates, amid higher spending to speed up package delivery. Amazon projected operating income of $1.2 billion to $2.9 billion in the current quarter — but analysts’ estimates were $4.31 billion, and shares fell more than 7% in extended trading. Traders have been keeping a close watch on Amazon’s spending, as the company expands one-day delivery for its Prime program members and invests in its Amazon Web Services cloud-computing group. This year’s ramped-up outflows curbed investor enthusiasm, even after shares had neared records as recently as July.

Hong Kong’s Loss, Singapore’s Gain

More than four months of unrest in Hong Kong is proving to be a blessing for Singapore, a long-time rival to the title of Asia’s pre-eminent financial center. Hotel occupancy rates are at an all-time high, and there’s also been a pick up in luxury home sales, gold storage and foreign currency deposits — all of which could increase substantially depending on how long the protests drag on. While Goldman Sachs says the potential benefit to Singapore will be up to $4 billion, the city-state’s government is playing down any gains. Meanwhile banks have seen an uptick in those inquiring about how to re-allocate assets, according to Ravi Menon, managing director of the Monetary Authority of Singapore. Meanwhile Hong Kong markets are calm as protests linger and a recession looms.

Markets Mixed

Stocks in Asia headed for a mixed start Friday after U.S. equities edged higher, while Treasuries were steady and the dollar advanced. Equity futures in Japan and Hong Kong were flat, while Australian contracts advanced. Earlier, the S&P 500 Index traded above the 3,000 level, approaching its all-time high as technology shares led gains, but that positive sentiment is now being tested after Amazon’s earnings tumble. More broadly, the earnings season is giving investors numerous chances to see how corporations are withstanding the effects of trade tension, slowing global economic growth and Brexit. And on that note, the pound fell as Boris Johnson made a bid for a snap election. Elsewhere, crude rose 0.2% to $56.07 a barrel, and gold held at $1,503.97 an ounce.

Bubbling Over Again

Australia is seemingly rushing headlong into another debt-fueled property binge. Three interest rate cuts that have taken mortgage rates to a record low and a loosening of lending curbs have sent buyers flocking back to the housing market. At current boom-time rates of growth, Sydney home prices could recoup two years of losses and be back at record highs as soon as May. The sudden turnaround is raising fears of a re-inflated property bubble and risks swelling an already worrisome pile of household debt. It’s also further concentrating banks’ reliance on mortgages for earnings growth and entrenching inequality by making it harder for first-time buyers to get a foot on the property ladder. These six charts show the swift turnaround in the market, and the risks facing the economy and banks.

December Gamble

Will it be the most wonderful time of the year for Boris Johnson? If he gets his December election, the U.K. prime minister would be taking a double gamble. Not only would he be holding it at a time of year when elections haven’t been held in modern times, but he would also be going in with the defining issue of his premiership unresolved. Johnson announced that a motion to trigger an early poll will be put to a vote on Monday; two-thirds of members of Parliament need to support the proposal for the election to take place. But the leader of the opposition Labour Party, Jeremy Corbyn, late Thursday said he wanted to see if the EU offered an extension before making a decision. “Take no-deal [Brexit] off the table and we will absolutely support an election,” he said. On a somewhat ominous side note, a December election would be the first since 1923 — which produced a hung parliament. 

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours.

• John Bolton’s silence is hanging over the impeachment inquiry.
• This stock picker's epic run fizzles after mammoth 2,600% gain.
• Mike Pence slams Nike over its approach to China.
• China’s $132 billion market is  pushing big pharma into uncharted territory.
• Alipay, Tencent beware: China’s digital yuan is closing in.
• Elon Musk makes good on his “short burn of the century” tweet — 18 months later.
• Space homes will be built out of what’s already there. 

To contact the editor responsible for this story: Alyssa McDonald at amcdonald61@bloomberg.net

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