Fed minutes, Bank of Korea decision, Sri Lanka

Bank of Korea raises interest rates by 25 basis points, meeting expectations

The Bank of Korea raised its key interest rate by 25 basis points to 3.25%, a smaller increase than the previous move and in line with expectations.

A Reuters poll of economists had expected the move amid signs of slowing domestic growth.

The nation’s inflation rate for October was 5.7%, according to the latest figures released earlier this month – well above the central bank’s 2% target.

BOK Governor Rhee Chang-yong is expected to hold a press conference later in the day on the currency decision.

– Jihye Lee

CNBC Pro: Wealth Manager Says Investors Must Buy This Large Cap Stock Now

According to Rob Luna, chief investment strategist at asset management firm Surevest, there’s one large-cap stock that investors must buy right now.

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He called its CEO a “visionary”.

While Luna chose a large-cap stock, he advises general investors to reallocate to smaller names, naming two stocks he calls “best of the breed.”

CNBC Pro subscribers can read more here.

— Wei Zhen Tan

Stocks rise for a second day as Wall Street cheers Fed on signaling smaller rate hikes to come

Stocks rose on Wednesday and posted a second straight day of gains as investors cheered minutes from the Federal Reserve signaling a slower pace of rate hikes was coming.

The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06. The S&P 500 rose 0.59% to close at 4,027.26 and the Nasdaq Composite added 0.99% to 11,285.32.

Shares of Nordstrom fell 4.24% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv. Tesla rose 7.82% after Citi upgraded the stock from sell to neutral. Deere 5.03% growth per earnings beat.

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—Carmen Reinicke

CNBC Pro: Bet on a UK supermarket, short seller predicts stock price to drop nearly 50%

Investors in a British supermarket company will have a harder time if the short seller’s prediction comes true.

The hedge fund is currently betting down £32.6 million and predicts the grocery store’s stock will fall 44%.

The fund’s chief investment officer also believes the supermarket will raise new capital by diluting its shareholders every year to keep itself afloat in a challenging environment.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Fed minutes show smaller rate hikes ahead, stocks rally

Stocks rose on Wednesday afternoon after the release of minutes of the Federal Reserve’s November meeting. The report shows that the central bank sees progress in its fight to reduce inflation and is expected to slow the pace of future rate hikes.

Also Read :  Fed eyes slower rate hikes as recession threat grows

“A substantial majority of participants assessed that a slowdown in growth would likely soon be appropriate,” the minutes stated. “The lag and intensity of uncertainty regarding the impact of monetary policy actions on economic activity and inflation are among the cited reasons for why such an assessment is importance.”

That means the Fed is likely to deliver a smaller rate hike in December and into the early months of 2023.

The market cheers the news. The Dow Jones Industrial Average rose 130 points, or 0.38%. The S&P 500 gained 0.70% and the Nasdaq Composite gained 1.10%.

—Carmen Reinicke


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