CNBC Pro: Why Goldman Sachs thinks this FAANG stock is a selloff
HKEX delays morning session due to typhoon, resumes in afternoon
The windows of a restaurant at The Peak are taped off in Hong Kong on August 24, 2022, as the Hong Kong Observatory issued Typhoon Signal No. 8 released in the morning. HKEX canceled its morning session in line with the T8 release. (Photo by Isaac Lawrence/AFP) (Photo by Isaac Lawrence/AFP via Getty Images)
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Typhoon signal no. 8, Hong Kong delayed its morning session due to exchange announced on its website. The session will resume in the afternoon as the signal is now reduced to T3.
“Morning trading sessions will be canceled for all markets if Typhoon Signal No. 8 or higher, or any announcement of extreme conditions is issued at 9:00 am,” it said.
HKEX’s session resumption guidance on its website states, “Trading will resume in the first half hour after the cessation of Typhoon Signal No. 8 or any severe conditions notification approximately two hours.”
– Jihye Lee
Bank of Korea raises interest rates
The Bank of Korea raised the country’s key interest rate by 25 basis points to 2.50%.
The move was in line with a Reuters poll, where all but one of 36 economists predicted a hike. One expected a 50 basis point rise.
That’s a 50 basis point increase from July – the biggest increase since the Bank adopted monetary policy in 1999, with GDP growth expected to be “below the May forecast of 2.7%”.
Central Bank Governor Ri Sang-yong is expected to hold a press conference in the morning to explain today’s decision.
– Jihye Lee
CNBC Pro: Morgan Stanley, UPS likes these ‘cheap’ stocks even in recession
The risk of recession is growing Canaccord GenuityInspectors led by Tony Dwyer.
“As our indicators move into next year, especially if the Fed continues to raise rates, there is a growing possibility of a recession,” the Aug. 22 research note said.
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– Javier Ong
Treasury yields rise on expectations of a hawkish Jackson Hole Fed meeting
On the assumption that the market outlook is more bleak than the central bank’s, Wyo
The three-day event begins Thursday, and the market is focused on Friday morning’s speech by Federal Reserve Chairman Jerome Powell.
A hawkish view of the federal market based on comments ahead of the meeting. For example, some central bank officials are pushing back on the market view that the central bank may cut interest rates after it finishes raising interest rates next year.
Yields, which move opposite prices, tend to move higher based on expectations that rates will be kept at high levels for a longer period of time, emphasizing an aggressive policy to fight inflation. The 10-year yield It hit 3.11% on Wednesday morning, the highest since late June.
“I think the bond market is trying to understand Powell’s view of this policy reversal in 2023,” said Jim Caron of Morgan Stanley Investment Management.
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