British pound slides further to hover around 37-year low
The British pound Further decline in Asian morning trade, reaching $1.1217 – its lowest level since 1985.
The currency has lost ground against the US dollar this year as economic concerns grow.
Analysts are divided Whether the BoE will raise interest rates by 50 basis points or 75 basis points later today.
The British pound was last traded at $1.1223.
– Abigail Ng
CNBC Pro: Morgan Stanley’s Mike Wilson names the key feature he loves about stocks
Morgan Stanley’s Mike Wilson remains on the defensive amid ongoing market volatility this year. Names the main feature he looks for in a stock.
Stocks with this trait have been “rewarded” this year, and the trend is likely to continue until the market turns further up, according to Wilson.
Professional subscribers can Read more here.
– Xavier Ong
Bank of Japan likely to maintain yield curve control for the rest of 2022: DBS
DBS Group Research said in a note on Tuesday that significant adjustments to the Bank of Japan’s policies are likely to occur only after the central bank’s leadership changes in mid-2023.
But analysts wrote that the BoJ may consider some “policy tuning”, such as expanding its target range by 10 basis points, in response to market pressures.
She added that “regardless of interference” yen dollar It could test 147.66 last seen in August 1998, adding that they do not rule out a rally in the USD/JPY back above 150 “without the sharp drop in the US prompting the Fed to cut.”
– Abigail Ng
Stock futures open lower
US stock futures fell Wednesday night after a choppy session in the major averages as traders weighed another big rate hike from the Federal Reserve.
Dow Jones Industrial Average futures were down 16 points, or 0.05%. S&P 500 and Nasdaq 100 futures declined 0.19% and 0.31%, respectively.
– Sarah Min
Stocks drop, Dow closes 522 points down in choppy trading session
Stocks fell on Wednesday but ended the session deep in the red after the Federal Reserve announced another 75 basis point interest rate hike.
The Dow Jones Industrial Average fell 522.45 points, or 1.7%, to close at 30,183.78 points. The S&P 500 fell 1.71% to 3789.93 and the Nasdaq Composite fell 1.79% to 11220.19.
– Samantha Sobin
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