British pound slides further to hover around 37-year low
Sterling fell further in Asian morning trade, hitting $1.1217, its lowest level since 1985.
The currency has been losing ground against the US dollar this year as economic concerns mount.
Analysts are divided on whether the UK central bank will raise rates by 50 basis points or 75 basis points later today.
The British Pound was last traded at $1.1223.
— Abigail from
CNBC Pro: Morgan Stanley’s Mike Wilson Names the Key Attribute He Likes in Stocks
Morgan Stanley’s Mike Wilson remains defensive amid persistent market volatility this year. He names the key attribute that he is looking for in the actions.
Stocks with this attribute have been “rewarded” this year, and the trend is likely to continue until the market turns more bullish, according to Wilson.
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Bank of Japan likely to retain control of yield curve for rest of 2022: DBS
Substantial adjustments to Bank of Japan policies are likely only after the central bank’s leadership changes in mid-2023, DBS Group Research said in a note on Tuesday.
But the BOJ may consider some “policy adjustments,” such as widening the target band by 10 basis points, in response to market pressures, the analysts wrote.
He added that “regardless of intervention”, the dollar-yen could test 147.66 last seen in August 1998, adding that they do not rule out the USD/JPY pair breaking above 150” without a hard landing in the US. that provokes Fed cuts”.
— Abigail from
Stock futures open lower
US stock futures fell on Wednesday night after a volatile session in the main averages, as traders weighed another big rate hike by the Federal Reserve.
Dow Jones Industrial Average futures were down 16 points, or 0.05%. S&P 500 and Nasdaq 100 futures fell 0.19% and 0.31%, respectively.
Stocks fall, Dow closes 522 points lower in volatile trading session
Stocks fluctuated on Wednesday but ended the session in the red after the Federal Reserve announced another 75 basis point rate hike.
The Dow Jones Industrial Average lost 522.45 points, or 1.7%, to close at 30,183.78. The S&P 500 fell 1.71% to 3,789.93 and the Nasdaq Composite fell 1.79% to 11,220.19.