British pound slides further to hover around 37-year low
The British pound fell further in Asia’s 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 rise.
Analysts are split over whether the UK central bank will hike rates by 50 basis points or 75 basis points later today.
Sterling last traded at $1.1223.
— Abigail Ng
CNBC Pro: Morgan Stanley’s Mike Wilson names the key attribute he likes in stocks
Morgan Stanley’s Mike Wilson is staying defensive amid the persistent market volatility this year. He names the key attribute he’s looking for in stocks.
Stocks with this attribute have been “rewarded” this year, with the trend likely to persist until the market turns more bullish, according to Wilson.
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— Zavier Ong
Bank of Japan likely to maintain yield curve control for rest of 2022. DBS:
Substantial adjustments to the Bank of Japan’s policies are likely to happen only after the central bank’s leadership changes in mid-2023, DBS Group Research said in a note Tuesday.
But the BOJ may consider some “policy fine-tuning,” such as widening the target band by 10 basis points, in response to market pressures, analysts wrote.
It added that “regardless of intervention,” the dollar-yen could test 147.66 last seen in August 1998, adding they are not ruling out USD/JPY pushing above 150 “without a hard landing in the US prompting Fed cuts.”
— Abigail Ng
Stock futures open lower
US stock futures fell on Wednesday night following a volatile session in the major averages as traders weighed another large rate hike from the Federal Reserve.
Dow Jones Industrial Average futures declined by 16 points, or 0.05%. S&P 500 and Nasdaq 100 futures dipped 0.19% and 0.31%, respectively.
Stocks slide, Dow closes 522 points lower in volatile trading session
Stocks wavered on Wednesday but finished the session deep in the red after the Federal Reserve announced another 75 basis point rate hike.
The Dow Jones Industrial Average shed 522.45 points, or 1.7%, to close at 30,183.78. The S&P 500 slid 1.71% to 3,789.93 and the Nasdaq Composite dove 1.79% to 11,220.19.
— Samantha Subin