Jackson Hole, HKEX cancels morning session on typhoon warning


Qantas Shares Jump After Buyback Announcement, Earnings Report

Shares of Australian airline Qantas rose as much as 10% after the company reported profits and announced plans for a share buyback.

The company posted an underlying pre-tax loss of 1.86 billion Australian dollars ($1.29 billion) for fiscal 2022.

“While the first three quarters of the year were marked by border closures and waves of uncertainty caused by Covid variants, the fourth quarter saw the highest sustained travel demand since the start of the pandemic,” Qantas said in a statement.

It also announced plans to buy back shares worth up to 400 million Australian dollars, according to a filing.

“This is the first return to shareholders since 2019 and follows $1.4 billion in equity raised at the start of the pandemic,” the company said.

— Abigail Ng

CNBC Pro: Why Goldman Sachs Thinks This FAANG Stock Is A Sell?

FAANG stocks delivered a mixed bag of second-quarter results, but Goldman Sachs is holding its buy calls for nearly the entire group.

Only one share is a sale, the bank said.

Pro subscribers can read the story here.

— Zavier Ongo

HKEX postpones morning session due to Typhoon, resumes in the afternoon

The windows of a restaurant at The Peak were taped in Hong Kong on August 24, 2022, when Hong Kong Observatory issued a typhoon signal No. 8 earlier in the morning. HKEX has canceled its morning session due to the T8 release. (Photo by ISAAC LAWRENCE/AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)

Isaac Lawrence | Afp | Getty Images

Hong Kong postponed its morning session due to the issuance of Typhoon Signal No. 8, the exchange announced on its website. The session is likely to resume in the afternoon as the signal has now downgraded to a T3.

“If typhoon signal #8 or higher, or any announcement of extreme conditions continues at 9am, morning trading sessions for all markets will be canceled,” it reads.

The HKEX’s guidelines on its website on resuming the session say, “trading will begin on the first half hour, approximately two hours after the cessation of Typhoon No. 8 or an announcement of extreme conditions.”

—Jihye Lee

Bank of Korea raises rates

The Bank of Korea raised the national 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 the increase. An increase of 50 basis points was expected.

That follows a 50 basis point increase in July – the biggest increase since the bank introduced the currency policy system in 1999, while even forecasting gross domestic product growth “below the May forecast of 2.7%”.

Central bank governor Rhee Chang-yong is expected to hold a press conference later in the morning explaining today’s decision.

— Jihye Lee

CNBC Pro: Morgan Stanley, UBS Prefer These ‘Cheap’ Stocks Even in a Recession

The risk of a recession is increasing, according to analysts at Canaccord Genuity led by Tony Dwyer.

“Our indicators suggest that a recession will become increasingly likely as we move into next year, especially if the Fed continues to raise interest rates,” said an Aug. 22 research note.

But according to Morgan Stanley and UBS, some stocks still look cheap — even with the risk of a slowdown priced in. Here are some of the stocks they prefer.

Pro subscribers can read the story here.

— Zavier Ongo

Treasury yields rise on expectations of aggressive Jackson Hole Fed meeting

Treasury yields are rising ahead of the Federal Reserve’s annual symposium in Jackson Hole, Wyo, on the idea that the market is more favorable than the central bank.

The three-day event kicks off Thursday, and the market is most focused on a Friday morning speech from Fed Chair Jerome Powell.

The market anticipated an aggressive Fed based on pre-meeting comments. For example, some Fed officials have reversed the market view that the Fed could cut interest rates not long after it finishes raising them next year.

Yields, which move inversely to price, have moved higher on the expectation that Powell will emphasize aggressive policies to fight inflation and keep interest rates elevated for longer. The 10-year yield reached 3.11% on Wednesday morning, the highest since the end of June.

“I think what the bond market is trying to understand is Powell’s view of this policy reversal in 2023,” said Jim Caron of Morgan Stanley Investment Management.

Patti Domm

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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