Fed minutes, Bank of Korea decision, Sri Lanka

The Bank of Korea raised rates by 25 basis points, meeting expectations

The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller increase than the previous move and broadly in line with expectations.

A Reuters poll of economists expected the move amid signs of slowing domestic growth.

The country’s inflation rate for October was 5.7%, according to the latest figures released earlier this month – higher than the central bank’s target of 2%.

BOK Governor Rhee Chang-yong is scheduled to hold a press conference later in the day regarding the currency decision.

– Jihye Lee

CNBC Pro: Asset manager says investors should buy this big-cap stock now

There is one large-cap stock that investors should buy right now, according to Rob Luna, chief investment strategist at asset manager Surevest.

He called its CEO an “important visionary.”

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While Luna chose a large-cap stock, he advised investors to generally relocate to smaller names, naming two stocks he called “best of breed.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

Stocks rose for a second day as Wall Street cheered the Fed’s announcement of smaller rate hikes ahead.

Stocks rose on Wednesday and recorded a second straight day of gains as investors cheered minutes from the Federal Reserve that signaled a slow interest rate hike ahead.

The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06. The S&P 500 gained 0.59% to close at 4,027.26 and the Nasdaq Composite rose 0.99% to 11,285.32.

Nordstrom shares fell 4.24% after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to Refinitiv’s consensus estimate. Tesla rose 7.82% after Citi upgraded the shares to neutral from sell. Deere rose by 5.03% on a beat in earnings.

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—Carmen Reinicke

CNBC Pro: Betting against a British supermarket, short seller expects nearly 50% collapse in share price

There is more pain to come for investors in a British supermarket company when a short seller forecast comes through.

The hedge fund currently holds a bearish bet worth £32.6 million and expects the grocer’s shares to fall by 44%.

The fund’s chief investment officer also believes the supermarket will raise new capital by diluting shareholders every year to keep itself afloat in a challenging environment.

CNBC Pro subscribers can read more here.

— Ganesh Rao

The feeding minutes showed a smaller increase in the forward rate, the stocks gained

Stocks rose on Wednesday afternoon following the release of minutes from the Federal Reserve’s November meeting. The report indicated that the central bank is seeing progress in its fight to lower inflation and is expected to slow the pace of interest rate hikes in the future.

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“A large majority of the participants decided that a slowdown in the rate of increase is probably soon appropriate,” the minutes said. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation are among the reasons discussed why such an assessment is important.”

That means the Fed will likely offer a small rate hike in December and the first months of 2023.

Markets cheered the news. The Dow Jones Industrial Average rose 130 points, or 0.38%. The S&P 500 gained 0.70% and the Nasdaq Composite rose 1.10%.

—Carmen Reinicke


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