Fed minutes, Bank of Korea decision, Sri Lanka

Bank of Korea raises rates by 25 basis points and meets expectations

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

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

The nation’s inflation rate for October was 5.7%, according to the latest figures released earlier this month, well above the central bank’s target of 2%.

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

–Jihye Lee

CNBC Pro: Asset Manager Says Investors Should Buy These Large-Cap Stocks Right Now

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

He calls his CEO a “significant visionary.”

While Luna picked the one large-cap stock, he advised investors to generally reallocate to smaller names, naming two stocks he called “best in class.”

CNBC Pro subscribers can read more here.

—Weizhen Tan

Stocks rise for second day as Wall Street applauds Fed signaling smaller rate hikes ahead

Stocks rose on Wednesday, posting the second straight day of gains as investors welcomed Federal Reserve minutes that signaled a slower pace of interest rate hikes 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 earnings and sales expectations in its latest results, according to consensus expectations for Refinitiv. tesla rose 7.82% after Citi upgraded the shares to neutral from sell. deere rose 5.03% on an earnings pace.

—Carmen Reinicke

CNBC Pro: Betting Against British Supermarket, Short Seller Expects Nearly 50% Collapse In Share Price

There is more pain to come for investors in a British supermarket company if a short seller’s prediction comes true.

The hedge fund currently has a bear bet worth £32.6m and expects the grocer’s shares to fall 44%.

The fund’s chief investment officer also believes the supermarket will raise fresh capital by diluting shareholders year after year to stay afloat in a challenging environment.

CNBC Pro subscribers can read more here.

—Ganesh Rao

Fed minutes show smaller rate hikes ahead, stocks rise

Stocks rose Wednesday afternoon after the release of the Federal Reserve’s November meeting minutes. The report showed that the central bank sees progress in its fight to reduce inflation and hopes to slow the pace of interest rate hikes in the future.

“A substantial majority of participants considered that a slowdown in the rate of increase would probably be appropriate soon,” the minutes said. “Uncertain delays and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited as to why such an assessment was important.”

That means the Fed will likely offer a smaller rate hike in December and early 2023.

The markets applauded 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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