07:37 PM
Fed Chairman at Jackson Hole
Powell prepared to raise rates further if appropriate
07:32 PM
US yields rise ahead of Powell’s speech at Fed’s Jackson Hole summit
Treasury yields edged higher early Friday as the market awaits a highly anticipated speech by Federal Reserve Chair Jerome Powell at its Jackson Hole, Wyoming, symposium that’s likely to retain a hawkish outlook on interest rates. Powell is scheduled to speak at 10:05 a.m. EDT (1405 GMT) at a conference that will address how the world economy is changing following the COVID-19 pandemic, the global breakout of inflation and other events.
07:12 PM
US stocks open higher as investors await Powell’s speech
The Dow Jones Industrial Average rose 117.64 points, or 0.34%, at the open to 34,217.06.
The S&P 500 opened higher by 13.07 points, or 0.30%, at 4,389.38, while the Nasdaq Composite gained 50.40 points, or 0.37%, to 13,514.37 at the opening bell.
06:42 PM
Biden administration unveils new crypto tax reporting rules
The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes.
A proposed new tax reporting form called Form 1099-DA is meant to help taxpayers determine if they owe taxes, and would help crypto users avoid having to make complicated calculations to determine their gains, the Treasury Department said.
06:40 PM
Gold heads for best week in six ahead of key speech by Fed’s Powell
Spot gold edged down 0.1% to $1,915.40 per ounce by 0958 GMT, having risen about 1.4% so far this week. U.S. gold futures shed 0.2% to $1,943.50.
Benchmark 10-year Treasury yields evaporated all weekly gains, supporting non-yielding gold, although U.S. dollar heading for its six straight weekly rise kept gains in check.
06:35 PM
Fed Chair Powell could signal the likelihood of high rates for longer in closely watched speech
When Federal Reserve Chair Jerome Powell delivers a high-profile speech Friday in Jackson Hole, Wyoming, many analysts think he could make one thing clear: That the Fed plans to keep its benchmark interest rate at a peak level for longer than had been expected.
Powell isn’t likely to say whether the Fed will continue raising rates. But he may signal that any rate cuts are unlikely until well into next year. The central bank has already helped drive inflation down from painfully high levels. But Fed officials have said they need to keep rates high to further slow borrowing and spending and reduce inflation to their 2% target.
06:26 PM
India’s forex reserves drop $7.27 billion to $594.88 billion
The country’s forex kitty had reached an all-time high of $645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended August 18, the foreign currency assets, a major component of the reserves, decreased by $6.613 billion to $527.786 billion, according to the Weekly Statistical Supplement released by the RBI.
06:15 PM
Swiggy restarts IPO plans, aims for 2024 listing
Swiggy, which delivers food from restaurants and also groceries, was valued at $10.7 billion in its last fundraising in 2022 but like many Indian startups put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations.
But as global and Indian markets have rebounded Swiggy has restarted its IPO planning by inviting eight investment banks to make pitches in early September to work on the IPO, including Morgan Stanley, JP Morgan and Bank of America, two of the sources said.
05:45 PM
Tech View: Bears having…
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