Fed chair Powell in his address last week at the Fed’s Jackson Hole symposium flagged the likely need for restrictive monetary policy for some time to curb high inflation and cautioned against loosening monetary conditions prematurely. Wall Street reacted sharply and sank on Friday and most Asian markets followed suit and shed on Monday.
Tokyo shares down after Fed pledge to hike rates
Tokyo stocks opened lower Monday after US Federal Reserve Chair Jerome Powell declared his commitment to rate hikes to fight inflation.
The benchmark Nikkei 225 index tumbled 2.64%, or 755.85 points, to 27,885.53, while the broader Topix index slipped 2.20%, or 43.50 points, to 1,936.09. (AFP)
DreamFolks Services IPO: What GMP signals after strong subscription
Bidding for initial public offering (IPO) of Dreamfolks Services Limited is over and the IPO worth ₹562.10 crore has been subscribed 56.68 times whereas its retail portion has been subscribed 43.66 times in three day bidding from 24th August to 26th August 2022. After strong response by retail and other category investors, grey market premium (GMP) of DreamFolks Services IPO has surged and breached three digit figure today. According to market observers, shares of DreamFolks Services Limited are available at a premium of ₹102 per equity share in grey market today. (Full Report)
Reliance Industries 45th AGM to be held today. Things to look forward to
Reliance Industries will hold its 45th Annual General Meeting (AGM) at 2 pm on 29 August. RIL will broadcast it simultaneously on a virtual reality platform as well as on five social media platforms as it takes another leap in digitally connecting people for its annual shareholder meeting.
RIL Chairman and Managing Director Mukesh Ambani is likely to make announcements about the firm's 5G rollout, how he plans to unlock the value of his telecom and retail units through separate listings, and when and how his children will take over the reins. (Full Report)
Wall Street stocks slump on Friday after Fed chair vows tough inflation fight
Stocks slumped on Friday after Federal Reserve boss Jerome Powell pledged to act "forcefully" against soaring inflation in a battle that will be painful for American families and businesses.
The Fed has been on an aggressive campaign to raise interest rates -- and Powell made it clear at the Jackson Hole gathering of global monetary policymakers that the fight against inflation is not over.
The Dow Jones Industrial Average sank more than 1,000 points. The S&P 500 lost 3.4%, its biggest drop since mid-June. (AP)
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