WASHINGTON-President Biden played down the likelihood of a recession during a television interview Tuesday, and said if there is one it would be "very slight."
"I don't think there will be a recession. If it is, it will be a very slight recession. That is, we'll move down slightly," Mr. Biden said during a CNN interview. He later said: "Look, it's possible. I don't anticipate it."
Yen Hits New 24-Year Low, Breaches Levels Seen Prior to Govt Intervention
The Japanese yen fell to a new 24-year low against the dollar Wednesday morning in Tokyo, breaching the levels seen prior to the Japanese government's yen-buying intervention on Sept. 22.
The dollar was recently at Y146.05 after having risen up to Y146.23 earlier, its highest level since August 1998. The U.S. currency was at Y145.86 as of Tuesday 5 p.m. Eastern Time.
Bank of Korea Goes for Another Outsized 50Bp Rate Increase
South Korea's central bank went for a second outsized rate increase in three months in response to the aggressive U.S. monetary policy tightening and high inflation at home.
The Bank of Korea raised its benchmark seven-day repurchase rate by 50 basis points to 3.00% on Wednesday. The bank's latest move followed its quarter-percentage-point rate rise in August after its first-ever half-percentage-point increase in July.
Talking Markets: China's Onshore Stocks Could Outrun Hong Kong Shares
For investors positioning themselves for the potential recovery of hard-hit Chinese equities, the country's onshore stocks could offer more opportunity than those listed in trading powerhouse Hong Kong, some analysts say.
In the third quarter of the year, the CSI 300 and the Shanghai Composite Index slumped 15% and 11% respectively, hitting six-month lows amid a global risk-off environment, but still beat Hong Kong's Hang Seng Index, which stumbled about 21%.
UK Economy Shrank in August
The U.K. economy contracted in August as activity among manufacturers and oil-and-gas producers fell, according to data released Wednesday.
Gross domestic product, a broad measure of all goods and services produced, shrank by 0.3% on month in August, following growth of 0.2% in July, according to data from the Office for National Statistics.
Biden Considers Creating Immigration Program for Venezuelans
The Biden administration is considering creating a new immigration program for Venezuelans that would allow them to enter the country legally provided they have a U.S.-based financial sponsor, according to a government official familiar with the deliberations, a move designed to discourage Venezuelans from crossing into the U.S. illegally.
More than 150,000 Venezuelans have crossed the border illegally in the first 11 months of the government's fiscal year, which ended Sept. 30, compared with about 48,000 the entire year before, according to U.S. Customs and Border Protection data.
Trump Lawyer Meets With Investigators Over Certification of Mar-a-Lago Documents
WASHINGTON-A lawyer for Donald Trump has told federal investigators that a fellow attorney assured her that he had conducted a thorough search of the former president's Mar-a-Lago estate before asking her to certify in June that all government records requested in a subpoena had been returned, according to a person familiar with the matter.
The certification by Christina Bobb was undermined two months later when the FBI searched the Florida compound and retrieved boxes of presidential records that belong to the National Archives along with classified documents. Ms. Bobb's interview with Justice Department investigators on Friday marked the latest twist in the confrontation between the former president and the government over missing records.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Aritzia 2Q
Economic Indicators:
None scheduled
Stocks to Watch:
Tricon Announces Sale of Its Interest in U.S. Multi-family Portfolio, Generating $315M of Proceeds
Expected Major Events for Wednesday
06:00/JPN: Sep Preliminary Machine Tool Orders
06:00/UK: Aug Index of production
06:00/UK: Aug UK trade
06:00/UK: Aug Index of services
06:00/UK: Aug Monthly GDP estimates
11:00/US: 10/07 MBA Weekly Mortgage Applications Survey
11:30/UK: Sep NIESR Monthly GDP Tracker
12:30/US: Sep PPI
14:00/US: Sep Online Help Wanted Index
16:00/US: World Agricultural Supply & Demand Estimates (WASDE)
20:30/US: 10/07 API Weekly Statistical Bulletin
23:01/UK: CBI and PwC Financial Services Survey
23:01/UK: Sep RICS Residential Market Survey
23:50/JPN: Sep Bank Lending
23:50/JPN: Sep Corporate Goods Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
Aritzia is expected to report $0.33 for 2Q.
Art's Way Manufacturing (ARTW) is expected to report for 3Q.
Duck Creek Technologies Inc (DCT) is expected to report for 4Q.
Firan Technology Group is expected to report for 3Q.
Hingham Institution for Savings (HIFS) is expected to report for 3Q.
Hyzon Motors Inc (HYZN) is expected to report for 2Q.
National American University Holding Inc (NAUH) is expected to report for 1Q.
PepsiCo Inc (PEP) is expected to report $1.82 for 3Q.
Winmark (WINA) is expected to report for 3Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
ACM Research Cut to Underperform From Buy by Jefferies
AmerisourceBergen Raised to Buy From Neutral by B of A Securities
Amgen Raised to Overweight From Equal-Weight by Morgan Stanley
BlackRock Cut to Neutral From Buy by UBS
Bright Health Group Cut to Underweight From Neutral by JP Morgan
Ciena Cut to In-Line From Outperform by Evercore ISI Group
Cogent Communications Cut to Neutral From Outperform by Credit Suisse
elf Beauty Raised to Overweight From Neutral by Piper Sandler
F5 Cut to In-Line From Outperform by Evercore ISI Group
Getty Images Holdings Raised to Buy From Hold by Benchmark
Marvell Technology Raised to Overweight From Equal-Weight by Wells Fargo
Meta Platforms Cut to Neutral From Overweight by Atlantic Equities
Qorvo Cut to Equal-Weight From Overweight by Wells Fargo
scPharmaceuticals Raised to Outperform From Market Perform by SVB Leerink
Seagen Raised to Outperform From Market Perform by BMO Capital
ServiceNow Raised to Overweight From Neutral by JP Morgan
Skyworks Cut to Equal-Weight From Overweight by Wells Fargo
SunPower Cut to Underperform From Neutral by B of A Securities
Zoom Video Communications Cut to Equal-Weight From Overweight by Morgan Stanley
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
10-12-22 0533ET
