August 9, 2022
Tech Leads Stock Losses After Micron’s Warning: Markets Wrap
Stocks retreated as a downbeat outlook from another giant chipmaker added to recession fears, with traders awaiting Wednesday’s inflation report to gauge the path of Federal Reserve tightening.
The S&P 500 dropped for a fourth consecutive session, while the Nasdaq 100 underperformed after Micron Technology Inc., the largest US maker of memory semiconductors, said sales may come in at the low end of or below its previous guidance. Treasury yields climbed, while the dollar fell.
UK Households Get Fresh Warning of Energy Bills Topping £4,000
UK households received yet another warning that they should brace for energy bills to exceed £4,000 this winter as high gas prices threaten to exacerbate a cost-of-living crisis.
The default price cap is set to rise to £4,266 ($5,163) in the first quarter of 2023, according to analysis from Cornwall Insight Ltd. That will pile more pressure on consumers already struggling to pay their bills — a key issue for whoever is the next prime minister.
Singapore Regulator Reiterates Crypto Dangers Amid Hodlnaut Woes
Cryptocurrency investment is “highly hazardous” but meltdowns in the sector haven’t created financial-stability risks for Singapore, regulators in the city-state said after another digital-asset firm ran into trouble.
The Monetary Authority of Singapore has rescinded its in-principle approval for crypto lender Hodlnaut to obtain a license to provide digital payment token services under the Payment Services Act, an MAS spokesperson said in an emailed statement Tuesday. That came after Hodlnaut told MAS of its intention to withdraw its application amid its halt in customer withdrawals announced Monday. It had been one of the few firms granted in-principle approval by MAS under the Act.
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