U.S. Stocks Move Sideways; Awaiting Fed Decision

Stocks and Treasuries in the U.S. market moved with volatility ahead of the Federal Reserve.

Fed officials have currently said that interest rates hikes won’t be considered until the bond-buying programme ends. The Federal Reserve meeting tonight will be an important event to watch out for tonight.

  • Stoxx Europe is up by 0.29%
  • Dow Jones is down by 0.40%
  • NASDAQ is up by 0.073%

China’s Nuclear Arsenal Is Growing Faster Than Expected, Pentagon Says

China is expanding its nuclear weapons capabilities more rapidly than previously believed, the Pentagon warned in a report released on Wednesday. The People’s Republic of China “likely intends to have at least 1,000 nuclear warheads by 2030, exceeding the pace that the Department of Defense projected in 2020,” the Pentagon said in the latest edition of an annual report to Congress. The report also cites China’s construction of at least three silo fields, saying they will contain “hundreds” of new intercontinental ballistic missiles. 

Richest Man in Philippines Sees Supermarket Stock Jump 50% on Debut

Eager retail investors helped make the richest man in the Philippines a little richer on Wednesday. The AllDay Marts Inc. supermarket venture of billionaire Manny Villar jumped by the daily limit of 50% from its initial public offering price when the shares debuted on the nation’s stock exchange. 

Henderson to Pay Record $6.5 Billion for Hong Kong Land Site

Henderson Land Development Co. won a prime land plot along Hong Kong’s famed Victoria Harbour with a record-breaking bid of HK$50.8 billion ($6.5 billion) as it expands its portfolio in the city’s most important business district. The estimated price for the site in Central ranged from HK$37 billion to HK$55 billion, according to property analysts surveyed by Bloomberg.

40 Million Covid Shots Remain Unused in Philippines Over ‘Logistical Bottlenecks’

Millions of coronavirus vaccines remain unused in the Philippines as logistical bottlenecks and hesitancy slow inoculations, health officials said, highlighting another risk to the nation’s economic recovery. More than 40 million of the 108 million vaccines the nation has received are in warehouses, in transit to the archipelago’s remote islands, or waiting to be used in local health offices, according to the health department.

Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake

Bitkub Online Co. became Thailand’s latest startup to notch up a valuation of more than $1 billion after it sold a majority stake to the nation’s biggest bank by market value. Bitkub’s coin tripled in value after the deal was announced.   

WHO Approves Indian-Made Covid-19 Vaccine for Emergency Use

The World Health Organization granted emergency authorization to a Covid-19 vaccine co-developed by India’s medical-research agency and local manufacturer Bharat Biotech International Ltd., ending a months-long wait that added to the controversy around the homegrown shot.