A currency trader passes by the screens showing the Korea Composite Stock Price Index , center, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 31, 2023. Asian shares were trading mostly lower Wednesday as investors looked ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market.
“The Bank judges that it is appropriate to increase the flexibility in the conduct of yield curve control so that long-term interest rates will be formed smoothly in financial markets in response to future developments,” the Bank of Japan said in a statement. On Wall Street, the S&P 500 rose 49.45 points, or 1.2%, to close at 4,166.82 on Monday. It was the first trading after the benchmark index dropped more than 10% below its high point for the year.
Big Tech soared much more than the rest of the market early this year, which helped to lift the S&P 500 but also meant big expectations for continued growth. Those expectations perhaps grew too large. On Tuesday, the government will release data on employment costs from July through September. Workers have been fighting for higher raises, but the Fed worries that overly high pay increases could give inflation more fuel. Also, The Conference Board will release its consumer confidence index for October.
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