Here are the top five things you need to know in financial markets on Wednesday, August 17:
1. Fed meeting minutes on tap as odds for rate hike rise
On a sparse day for economic data, investors will focus Wednesday on the minutes of the Federal Reserve’s (Fed) most recent policy meeting due at 18:00GMT, or 14:00ET, for further clarity on the timing of the next U.S. rate hike.
2. Oil pulls back from 5-week high on speculation for bearish inventory data
Oil fell back from a five-week high on bets that government crude inventory data out on Wednesday will be bearish for black gold.
3. Global stocks mixed as investors recheck Fed expectations
Asian stocks were mixed with Japan’s Nikkei 225 leading gains as hawkish Fed comments strengthened the dollar against the yen. Chinese stocks recovered from initial losses to close flat on the back of government approval of a plan to connect the giant stock markets of Shenzhen and Hong Kong.
4. Cisco reportedly plans to axe 20% of its workforce
Cisco Systems (NASDAQ:CSCO) will lay off around 14,000 employees, equivalent to nearly 20% of its workforce, according to a report citing sources close to the company from tech news site CRN.
5. U.K. employment data shrugs off Brexit worries
Despite dire warnings were made by economists following the U.K.’s June 23 decision to leave the European Union, known as a Brexit, the July claimant count gave an upbeat reading of the British labor market. The first available data for the period following the vote showed an unexpected decline of 8,600 people, compared to the forecast for a 9,500 increase.
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