1) China PBOC cuts lending rates for 2nd consecutive month
China’s central bank cuts its benchmark lending rates for the second consecutive month in a response to the economic slowdown for the world’s second-largest economy. The 1-year loan prime rate was cut from 3.85% to 3.7%. Meanwhile, the five-year loan prime rate was reduced by 5 basis points from 4.65% to 4.6%.
2) U.S. Senate blocks voting right bills
The U.S. Senate on Wednesday night blocked a pair of voting rights bills including the bill aimed to advance legislation to expand early and mail-in voting. Meanwhile, Democrats also plan to vote on changing Senate rules to require a talking filibuster for only the voting rights bills.
3) Nasdaq falls to correction amid a selloff since last November
The Nasdaq Composite entered into a correction territory after closing 1.15% lower yesterday. The index fell from its November high to more than 10%. Meanwhile, Dow Jones closed 0.96% lower and S&P 500 fell 0.97%. Investors have been on selloff trends amid expectations of interest rate hikes that could be as early as March.
4) U.S. FDA could approve Pfizer for children under 5 next month
White House chief medical advisor Dr. Antrhony Fauci said that the Food and Drug Administration could approve Pfizer and BioNTech Covid-19 vaccine for children under 5-years-old next month.
“My hope is that it’s going to be within the next month or so and not much later than that, but I can’t guarantee that,” said Fauci in an interview.
