1) FSS says 40-year US inverted yield indicates high chance of recession next year
Finansia Syrus Securities (FSS) expected SET Index to move in sideways trends within 1,615-1,630 range without a positive factor to drive the market, while being pressured by the Fed’s comments that the central bank would not pause the rate hike. The inverted U.S. 2-year and 10-year bond yield was as much as 56bps, the highest in 40 years, which reflected a high chance of recession next year.
2) Half of Twitter’s employees could be cut by today
Twitter will tell its employees on Friday morning about whether they have been laid off after being on the edge for about a week under new owner Elon Musk.
Reports said that top executives were fired as soon as Musk took the office and employees would be next.
The Washington Post and the New York Times have both reported that almost half of the company’s 7,500 employees will be cut.
Employees of the social media company are expected to receive an email by 9 a.m. Pacific time on Friday.
3) Hong Kong stocks lead gain in Asian markets
Hong Kong’s Hang Seng Index led the Asian markets in gain on Friday with more than 4% increase in the morning session.
The surge came as tech stocks, internet platforms and electric vehicles bounced back after a huge selloff in recent weeks.
JD.com and Alibaba soared 8.26% and 5.56%, respectively. Meanwhile, Tencent rose 4.52%, and Meituan increased 6%.