Stocks fall, Chinese yuan crosses 7.2 against the dollar

Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts set to drive the clean energy powerhouse.

“Green hydrogen is a growth market — we increase our 2030 market estimates by [over] 4x,” the bank said, forecasting that green hydrogen production will expand by around 40 times by 2030.

It names two stocks to play the boom — giving one upside of more than 200%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The offshore and onshore Chinese yuan breached 7.2 against the dollar, hovering at weakest levels since early 2008.

The U.S. dollar index also strengthened by 0.33%, trading at 114.47.

Consumer inflation excluding fresh food is likely to rise this year, but the rate of increase will slow thereafter on energy prices, minutes from Bank of Japan’s July meeting said.

A few members also said inflation, excluding fresh food and energy, is unlikely to reach 2% within its projection period. That CPI reading was 1.6% in August.

“These members expressed the view that, unless commodity prices continued to rise, the CPI inflation rate was expected to decline from fiscal 2023 onward,” the minutes said.

On the yen, one BOJ board member said downward pressure on the currency could be alleviated if a slowdown in the global economy led to a decline in inflation and interest rates worldwide.

Another member said the yen could even appreciate if the global economy faces shocks.

— Abigail Ng

Neil Veitch, investment director at Edinburgh-based SVM Asset Management, says he expects the macro landscape to remain “quite difficult” for the remainder of the year.  

Speaking to CNBC Pro Talks last week, Veitch named the key drivers that could help the stock market to turn “more constructive” and shared his take on growth versus value.

CNBC Subscribers can read more here.

— Zavier Ong

The Dow and S&P 500 have fallen for six straight days, with many of those seeing broad selling typical of so-called “washout” days.

That can sometimes be a contrarian buy signal on Wall Street, but many investment professionals are skeptical that the selling is over. One reason is that earnings expectations for next year still show solid growth, which would be unlikely in the event of a recession.

“We know that if we start seeing a turnaround in the 2-year yields … and if we start seeing a turnaround in the dollar, that gives us the ability to bounce from these extremely oversold conditions,” said Andrew Smith, chief investment strategist of Delos Capital Advisors in Dallas. “But…