Nikkei hits new 34-year high after report says BOJ may not raise rates “aggressively”
Published 4 Hours Ago
Japan’s benchmark Nikkei 225 reached a new 34-year high on Thursday, surging by 1.71% to 36,738.42. This surpasses its previous record of 36,546.95, which was achieved on January 22. According to a recent report by Reuters, Shinichi Uchida, deputy governor of the Bank of Japan (BOJ), stated that the BOJ is unlikely to pursue a policy of aggressively increasing interest rates, even after discontinuing the negative interest rate policy. Currently, the BOJ’s benchmark interest rate stands at -0.1%. The bank maintains its commitment to not raising rates until inflation is seen to sustain at the BOJ’s target of 2%.
China producer and consumer prices dip again on annualized basis
Published 5 Hours Ago
China continues to witness declining producer prices, with the producer price index falling by 2.5% in January compared to the previous year. This 16th consecutive month of decline in producer prices suggests a challenging environment for businesses. The decline was slightly better than expectations, as many anticipated a 2.6% drop after a 2.7% decline in December. The consumer price index in China, which reflects changes in the prices of a basket of goods and services, decreased by 0.8% on an annual basis – the fourth consecutive monthly decline. However, on a monthly basis, there was a slight growth of 0.3% in January compared to December, slightly below expectations for a 0.4% increase.
SoftBank shares jump more than 8% in early trade as Arm results surpass expectations
Published 6 Hours Ago
Shares of SoftBank, a prominent Japanese investment holding company, surged more than 8% in early trading. The increase came after chipmaker Arm reported results that exceeded expectations. Arm shares rocketed by as much as 41% following the release of its earnings report, which showed revenue and earnings surpassing analysts’ estimates. SoftBank, which took Arm public in September, still owns about 930 million shares, accounting for approximately 90% of the chip designer’s outstanding stock. Consequently, SoftBank’s stake in Arm saw a significant increase, reaching $87.4 billion, gaining close to $16 billion. These gains from Arm offset the $14 billion losses SoftBank experienced from the bankruptcy of WeWork, a co-working space provider, in November.
On the brink of 5k
Published 8 Hours Ago
The S&P 500 is on the verge of reaching the 5,000-point milestone. Recently, it reached 4,999.89, a significant milestone as it gets closer to the historic 5,000 level. The S&P 500 first breached and closed above 4,000 on April 21, 2021, and if it surpasses the 5,000-point mark, it will have taken approximately three years to achieve the last 1,000 points.
PayPal shares slide 5% on weak guidance
Published 8 Hours Ago
PayPal, the payments company, witnessed a decline of more than 5% in its shares during extended trading due to weaker-than-expected guidance provided for the full year and first quarter. PayPal anticipates full-year earnings of $5.10 per share, falling short of the $5.48 per share expectation of analysts. However, the company did outperform estimates for its fourth-quarter results.
