29 minutes ago
Reserve Bank of New Zealand keeps interest rates at 15-year high
Wednesday, February 22, 2023 at the Reserve Bank of New Zealand (RBNZ) Building in Wellington, New Zealand. Mark Coote/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
The Reserve Bank of New Zealand left its key lending rate unchanged on Wednesday, i-news reported.monetary policy statement.
The Central Bank of New Zealand has kept its official cash rate unchanged at 5.50%, the highest level in 15 years.
RBNZ Governor Adrian Orr said in a statement: “Headline inflation remains above our 1-3% target range, limiting the Committee’s ability to allow for upside in inflation expectations.”
Inflation in the fourth quarter of last year was 4.7%, well above the central bank’s target range.
— Shreyashi Sanyal
51 minutes ago
Australia’s consumer price inflation rate was flat in January
Australian consumer price inflation accelerated in January at the same pace as the previous month. Official data showed.
The country’s CPI rose by 3.4% in January, the same growth rate as in December.
The CPI, which excludes variable items and vacation travel, rose 4.1% in January, slowing slightly from December’s 4.2% rise.
Rental prices rose 7.4% in the 12 months to January, at the same pace as December.
“Rental price increases continue to reflect strong demand for rental properties and a tight rental market,” the statement said.
— Shreyashi Sanyal
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CNBC Pro: Ark Investments says this ‘optimal’ Bitcoin strategy will generate better returns
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The S&P 500 and Nasdaq Composite closed slightly higher on Tuesday.
Traders work during the closing bell of the New York Stock Exchange (NYSE) on Wall Street in New York City, March 17, 2020.
Johannes Eisel | AFP | Getty Images
The S&P 500 and Nasdaq Composite ended Tuesday’s trading in the green. Meanwhile, the Dow Jones Industrial Average was under pressure.
The S&P 500 and Nasdaq rose 0.17% and 0.37%, respectively. The Dow Jones Industrial Average fell nearly 97 points, or 0.25%.
— Ha-Kyung Kim
2 hours ago
CNBC Pro: This Big Tech stock’s valuation is ‘absolutely compelling’, says top fund manager
One major tech stock has plummeted more than 65% from its all-time high despite rising sales and profits.
Andrew Lapping, chief investment officer at Ranmore, believes the share price is now at an “absolutely attractive” valuation for investors.
CNBC Pro subscribers can read more here.
— Ganesh Rao
5 hours ago
Citi’s Scott Kronert says the current market rally is nothing compared to the tech bubble.
While it’s true that the current bull market is being driven by AI and tech stocks, Citi’s Scott Kronert disagrees with comparisons to the great tech bubble.
“The current multiple is well below where it was in 1999-2000,” said Citi Research’s head of U.S. equity strategy. “Furthermore, our subjective view is that the fundamental situation is very different now than it was back then.” said.
But Kronert cautioned that stock fundamentals still need to support gains to maintain the S&P 500’s year-end target of 5,100.
“That said, the current increase in spending on artificial intelligence infrastructure and products should translate into increased revenue and growth drivers. But it is too early to tell,” he said. added. “Although the index could exceed the year-end target of 5100 in the near term, it seems premature to raise the possibility of a 5700 bullish scenario.”
— Lisa Kailai Han
5 hours ago
Apple reportedly cancels electric car plans and focuses on generative artificial intelligence
Apple has scrapped plans to make electric cars and is leaning instead toward generative artificial intelligence, according to reports. report From Bloomberg News.
Bloomberg added that Apple scaled back its vision for the EV project last month, pushing back the original launch date from 2026 to 2028. The company originally planned for the car to be fully autonomous, but instead moved to a semi-autonomous model. last month. Some of Apple’s employees dedicated to EV projects will now work on generative AI, the report added.
Apple shares rose 0.5% on the news.
— Brian Evans
