8 hours ago
Yen hits new low as Bank of Japan leaves policy interest rate unchanged
Bank of Japan head office in Tokyo.
Bloomberg | Getty Images
As expected, the Bank of Japan kept its policy interest rate unchanged at 0-0.1%.
The Bank of Japan also announced that it would continue bond purchases in line with its March decision, but had no comment on the yen.
Following this decision, the Japanese yen fell by more than 156 yen against the US dollar, hitting a new 34-year low. The benchmark Nikkei 225 index rose further, rising 0.7%.
Investors are currently awaiting a press conference from Bank of Japan Governor Kazuo Ueda later in the day.
— Shreyashi Sanyal
10 hours ago
Hong Hai stock rises 4% to its highest in more than two weeks
Shares of Taiwan’s Hon Hai Precision Industry rose as much as 4.3% in early trading, hitting their highest level in more than two weeks.
American software company Cerence has announced that it will supply voice-based AI assistants to Hon Hai’s EV subsidiary Foxtron. Cerens said the system has bilingual recognition in Taiwanese Mandarin and English.
“We are proud to partner with Foxtron to bring the power of voice interaction to drivers in Taiwan for the first time,” said Christian Menz, Chief Revenue Officer of Cerence.
Hon Hai’s stock price has soared nearly 50% so far this year.
— Shreyashi Sanyal
11 hours ago
Tokyo’s inflation rate slows sharply in April, with core inflation rate significantly lower than expected
Inflation in Japan’s capital, Tokyo, slowed to 1.8% in April from a 2.6% rise in March.
Core inflation in the city, which excludes fresh food prices, was 1.6%, down from 2.4% in March and below the 2.2% forecast by economists polled by Reuters.
Tokyo’s inflation statistics are widely considered to be a leading indicator of national trends.
— Lim Huijie
13 hours ago
The Fed’s recommended March inflation measure will be released on Friday.
The Personal Consumption Expenditure Price Index is scheduled to be released Friday morning, giving the Federal Reserve a detailed look at the latest inflation indicators.
According to the Dow Jones Economist Survey for March, overall PCE is expected to increase by 0.3% from the previous month and by 2.6% from 12 months ago. Core prices, excluding food and energy costs, are expected to rise 0.3% from the previous month and 2.7% from the previous year.
The first-quarter gross domestic product report released Thursday revealed that PCE rose 3.4% in the period, significantly outpacing the 1.8% rise in the fourth quarter. The results triggered a sell-off in stocks as investors worried about signs of stagflation, a scenario in which economic growth slows but inflation rises.
–Darla Mercado
14 hours ago
After-hours moving company
Check out the companies making moves after the bell.
SNAP – Shares soared more than 27% in after-hours trading after the social media company reported first-quarter results that beat analysts’ expectations.
Intel – The tech stock fell 8% in after-hours trading after the company missed first-quarter revenue expectations and gave a weak outlook for the current quarter.
Dexcom – The maker of glucose monitoring systems fell 8% despite strong sales and bottom line results.
Gilead Sciences – The biotech stock rose nearly 3% after a better-than-expected quarterly report. Gilead posted a loss of $1.32 per share, narrower than the $1.49 per share loss expected by analysts polled by LSEG.
— Yun Lee
