3 hours ago
European stocks open higher
see chart…
Stoxx 600 index.
5 hours ago
Yellen says it is “inconceivable” that the US will default on its debt
Treasury Secretary Janet Yellen said the idea of allowing US lawmakers to default on the nation’s debt should be “out of the question.”
Speaking to reporters ahead of meetings of Group of Seven finance ministers and central bank governors in Niigata, Japan, Yellen said she was aware of former President Donald Trump’s suggestion to Republican lawmakers to allow the nation to default.
“America must not default,” she said. “Something that would severely undermine the American economy and the global economy, I think everyone should consider out of the question.”
When asked about steps the Biden administration could take in the aftermath of a default, Yellen emphasized that lawmakers must raise the debt ceiling.
“There is no good alternative that will save us from disaster. I don’t want to get into rating which bad alternative is better than others, but the only reasonable thing is to raise the debt ceiling and avoid the terrible consequences that will come,” she told reporters.
– Jihe Lee
8 hours ago
The Japanese yen strengthened with the decline in the dollar index after the US inflation report
The Japanese Yen rose slightly to 134.14 against the Dollar as the Dollar Index maintained lower levels after the US Consumer Price Index showed inflation eased overnight.
The dollar index fell in the morning in Asia to 101.48. The inland Chinese Yuan weakened slightly to 6.9389 against the dollar after the CPI came in weaker than expected.
The South Korean won fell 0.24% against the dollar, to 1,320.95. The Australian dollar fell 0.1% to 0.6671 against the US dollar.
9 hours ago
The Bank of Japan expects the country’s “passing” inflation rate to fall below 2% from the third quarter
The Bank of Japan emphasized at its April meeting that the central bank should maintain its current ultra-pessimistic monetary policy and note that wages will rise within the 2% inflation target.
In a summary of his opinions For the April 27 meeting, the BoJ was of the opinion that the 2% inflation target was close to being met, but added that it was “appropriate for the Bank to continue monetary easing for the time being.”
The Bank of Japan indicated that wages are now expected to rise more than expected in this year’s negotiations, and that signs of a “virtuous cycle” between wages and prices are beginning to emerge in the Japanese economy.
But it is essential that the central bank continues to “strongly support the momentum for higher wages through monetary easing, so that the nominal wage growth rate rises sufficiently relative to prices.”
The Bank of Japan estimates that the country’s consumer price index is likely to be above 2% for the time being, due to consumer prices passing on previous hikes in import prices.
However, it is expected to decline below 2% from the third quarter of 2023, with a peak.
– Lim Hwi Ji
9 hours ago
China’s inflation rate is the slowest pace in two years
China’s consumer price index rose 0.1% in April on a yearly basis, the slowest since early 2021. Prices fell on a monthly basis by 0.1%.
Economists polled by Reuters had expected consumer prices to rise 0.4% from a year ago and remain unchanged from the previous month.
The April reading comes after China’s inflation rate eased to 0.7% in March after hitting a recent high of 2.8% in September.
The Chinese yuan fell 0.04% to 6.9428 against the US dollar.
13 hours ago
Stocks make the biggest moves after the bell
Check out which companies are making headlines in extended trading.
Disney – Shares fell more than 4% after the company reported mixed results for the fiscal second quarter. Earnings were in line with estimates, while revenue slightly beat analyst estimates, according to Refinitiv data. While the company said its losses from the streaming sector were shrinking, it gave away 4 million Disney+ subscribers.
beyond the meat – Shares of the meat alternative manufacturer rose 2% after Beyond Meat reported better-than-expected first-quarter results. Beyond Meat reported a loss of 92 cents per share and $92.2 million in revenue. Analysts had expected a loss of $1.01 per share on revenue of $90.8 million, according to Refinitiv.
You can get the full list here.
– Hakyung Kim
12 hours ago
Robinhood announces earnings, and launches 24-hour trading
Shares of Robinhood rose about 1.7% in extended trading after the brokerage firm reported better-than-expected revenue for the fourth quarter.
Robinhood generated $441 million in revenue for the first quarter, higher than the $425 million that analysts had expected, according to Refinitiv. The number of monthly active users has increased slightly since the fourth quarter, to 11.8 million. However, his net loss has grown to $511 million due in large part to his share-based compensation fee.
The retail brokerage also said it will allow stock trading 24 hours a day, 5 days a week, starting next week. The company said it would be the first US brokerage firm to do so.
Robinhood already offers what it calls “ultra-extended” trading hours, and CEO Vlad Tenev has previously said that the company’s goal is to offer 24/7 trading.
– Jesse Pound
13 hours ago
Stock futures open flat on Wednesday
US stock futures opened Wednesday night little changed.
Dow Jones Industrial Average futures were down 16 points, or 0.05%. S&P 500 futures were up 0.01%, while Nasdaq 100 futures were down 0.02%.
– Hakyung Kim
“Twitteraholic. Total bacon fan. Explorer. Typical social media practitioner. Beer maven. Web aficionado.”