Asia-Pacific markets edge lower; New Zealand central bank holds official rate

18 Mins Ago

Reserve Bank of New Zealand holds interest rate at 15-year high

The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023.  Mark Coote/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The Reserve Bank of New Zealand kept its main lending rate steady on Wednesday, according to its monetary policy statement.

New Zealand’s central bank held its official cash rate at 5.50% — a 15-year high.

“Headline inflation remains above the 1% to 3% target band, limiting the committee’s ability to tolerate upside inflation surprises,” RBNZ governor Adrian Orr said in the statement.

Inflation in the fourth quarter of last year was at 4.7%, far above the central bank’s target range.

— Shreyashi Sanyal

40 Mins Ago

Australia posts flat consumer price growth in January

Australia’s consumer price inflation accelerated at the same pace in January as it did in the prior month, official data showed.

The country’s CPI rose 3.4% in January, the same growth as in December.

CPI, excluding volatile items and holiday travel, rose 4.1% in January, cooling slightly from December’s reading of a 4.2%.

Rental prices rose 7.4% in the 12 months to January, at the same pace as December.

“The rise in rental prices continues to reflect strong demand for rental properties and tight rental markets,” the statement read.

— Shreyashi Sanyal

2 Hours Ago

CNBC Pro: Ark Invest says this ‘optimal’ bitcoin strategy will yield better returns

4 Hours Ago

S&P 500, Nasdaq Composite close slightly higher Tuesday

A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. 

Johannes Eisele | Afp | Getty Images

The S&P 500 and Nasdaq Composite ended Tuesday’s trading session in the green. Meanwhile, the Dow Jones Industrial Average came under pressure.

The S&P 500 and Nasdaq climbed 0.17% and 0.37%, respectively. The Dow slipped nearly 97 points, or 0.25%.

— Hakyung Kim

2 Hours Ago

CNBC Pro: This Big Tech stock has an ‘absolutely compelling’ valuation, top fund manager says

One Big Tech stock has plummeted over 65% since its all-time high despite growing revenue and earnings.

Andrew Lapping, Ranmore’s chief investment officer, believes the stock is now at an “absolutely compelling” valuation for investors.

CNBC Pro subscribers can read more here.

— Ganesh Rao

5 Hours Ago

Current market rally can’t be compared to the tech bubble, says Citi’s Scott Chronert

While it’s true that the current bull rally is being propelled by AI- and tech-adjacent stocks, Citi’s Scott Chronert disagrees with comparisons to the great Tech Bubble.

“Current multiples are well below ’99-’00 levels. Further, our subjective view is that the fundamental circumstance is meaningfully different now vs then,” Citi Research’s head of U.S. equity strategy wrote.

However, Chronert cautioned that stock fundamentals still have to support the rally in order to sustain his S&P 500 year-end target of 5,100.

“That said, the current spending ramp on gen AI infrastructure and product will need to translate to incremental revenue and growth drivers. But it is premature to judge that,” he added. “While the index may overshoot our year-end 5100 target in the short term, it seems premature to increase the probability of our 5700 bull case scenario.”

— Lisa Kailai Han

5 Hours Ago

Apple cancels plans for electric car and leans into generative artificial intelligence, report says

Apple is canceling plans to build an electric car and is instead leaning into generative artificial intelligence, according to a report from Bloomberg News.

Apple scaled back its vision for the EV project last month and moved initial launch date back to 2028 from 2026, Bloomberg added. The company had originally planned for the car to be fully self driving but instead shifted to a semi-autonomous model last month. Some of the employees devoted to Apple’s EV project will now work on generative AI, the report added.

Apple stock gained 0.5% following the news.

— Brian Evans

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