2 hours ago
European stocks start higher
See chart…
STOXX 600 Index.
3 hours ago
Yellen says it should be ‘unthinkable’ for US to default
Treasury Secretary Janet Yellen said the idea of US lawmakers allowing the country to default on its debts should be “inconceivable.”
Yellen told reporters ahead of the G7 finance ministers and central bank governors meeting in Niigata that she was aware that former President Donald Trump had suggested to Republican lawmakers that they allow the country to default on its debts. rice field.
“America should never default,” she said. “I think no one should think that something that would hurt the U.S. and global economy so severely would be unthinkable.”
When asked about steps the Biden administration could take after defaulting on its debt, Yellen stressed that lawmakers must raise the debt ceiling.
“There is no good alternative that will save us from catastrophe. It’s about avoiding terrible consequences,” she told reporters.
– Lee Ji Hye
6 hours ago
Dollar Index Falls on US Inflation Report, Japanese Yen Gains
The Japanese yen rose slightly to 134.14 against the dollar as the dollar index remained low after the US consumer price index showed easing overnight inflation.
The dollar index fell slightly to 101.48 in the morning in Asian markets. China’s domestic yuan fell slightly against the dollar to 6.9389 yuan after weaker-than-expected results in consumer and producer prices.
The Korean won fell 0.24 percent against the dollar to 1,320.95 won. The Australian dollar fell 0.1% against the US dollar to $0.6671.
7 hours ago
Bank of Japan expects domestic ‘pass-through’ inflation to fall below 2% from Q3
At its April meeting, the Bank of Japan stressed that the central bank should maintain its current ultra-dovish monetary policy and keep an eye on wage increases at its 2% inflation target.
In a summary of the opinions expressed Ahead of its April 27 meeting, the BOJ said it was in sight of achieving its 2% inflation target, adding that “for the time being, it is appropriate to continue monetary easing.”
The BOJ said wages were expected to rise more than expected in this year’s negotiations, and that the Japanese economy was starting to show signs of a “virtuous cycle” between wages and prices.
However, the central bank needs to “continue to firmly support wage growth momentum through monetary easing so that nominal wage growth rises sufficiently relative to prices.”
The Bank of Japan estimates that the country’s consumer price index is likely to exceed 2% for the time being as the past increase in import prices is passed on to consumer prices.
However, pass-through is expected to plateau and fall below 2% from the third quarter of 2023 onwards.
— Lim Huisier
8 hours ago
China inflation hits lowest pace in two years
China’s consumer price index rose 0.1% year-on-year in April, its lowest level since early 2021. On a month-on-month basis, prices fell by 0.1%.
Economists polled by Reuters had expected consumer prices to rise 0.4% from a year earlier and remain flat month-on-month.
The April data came after China’s inflation rate fell to 0.7% in March after hitting a recent peak of 2.8% in September.
The Chinese yuan fell 0.04 percent against the US dollar to 6.9428.
11 hours ago
stock prices move after the bell
Check out the companies that are trending in after hours trading.
disney — Shares fell more than 4% after the company reported mixed second-quarter results. Refinitiv data showed earnings were in line with expectations, with earnings slightly ahead of analyst expectations. The company said Disney+ subscribers were down by 4 million from him, even as streaming segment losses narrowed.
Beyond Meat — After Beyond Meat’s better-than-expected Q1 results, the alternative meat maker’s shares rose 2%. Beyond Meat reported a loss of 92 cents per share and earnings of his $92.2 million. According to Refinitiv, analysts had expected a loss of $1.01 per share and earnings of $90.8 million.
A complete list can be found here.
— Ha Kyung Kim
11 hours ago
Robinhood announces earnings beat, launch of 24-hour trading
Robinhood shares rose about 1.7% in after-hours trading after the brokerage reported better-than-expected earnings for the fourth quarter.
According to Refinitiv, Robinhood made $441 million in revenue in the first quarter, beating analyst estimates of $425 million. Monthly active users increased slightly from Q4 to 11.8 million. However, its net loss increased to $511 million primarily due to stock-based compensation expense.
Retail brokerages also said they will allow stock trading 24 hours a day, five days a week starting next week. The firm said it would be the first U.S. brokerage firm to do so.
Robinhood already offers “ultra-extended” trading hours, and CEO Vlad Tenev has previously said the company’s goal is to one day offer 24/7 trading.
— Jesse Pound
11 hours ago
Equity futures open flat on Wednesday
US stock futures opened little changed on Wednesday night.
Dow Jones Industrial Average futures fell 16 points, or 0.05%. S&P 500 futures were up 0.01% and Nasdaq 100 futures were down 0.02%.
— Ha Kyung Kim
