2 Hours Ago
Bank of Japan said to be considering long-term review of monetary easing
Japan’s central bank is reportedly considering conducting a review of its monetary easing measures it has taken over the longer term.
Reuters, citing the Japanese Sankei newspaper, said the central bank may start discussions as soon as the next policy meeting which kicks off on Thursday. It will be the first policy meeting led by new Bank of Japan governor Kazuo Ueda.
Speaking to reporters on April 10, Ueda said “he will communicate closely with the government and guide monetary policy flexibly.”
BOJ deputy governor Shinichi Uchida, before taking the role in March, said if the BOJ were to conduct a comprehensive review of its policy framework, it could take anywhere from 12 to 18 months if the experience of U.S. and European counterparts is anything to go by.
— Lim Hui Jie
2 Hours Ago
CNBC Pro: This tech company is the ‘best possible beneficiary’ of A.I., says fund manager
Microsoft, Alphabet and chipmaker Nvidia are usually regarded as the biggest beneficiaries of artificial intelligence’s growing popularity.
But there’s another tech giant that looks likely to be the “best possible beneficiary,” according to Ben Rogoff, a portfolio manager at Polar Capital with 25 years of investing experience.
CNBC Pro subscribers can read more here.
— Weizhen Tan
3 Hours Ago
CNBC Pro: Morgan Stanley says HSBC is a ‘top pick’ despite the bank’s shareholder troubles
Trouble is brewing at HSBC — the largest bank in Europe is facing renewed pressure from its biggest shareholder, Chinese insurer Ping An, to restructure its business.
But Morgan Stanley is sticking to its bullish stance on the U.K.-based bank, calling HSBC its “top pick” in the sector.
Pro subscribers can read more here.
— Zavier Ong
Fri, Apr 21 2023 2:45 PM EDT
Consumer staples, utilities outperform for the week
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Clorox shares so far this week
Fri, Apr 21 2023 9:51 AM EDT
Flash PMI readings for services and manufacturing top expectations
Economic activity was stronger than expected in April, according to flash readings on services and manufacturing released Friday.
The S&P Global flash services index came in at 53.7, better than the Dow Jones estimate for 52. The manufacturing index registered a 50.4 reading, better than the expectation for 49. A reading of 50 is the dividing line between expansion and contraction in the purchase manager indexes.
Together, the S&P U.S. PMI Composite Output Index was at 53.5, an 11-month high. The services index was a 12-month high and the manufacturing number was the best in six months.
— Jeff Cox
Fri, Apr 21 2023 9:06 AM EDT
Bitcoin hits lowest level since April 9
Bitcoin hit a low of 27,833.50 on Friday, the lowest level since April 9 when it traded as low as 27,823.77.
The cryptocurrency is also on pace for the worst week since March 10, when it dropped 10.48%.
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Bitcoin/USD Coin Metrics
Meanwhile, Ether reached a low 1.902.31, lowest level since April 13 and is also on track for its worst week since March 10.
—Michelle Fox, Gina Francolla
Read More: Asia-Pacific markets open mixed after Wall Street posts weekly loss