Japan CGPI, RBNZ rate decision

New Zealand’s central bank has held its benchmark interest rate steady at 5.5%, in line with expectations from economists polled by Reuters.

The Reserve Bank of New Zealand said that “a restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation,” noting that current consumer price inflation remains above its 1% to 3% target range.

However, the bank also expressed confidence that despite near-term price pressures, holding rates at a restrictive level for a sustained period will return inflation to its target range this year.

— Lim Hui Jie

Spot gold prices hit fresh highs, reaching a record $2,352.57 per ounce on Tuesday and an intraday high of $2,365.09.

Gold prices have set new highs for three straight days, according to data from LSEG.

Reuters reported the rise was fueled by central bank purchases and geopolitical tensions, with China’s central bank notably adding 160,000 troy ounces of gold to its reserves in March.

— Lim Hui Jie

Japan’s corporate goods price index rose 0.8% in March from a year ago, accelerating from the revised 0.7% increase in February and in line with expectations from economists polled by Reuters.

This is also the third straight month that the corporate inflation rate has increased.

On a month on month basis, the CGPI climbed 0.2%, slightly lower than Reuters expectations of a 0.3% increase.

The CGPI measures the price changes of goods traded within the corporate sector.

— Lim Hui Jie

In a market where finding reliable passive income streams can be challenging, two fund managers have shared their insights on dividend stocks that could offer attractive yields and growth potential.

Matt Burdett, portfolio manager at Thornburg Investment, looks for companies with the ability and willingness to pay dividends, focusing on cash generation and resilient business models.

Meanwhile, Brian Leonard, portfolio manager at Keeley Teton, told CNBC Pro that he looks for high-quality companies that pay a dividend and trade at a discount to their “intrinsic value.” He also citied spin-off situations as an investment opportunity.

CNBC Pro subscribers can read more about their stock picks here.

— Ganesh Rao

Markets may have continued their run for much of this year after a bullish 2023, but stocks pulled back last week.

Overall, however, markets — including global stocks — are still very much deep in positive territory.

The relative strength index (RSI), which measures the magnitude and speed of price moves, can be used by investors to determine if shares are overbought.

Stocks with a 14-day RSI higher than 70 are likely overbought and may be due for a pullback.

CNBC Pro screened the S&P 500 and the Vanguard FTSE All-World ex-US ETF for the most overbought names, using a 14-day RSI of higher than 70.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Tuesday’s equity pullback indicates the market is questioning if the rally has come too far, too fast, said Yung-Yu Ma, chief investment officer at BMO Wealth Management.

Notably, Nvidia has experienced a choppy month, said Ma. The stock is down nearly 3% Tuesday.

“I think the collective concern the markets experiencing a bit of today is if some of these growth prospects maybe don’t come in as quickly, or as strongly as what has been priced in a very short period of time,” said Ma.

In addition to Nvidia, several AI infrastructure and data center stocks are struggling Tuesday, he added.

“Stocks that go into the nuts and bolts of what would drive some of the AI revolution; some of those are struggling on the day. So I think it’s a question of how we’ve just gone too far too fast,” Ma…