3 Hours Ago
Japan banks see volatile trade after BOJ ends negative interest rate policy
3 Hours Ago
Bank of Japan hikes interest rates after 17 years, abolishes yield control curve policy
Japan’s central bank raised interest rates for the first time since 2007 on Tuesday and also did away with its yield control curve policy. Japan had negative rates in place since 2016.
The BOJ hiked its short-term rates to around 0% to 0.1% from -0.1%, according to a statement.
Japan’s central bank also announced that it abolished its yield curve control policy for 10-year Japanese government bonds, which it employed to target longer-term interest rates by buying and selling bonds as necessary.
The Nikkei 225 index was down 0.7% in volatile trading, while the broader Topix remained flat. The Japanese yen weakened against the dollar to last trade at 149.60.
— Shreyashi Sanyal
4 Hours Ago
Fidelity International to cut 16% of China unit staff, Longi lays off 5% of employees: Reuters
Fund manager Fidelity International is planning to lay off 20 people at its main China business unit, Reuters reported, citing sources.
This comes amid a downturn in China’s markets as well as a global downsizing by the firm, the report said. Fidelity’s China fund unit currently houses around 120 employees.
Separately, leading solar products manufacturer China Longi will lay off 5% of its staff, due to “market changes and [to] improve organizational efficiency,” Reuters reported.
Longi also refuted a Bloomberg report on Monday that alleged the company plans to cut nearly a third of its staff.
— Lim Hui Jie
9 Hours Ago
Nvidia chief executive unveils new AI chips and software at inaugural conference
Nvidia chief executive Jensen Hunag unveiled the company’s latest iteration of artificial intelligence chips and software on Monday, named Blackwell, as the firm strengthens its grip on the broader AI market.
“Hopper is fantastic, but we need bigger GPUs,” Huang said on Monday, referring to the company’s current slate of Hopper chips.
— Brian Evans
9 Hours Ago
Stock futures are little changed Monday
Stocks futures were little changed on Monday night, following a regular trading session that saw the S&P 500 and broader field of technology stocks rebound.
Futures tied to the broad market index ticked down 0.03%, while Nasdaq 100 futures slipped 0.1%. Dow Jones Industrial Average futures added 16 points, or 0.06%.
— Brian Evans
