Asian markets fall, New Zealand central bank keeps interest rates unchanged

Bank of Japan Managing Director Seiichi Shimizu told the Diet that the chances of the Bank of Japan achieving its 2% inflation target are still “not very high.”

Shimizu added that the Bank intends to review monetary easing once it appears that the inflation target will be achieved, and will continue to monitor wage trends and price data.

The pace of increase in Japan’s core consumer prices in January slowed compared to the previous year, but still exceeded the Reuters poll’s forecast (1.8% increase from the previous year).

—Reuters, Li Yingshan

Australian consumer price inflation accelerated in January at the same pace as the previous month, official data showed.

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

The CPI, which excludes variable items and vacation travel, rose 4.1% in January, slowing slightly from December’s 4.2% rise.

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

“Rental price increases continue to reflect strong demand for rental properties and a tight rental market,” the statement said.

— Shreyashi Sanyal

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

The S&P 500 and Nasdaq rose 0.17% and 0.37%, respectively. The Dow Jones Industrial Average fell nearly 97 points, or 0.25%.

— Ha-Kyung Kim

One major tech stock has plummeted more than 65% from its all-time high despite rising sales and profits.

Andrew Lapping, chief investment officer at Ranmore, believes the share price is now at an “absolutely attractive” valuation for investors.

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— Ganesh Rao

While it’s true that the current bull market is being driven by AI and tech stocks, Citi’s Scott Kronert disagrees with comparisons to the great tech bubble.

“The current multiple is well below where it was in 1999-2000,” said Citi Research’s head of U.S. equity strategy. “Furthermore, our subjective view is that the fundamental situation is very different now than it was back then.” said.

But Kronert cautioned that stock fundamentals still need to support gains to maintain the S&P 500’s year-end target of 5,100.

“That said, the current increase in spending on artificial intelligence infrastructure and products should translate into increased revenue and growth drivers. But it is too early to tell,” he said. added. “Although the index could exceed its year-end target of 5100 in the near term, it seems premature to raise the possibility of a 5700 bullish scenario.”

— Lisa Kailai Han

Apple has scrapped plans to make electric cars and is leaning instead toward generative artificial intelligence, Bloomberg News reports.

Bloomberg added that Apple scaled back its vision for the EV project last month, pushing back the original launch date from 2026 to 2028. The company originally planned for fully self-driving cars, but moved to a semi-self-driving model last month. Some of Apple’s employees dedicated to EV projects will now work on generative AI, the report added.

Apple shares rose 0.5% on the news.

— Brian Evans