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3 hours ago
After the end of the Bank of Japan’s negative interest rate policy, transactions at Japanese banks become unstable.
3 hours ago
Bank of Japan raises interest rates for the first time in 17 years, abolishes short-term interest rate control policy
Japan’s central bank on Tuesday raised interest rates for the first time since 2007 and also scrapped its yield control curve policy. Japan has introduced negative interest rates since 2016.
According to a statement, the Bank of Japan raised short-term interest rates from -0.1% to around 0-0.1%.
Japan’s central bank also announced it would abolish its 10-year government bond yield curve control policy, which targets long-term interest rates by buying and selling bonds as needed.
The Nikkei Stock Average fell 0.7% in volatile trading, but the overall TOPIX was flat. The Japanese yen depreciated against the dollar, ending at 149.60 yen.
— Shreyashi Sanyal
4 hours ago
Fidelity International to cut 16% of workforce in China, Longi to lay off 5% of employees: Reuters
Fund manager Fidelity International plans to lay off 20 people in its main China business, Reuters reported, citing people familiar with the matter.
This comes amid a downturn in the Chinese market and the company’s global downsizing, according to the report. Fidelity’s China funds division currently has about 120 employees.
Separately, China Longhi, a major solar product manufacturer, said, “In response to market changes, [to] “Improve organizational efficiency,” Reuters reported.
Longhi also disputed Monday’s Bloomberg report that the company plans to cut nearly a third of its workforce.
— Lim Huijie
9 hours ago
Nvidia CEO unveils new AI chips and software at inaugural conference
Nvidia Chief Executive Jensen Fnag on Monday announced the company’s latest artificial intelligence chip and software, Blackwell, as the company strengthens its dominance in the broader AI market.
“Hopper is great, but it needs a bigger GPU,” Huang said Monday, referring to the company’s current Hopper chips.
— Brian Evans
9 hours ago
Stock futures little changed on Monday
Stock futures were little changed Monday night after regular trading that saw a rally in the S&P 500 and broader technology stocks.
Futures tracking the broader market index fell 0.03%, while Nasdaq 100 futures fell 0.1%. Dow Jones Industrial Average futures rose 16 points, or 0.06%.
— Brian Evans
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