An hour ago
Michael Bullock has been appointed as the new Governor of the Central Bank of Australia
Reserve Bank of Australia deputy governor Michael Bullock has been appointed as the new central bank governor, the country’s Treasury said on Friday.
He succeeds incumbent Philip Lowe, whose term ends on August 17 – bringing to a close his 43 years at the bank. Treasurer Jim Chalmers described Bullock’s appointment as “the perfect balance between providing exceptional experience and expertise and providing a fresh leadership perspective.”
Bullock’s appointment means the RBA will have a vacant deputy governor post, which the government said will be filled in the coming months.
– Lim Hui Jee
An hour ago
Singapore is avoiding a tech recession, growing at 0.7% year-on-year
Singapore’s economy shrank from a technical slowdown in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter. Advanced assessments showed.
Economists polled by Reuters had expected growth of 0.3% for the quarter and 0.6% for the year.
In the first quarter, Singapore’s economy shrank by 0.4% quarter-on-quarter.
– Jihye Lee
An hour ago
CNBC Pro: This high-yield bond with ‘conservative’ assets pays a 10% dividend
The fund manager behind a fixed income fund that pays a 10% dividend has predicted a “debt collapse” for the wider economy in the near future.
However, the portfolio manager expects the fund to remain well-positioned in such a scenario while generating market-beating returns.
It is one of the few funds currently offering double-digit yields to retail investors across Europe.
CNBC Pro subscribers can read more here.
– Ganesh Rao
An hour ago
CNBC Pro: ‘Undeniably Vast’ Opportunity: Bank of America Builds AI Global ‘Winners’
Bank of America has described the AI opportunity in the software industry as “undeniably vast” and ranked European companies in the field.
Along with productivity improvements, we see Gen AI as an opportunity for the software industry to capture both an enhanced value proposition and potential revenue enhancements through data monetization,” the bank said.
CNBC Pro subscribers can read more here.
– Lucy Handley
An hour ago
The Fed’s Waller says two more rate hikes are needed to bring down inflation
Federal Reserve Board Governor Christopher Waller has voiced the need for two more rate hikes to bring inflation down to its target.
“I see two more 25-basis point hikes in the target range in the remaining four meetings this year,” he said at an event at New York University on Thursday.
He called the latest Consumer Price Index estimate, which showed a cooling inflation rate, “welcome” news, while adding that “one data point does not make a trend.”
“I need to see this progress before I can be sure that inflation has come down,” he said.
– Jihye Lee
13 hours ago
The producer price index rose less than expected
The producer price index, a measure of what wholesalers pay for goods, rose 0.1% in June. Economists polled by Dow Jones expected a 0.2% increase. Core PPI, which strips out volatile food and energy prices, also fell by 0.1% – more than expected.
– Fred Imbert
7 hours ago
The S&P 500 is up more than 3% since the rate hike began
In another good sign for the market, the S&P 500 is now up 3.3% since the Fed began raising rates in March 2022. The move comes as traders cheer the central bank’s prospects of reining in inflation without pushing the economy into recession.
Check out the chart…
SPX since the start of Fed rate hikes
“For the first time in 2023, we’re being asked by many clients if we think the S&P 500 is now on track to track an ATH by the end of the year. I’d say yes,” Goldman Sachs’ John Flood wrote. Note Wednesday.
– Fred Imbert
6 hours ago
St. Louis Fed Bullard went down
The St. Louis Federal Reserve announced Thursday that Jim Bullard will step down as president effective August 14.
Beginning August 15, Purdue University’s Mitchell E. Daniels is leaving to assume the position of dean in the Junior School of Business, the bank said. It also said that Bullard “removed himself from his monetary policy role at the Federal Reserve Federal Open.” Market Committee and other related duties and all public speaking ceased.”
“It has been a privilege and an honor to be a part of St. Louis Feder for the past 33 years, including serving as its president for the past 15 years,” Bullard said in a statement. “I am grateful to have worked with dedicated and inspiring colleagues across the Federal Reserve System.”
Bullard was not a voting member of the policymaking committee this year.
– Fred Imbert
5 hours ago
Thursday’s U.S. stock market rally was broad and deep
Nearly 2.4 stocks advanced on Thursday for every 1 decline on the New York Stock Exchange, with 71% advancing and less than 29% declining, according to FactSet data. New NYSE highs total 167 and 11 new lows.
On the Nasdaq stock market, nearly 2 stocks are up for every 1 that are down, and volume is down 73%, compared to volume down 27%. The Nasdaq made a new high of 256 versus just 52 new lows.
– Scott Snapper
