New Nikkei benchmark, Chinese New Year

Hong Kong Stock Exchange He will step down and hand over the top job to co-Chief Operating Officer Bonnie Y Chan on March 1, roughly two months before his three-year term officially ends in May 2024, Chief Executive Officer Nicholas Aguzin said on Friday.

Aguzen said in a statement that the transition is going “very well” and expressed confidence in Chan and the senior management team.

During his tenure as CEO of the Hong Kong Stock Exchange, Agouzine oversaw the Hong Kong market as it suffered a regulatory crackdown by Beijing during the pandemic, which led to a decline in investor enthusiasm for Hong Kong listings.

The Hong Kong Stock Exchange's share price has fallen more than 46% since Aguzin took office, falling from HK$450.4 (US$57.59) per share to HK$242.

Bank of Japan Governor Kazuo Ueda told the country's lower house of parliament that “chances are high that easy money conditions will persist for a period of time even if the negative interest rate policy is scrapped,” according to a report by Reuters.

The Governor of the Bank of Japan was responding to questions from an opposition lawmaker in the Budget Committee of the House of Representatives of Parliament.

Ueda's view was consistent with those of his deputy, Shinichi Uchida, who said on Thursday that the Bank of Japan “is unlikely to raise interest rates aggressively, even after ending its negative interest rate policy.”

— Reuters, Lim Hui Ji

Although recent inflation readings are “encouraging,” inflation in the country remains “very high,” the RBA governor said, adding that the bank expects inflation to only reach the high end of its 2% to 3% target range. In 2025.

Michelle Bullock, who took over the top job at the Reserve Bank of Australia last August, He told the country's standing committee on economics The bank aims for the inflation rate in Australia to reach 2.5%, which is the middle point of the target range. The inflation rate in Australia reached 4.1% in the fourth quarter.

“The inflation rate at 4 is not good enough and is still far from the middle of our target,” Bullock said.

As such, she said the RBA “has not ruled out a further increase in interest rates, but it has not ruled them out either” at this stage.

– Lim Hui Ji

Japan stocks Softbank Group The stock jumped nearly 10% at the open, extending gains from the 11.06% high recorded on Thursday.

The move comes as chip designer Arm's shares rose 48% on Thursday, valuing it at more than $116 billion.

SoftBank still owns nearly 90% of the outstanding shares, meaning its stake in Arm increased by more than $34 billion in one day.

Bank of America has named the index to be owned in 2024 over… Standard & Poor's 500 Inflation is one of the “biggest risks” in 2024.

The Wall Street bank-specified index outperformed the S&P 500 in 2022 when inflation was investors' primary concern.

CNBC Pro subscribers can read more here.

-Ganesh Rao

Big Tech companies were standout performers last year, as investors piled into the so-called “Big Seven”: the alphabet, Amazon, apple, dead, Microsoft, Nvidia And Tesla.

While the technology's potential — driven largely by the hype around artificial intelligence — continues to put these stocks in the spotlight, one investment strategist says a number of other companies are becoming more attractive right now.

“Magnificent Seven shares are generally starting to run out of steam at this point because their valuations have become so full at this time,” David Sekera, chief markets strategist at Morningstar, told CNBC Pro on February 2.

He named seven other highly rated Morningstar stocks for investors to consider.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

Bitcoin Related stocks rose on Thursday as the price of the major cryptocurrency rose 3% to its highest level in nearly a month.

Crypto exchange stocks Coinbase It jumped about 8%, while the price of Bitcoin proxy rose The precise strategy He added 15%. In the mining group Clean Spark rose 12% Riot pads Advanced 15%, while Digital Marathon It increased by 22% and Iris Energy It increased by 22%.

Traders also point out that Bitcoin accumulation by large investors, known as “whales,” has increased in the past two weeks, when the cryptocurrency’s price remained stuck below its December and January highs. Bitcoin has a strong setup for 2024 thanks to the rollout of spot Bitcoin ETFs as well as the upcoming halving and expectations of interest rate cuts later this year.

– Tanya Machel

Crude oil futures prices rose for the fourth day in a row after Israel rejected Hamas' ceasefire proposal.

the West Texas Intermediate Futures added $2.14, or 2.90%, to trade at $75.98 a barrel. the Brent The April contract rose $2.16, or 2.73%, to trade at $81.37 per barrel.

US crude and global crude rose by 2.94% and 3.42%, respectively, during the week, as the Middle East oscillates between another round of violent escalation and a possible truce in the Gaza war.

US Secretary of State Anthony Blinken is on a diplomatic tour in the region this week in an attempt to secure an extended humanitarian truce in Gaza in exchange for the release of Hamas hostages.

Blinken met with Israeli Prime Minister Benjamin Netanyahu on Wednesday to discuss a counter-proposal from Hamas demanding a permanent cessation of fighting.

Netanyahu rejected Hamas's proposal, pledging to advance towards the southern city of Rafah on the border with Egypt and achieve “complete victory” in Gaza.

-Spencer Kimball

Richmond Fed President Thomas Barkin joined the chorus of dovish central bankers, saying in a speech on Wednesday that the battle against inflation is far from over.

Speaking to the Economic Club of New York, Barkin noted progress against rising prices, but warned that “the plane has not landed yet.”

“So, it is possible that we will return to the pre-pandemic economy quite smoothly. It is also possible that the downturn will be somewhat more difficult, with continued inflation pressure or demand challenges that we will need to address,” he said in prepared remarks. . “That's why I think it's smart to take our time.”

Concerns include a changing labor market with rising wage pressures, a housing market where prices are high due to scarce supply, and a trend of deglobalisation after supply chain disruptions in the early days of the Covid pandemic helped generate inflation rising to record levels. The highest level in more than 40 years

There is also a history of the Fed stopping too early during previous cycles.

“The Fed is committed to getting inflation back to 2%. As I think about this commitment, I can't help but look to the lessons of the past. History tells many stories about false inflation,” Barkin added. This year he is a voting member of the Federal Open Market Committee, which sets interest rates.

—Jeff Cox