23 Mins Ago
BlackRock shares tick higher after strong earnings
BlackRock shares were up 2% in the premarket after the asset management giant posted better-than-expected first-quarter results.
The company earned an adjusted $9.81 per share on revenue of $4.73 billion. Analysts polled by Refinitiv expected a profit of $9.35 per share on revenue of $4.68 billion. The company’s assets under management came in at $10.473 trillion, beating a StreetAccount estimate of $10.4 trillion.
8 Hours Ago
Bank of Korea leaves interest rates unchanged at 15-year high
The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.
The central bank noted in a statement that it is still “premature to be confident that inflation will converge on the target level” given how there is a “high degree of uncertainty associated with the outlook for consumer price inflation.”
South Korea’s consumer prices rose 3.1% year on year in March, still far off from its 2% target.
“The Board, therefore, will keep its restrictive monetary policy stance for a sufficient period of time until such confidence is established,” the bank said.
—Lee Ying Shan
10 Hours Ago
Singapore keeps monetary policy unchanged, inflation forecast to fall in fourth quarter
Singapore’s monetary authority has held its policy steady, leaving the width and level of its policy band unchanged.
Unlike other economies, Singapore uses exchange rate settings to decide monetary policy instead of a benchmark rate, where it shifts its policy band to adjust the strength of the Singapore dollar against an undisclosed basket of currencies.
The monetary authority also said it expects inflation in the city-state to stay elevated in the immediate quarters ahead, before “stepping down more discernibly” the fourth quarter of 2024 and into 2025.
— Lim Hui Jie
11 Hours Ago
Where the major averages stand
Here’s where the major averages stand for the week ahead of Friday’s trading:
- The S&P 500 is down 0.10%
- The Nasdaq Composite is up 1.19%
- The Dow Jones Industrial Average is down 1.14%
- The Russell 2000 is down 1.01%
— Lisa Kailai Han
12 Hours Ago
Globe Life stock bounces after large selloff on Thursday
Shares of Globe Life bounced back 11% in Thursday’s extended trading hours. The stock sold off hard during Thursday’s session, ending the day 53% lower, after a report from short-seller Fuzzy Panda Research alleged multiple occurrences of insurance fraud.
“We uncovered extensive allegations of insurance fraud ignored by management despite being obvious and reported hundreds of times,” the research firm wrote. It also noted that the organization’s structure is a multi-level-marketing strategy that borders on a pyramid scheme.
In the same report, Fuzzy Panda Research also disclosed that it had taken a short position in the life insurance stock.
— Lisa Kailai Han
12 Hours Ago
Stock futures are unchanged
Stock futures traded near flat on Thursday night.
Futures tied to all three major indexes were trading unchanged shortly after 6 p.m. ET.
— Lisa Kailai Han