Nikkei at fresh 34-year highs; prices in China continue to fall; Alibaba slides after results

Japan's benchmark Nikkei 225 hit a new 34-year high Thursday, rising 1.71% to 36,738.42.

The index surpassed its Jan. 22 high of 36,546.95 hit and comes after Bank of Japan's deputy governor Shinichi Uchida said the BOJ was "unlikely to raise interest rates aggressively, even after ending its negative interest rate policy," according to Reuters.

The BOJ's benchmark interest rate currently stands at -0.1%. The bank has said it would not raise rates until it sees inflation sustaining at BOJ's target of 2%.

— Lim Hui Jie

China's producer prices declined for a 16th month in January, with the producer price index declining 2.5% in January from a year earlier, the National Bureau of Statistics reported Thursday, slightly better than expectations for a 2.6% decline, after a 2.7% drop in December.

Consumer prices in the world's second-largest economy slipped for a fourth month, with the consumer price index falling 0.8% in January on an annual basis, more than the median estimate for a 0.5% decline in a Reuters poll. CPI slipped 0.3% in December.

On a monthly basis though, CPI climbed 0.3% in January from December, slightly weaker than median expectations for 0.4% growth.

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— Clement Tan

Shares of Japanese investment holding company SoftBank surged more than 8% in morning trading after chipmaker Arm posted results that surpassed expectations.

Arm shares rocketed as much as 41% after the chip designer reported revenue and earnings that sailed past analysts' estimates, as well as giving a strong outlook for the coming quarter.

SoftBank took Arm public in September and still owns about 930 million shares, or roughly 90% of the chip designer's outstanding stock.

SoftBank's stake in Arm jumped by almost $16 billion — from close to $71.6 billion to $87.4 billion — after the earnings report. That means the gains from Arm exceeded the $14 billion losses suffered by investing in co-working space provider WeWork, which went bankrupt in November.

— Lim Hui Jie

Japanese video game company Nintendo's stock price could rise by over 30% in the next 12 months if its highly anticipated console proves a success and overcomes several hurdles, according to equity analyst David Gibson.

The gaming company could leverage its 130 million strong customer base to sell its next-generation devices. Its shares are traded in the United States, Germany and Japan.

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— Ganesh Rao

Concerns over worsening geopolitical tensions, volatility in corporate earnings and uncertainty on when the U.S. Federal Reserve will cut interest rates have sent some investors on the hunt for safe-haven assets – and markets – to put their money in.

One European index stands out to portfolio manager Carla Bänziger even in a falling market, thanks to the "decent valuations" of its large and small- mid-cap stocks.

"People recommend investing in [this] market during uncertain periods – like if you are expecting a recession. For retail investors, I think it would make sense to have part of your investments in [these] equities to balance out any volatility in the market," the portfolio manager said, naming six stocks to invest in.

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— Amala Balakrishner

Nvidia shares topped $700 for the first time during Wednesday intraday trading, with the chipmaker continuing its extraordinary ascent this year even amid concerns the stock is now overpriced.

The stock is now up by more than 40% in 2024. It was higher by 2.8% on Wednesday.

— Sarah Min, Nick Wells

Oil prices rose Wednesday as Israel Prime Minister Benjamin Netanyahu vowed to press on with the war in Gaza, diminishing hopes for a ceasefire agreement.

The West Texas Intermediate contract for March added 55 cents, or 0.75%, to settle at $73.86 a barrel Wednesday, while the Brent contract for April gained 62 cents, or 0.79%, to settle at $79.21 a barrel.

Netanyahu on Wednesday rejected a proposal made by Hamas for a permanent ceasefire, vowing to fight on in Gaza until "absolute victory."

Oil prices also found support from forecasts that U.S. production will grow more slowly this year than expected. On balance, domestic oil output is expected to grow by 170,000 barrels per day this year, down significantly from the Energy Department's previous forecast of 290,000 bpd.

— Spencer Kimball

Berkshire Hathaway class A shares climbed about 1% Wednesday to hit an intraday high of $600,531, the first time the conglomerate's stock crossed the $600,000 threshold.

Warren Buffet's conglomerate has gained more than 10% this year, outperforming the S&P 500's 4.7% return. The company is set to report fourth quarter earnings later this month.

— Yun Li

Wednesday was a big day for Federal Reserve speakers, virtually all of whom said they aren't ready to start cutting interest rates yet and will move slowly once they are. Some highlights:

• Governor Adriana Kugler said inflation is showing solid signs of slowing down, but she is not ready yet to start lowering interest rates.
• Minneapolis Fed President Neel Kashkari also expressed caution about cutting rates too quickly, telling CNBC he only expects two or three reductions this year.
• "I will need to see more evidence before considering adjusting the policy stance," Boston President Susan Collins said, adding that the path ahead could be "bumpy."
• Commenting on the economy, Richmond Fed President Thomas Barkin said, "That drumbeat you hear is the soft landing." However, he also added that he favors "being patient" on rates.

—Jeff Cox