6 hours ago
China’s manufacturing sector is shrinking unexpectedly
Workers gather at a workshop of an equipment manufacturing company on Yunmenshan Street in Qingzhou city, east China’s Shandong province, Aug. 9, 2023.
CastPhoto | NoorPhoto | Good pictures
Official data from China Its manufacturing sector unexpectedly shrank in May.
The Manufacturing Purchasing Managers’ Index stood at 49.5, up from 50.4 in April. The reading was below the Reuters poll of 50.4.
The 50-point mark separates expansion from contraction.
The PMI reading comes after data from earlier in the week showed China’s industrial Profits grew by 4.3% year-on-year During the period from January to April.
– Shreyashi Sanyal
8 hours ago
Tokyo core inflation rises 1.9% in May; Japan’s industrial production posted a surprise drop in April
Core inflation in Japan’s capital, Tokyo May rose 1.9%, followed by a 1.6% increase in April.
The reading for May was in line with expectations in a Reuters poll.
Tokyo’s inflation figures are widely regarded as a leading indicator of nationwide trends.
Separately, Japan’s industrial production figures showed a 0.1% drop in April from the previous month, against a 0.9% rise in a Reuters poll.
– Shreyashi Sanyal
8 hours ago
South Korea’s industrial output rises in April, retail sales fall
South Korea’s industrial production rose in April compared with a fall in the previous month, official data showed.
Index of Industrial Production It increased by 2.2% in April After falling 3% in March on a seasonally adjusted basis.
The figure also beat expectations for a 1.1% month-on-month rise in a Reuters poll.
South Korea’s retail sales index fell 1.2% in April and 2.6% from the same period last year.
– Shreyashi Sanyal
9 hours ago
CNBC Pro: ‘Many happy returns’: Barclays names 2 global stocks as 100% overplay now
Investment bank Barclays is bullish on European stocks “thanks to solid earnings beats” [an] Increase in EPS [earnings per share revisions]”In the first quarter.
“Overall, margins are resilient, capital returns are strong, companies are optimistic and EPS revisions are up. Cyclicals are seeing more upgrades, but the recent rally has been defensive,” the analysts wrote. Now is the chance to play.
CNBC Pro subscribers can read more here.
– Amala Balakrishna
9 hours ago
CNBC Pro: Goldman Sachs names top global stocks to play upcoming power boom in AI and other areas
The artificial intelligence boom is fueling demand for power, with many tech companies rapidly building infrastructure as they compete for dominance.
As large language models require a lot of data center capacity, power requirements will only rise in the coming years.
According to Goldman, energy demand goes beyond data centers and other infrastructure.
Against this backdrop, the bank launched its Power and Electric basket of stocks comprising 50 stocks across China, South Korea, Taiwan, India and Australia.
CNBC Pro subscribers can read more here.
– Weissen Don
12 hours ago
‘April showers bring May flowers’ says LPL Financial
The S&P 500 is up 4.6% year to date, on pace for its sixth-best May since 1950, according to LPL Financial. According to Adam Turnquist, chief technical strategist at LBL Financial, the market rally after the pullback in April suggests that “‘April showers is a better market analogy than ‘sell and leave May’.”
Turnquist noted that seasonal trends over the summer meant June would be a dull month for markets. Since 1950, the broad market index has risen an average of 0.1% in June, with positive monthly results in only 55% of months.
– Hakyung Kim
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