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19 minutes ago
South Korean exports soar due to strong demand for chips
According to provisional government data, South Korea’s export value in February rose 4.8% year-on-year to $52.41 billion, exceeding Reuters’ forecast of a 1.9% increase on strong demand for semiconductors. Ta.
Print exports compare with an 18% increase in January. Overall, imports fell by 13.1%, much lower than the expected decline of 10.4%.
“The ICT cycle is improving,” said Trinh Nguyen, senior economist at Natixis. “The U.S. manufacturing cycle is returning to growth, which should support South Korea,” he added.
—Li Yingshan
1 hour ago
Japan’s factory activity shrank in February at the fastest pace in three years
Japan’s factory activity shrank in February at the fastest pace in more than three years due to weak demand.
au Jibun Bank’s Flash Japan Manufacturing Purchasing Managers Index fell to 47.2 in February from 48.0 in January, indicating continued contraction in private sector business activity.
According to au Jibun Bank, the figures show business activity has worsened for the ninth consecutive year, recording the largest contraction since August 2020.
Japan’s benchmark index continues to rise after surging to record highs last week. The Nikkei 225 was trading 1.83% higher at 39,883.86 in Friday morning trading.
—Li Yingshan
2 hours ago
China’s manufacturing industry contracts for fifth consecutive month, official data shows
Workers manufacture charging equipment for new energy vehicles at the workshop of Shandong Dingsheng Electric Equipment in Zaizhuang City, Shandong Province, eastern China.
Future Publishing | Future Publishing | Getty Images
China’s manufacturing activity contracted for the fifth consecutive month in February, official figures showed on Friday, at odds with private surveys that suggested factory activity was expanding.
According to data from China’s National Bureau of Statistics, the manufacturing PMI in February fell to 49.1 from 49.2 in January. The figure was in line with expectations in a Reuters poll.
However, Caixin/S&P Global Manufacturing PMI rose slightly to 50.9 in February from 50.8 in the previous month.
A PMI reading above 50 indicates economic expansion, while below it indicates contraction.
“The growth rate accelerated slightly from January, helped by an increase in new export orders, with companies pointing to further improvements in both production and new employment,” Caixin’s private survey said.
— Shreyashi Sanyal
3 hours ago
India’s third quarter economic growth exceeded expectations
A pedestrian looks at a digital screen at the Bombay Stock Exchange (BSE) in Mumbai on February 1, 2022.
Punit Paranjpe | AFP | Getty Images
India’s economy far exceeded expectations in the October-December quarter, growing at the fastest pace in six quarters.
Data showed GDP growth in the third quarter was 8.4%, beating the 6.6% forecast in a Reuters poll on the back of higher consumer spending and strong manufacturing and construction activity.
The figures for the October-December period were also higher than the 7.6% growth recorded in the previous three months.
The Indian government has raised its GDP growth forecast for 2023-24 to 7.6% from the previous forecast of 7.3%.
The data also boosted Prime Minister Narendra Modi’s economic performance ahead of the highly anticipated national elections.
“It will be a further boost for PM Modi and the BJP, who are planning to go to polls in April-May.For the RBI (Reserve Bank of India), the strong growth momentum will only strengthen its bias to hold steady at 6.5%. “for the foreseeable future,” Commerzbank analysts wrote in a note.
— Shreyashi Sanyal
6 hours ago
Ray Dalio says the US stock market ‘doesn’t look very active’
Billionaire investor Ray Dalio believes the U.S. stock market is not in a speculative bubble.
The founder of Bridgewater, one of the world’s largest hedge funds, analyzed the market based on bubble criteria, including valuation, sentiment, new buyers, and unsustainable conditions.
“If you look at the U.S. stock market using these metrics, the stock market, even some of the parts that have risen the most and gotten the most media attention, are less buoyant,” he wrote in a new LinkedIn post published Thursday. I can’t see it.”
— Yun Lee
6 hours ago
Dell stock soars 20% after strong financial results
Dell Technologies stock rose more than 18% in after-hours trading after the company reported better-than-expected fourth-quarter results. Dell also showed strong demand for artificial intelligence servers.
Chief Financial Officer Yvonne McGill said the company would increase its annual dividend by 20% to $1.78 per share, calling it “a testament to our confidence in the business.”
— Yun Lee
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