[ad_1]
56 minutes 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
1 hour 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 that GDP grew 8.4% in the third quarter, beating a Reuters poll’s forecast of 6.6% 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
2 hours ago
Bank of Japan Governor says 2% inflation target has not been achieved yet
Bank of Japan Governor Kazuo Ueda said the following at a press conference at the Hotel Tivoli after the G20 Finance Ministers and Central Bank Governors Meeting in São Paulo, Brazil, on Thursday, February 29th. 2024.
Bloomberg | Bloomberg | Getty Images
According to multiple reports, Bank of Japan Governor Kazuo Ueda said he was not confident that the Japanese economy would be able to meet the central bank’s 2% inflation target.
“I don’t think we’ve reached that point yet,” Ueda said at a press conference after attending the G20 fiscal summit in Sao Paulo, according to Reuters.
Japanese news agency Kyodo News reported that Ueda described the outcome of the upcoming spring wage negotiations as a “focus.”
Spring wage negotiations are scheduled to be held later this month between labor unions and company management to determine monthly wages ahead of the start of Japan’s fiscal year in April.
— Reuters, Kyodo News
3 hours ago
Japan’s unemployment rate remains unchanged in January
Japan’s unemployment rate was flat in January compared to the previous month, according to government data.
The unemployment rate in January was 2.4%, the same as December. This was in line with expectations in a Reuters poll.
According to another survey, the effective job openings-to-applicants ratio remained unchanged at 1.27 times in January.
— Shreyashi Sanyal
4 hours ago
CNBC Pro: Investors should move money from cash to bonds, says Franklin Templeton strategist
Stephen Dover, chief market strategist at Franklin Templeton, said investors should move from cash to bonds over a period of time.
“Inflation probably won’t be as low as the market expects, and interest rates probably won’t be as low as the market expects,” Dover said, adding: “This is an opportunity for economic recovery, especially in the bond markets.” Ta. It’s a small harvest. ”
CNBC Pro subscribers can read more here.
— Li Yingshan
4 hours ago
CNBC Pro: Citi names global stocks similar to the Magnificent 7 but cheaper ‘Super 7’
Citi identified European stocks that are similar to the highly-priced Magnificent Seven – American tech stocks, but trade at cheaper valuations and have more upside potential.
Despite recent gains, Citi said its “Super Seven” group of stocks has lagged the Magnificent Seven, leaving the potential for further gains. These stocks, similar to Big Tech companies in the US, boast high profit margins, solid earnings per share growth, and competitive advantages or “economic moats.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
6 hours ago
Nasdaq closes at all-time high Thursday
U.S. stocks ended Thursday’s session in the green, with the Nasdaq Composite hitting an all-time high.
The tech-heavy Nasdaq Composite Index rose 0.9% to an all-time high of 16,091.92.
The Dow Jones Industrial Average rose about 47 points, or 0.1%, to $38,996.39. The S&P 500 index also rose 0.5%, closing at a record high of 5,096.27.
— Ha-Kyung Kim
6 hours ago
Miners are taking a wait-and-see approach to Bitcoin’s rise, but are still tracking February’s monster gains
Bitcoin miners were on track to record huge profits for the month, although their stock prices fell in the last two business days of February and they were in the red for the week.
Marathon Digital fell 15% on Thursday, while Riot Platforms fell 10%. CleanSpark and Cipher Mining fell 9% and 8%, respectively, and Iris Energy fell 3%. Almost all mining stocks are down this week, with the exception of CleanSpark, which remains just above flatline.
The moves come as Bitcoin appears to be taking a break from this week’s rally. Still, the cryptocurrency is on track to post a 45% gain in February and is on pace for a 21% weekly gain.
Similarly, the number of miners has surged this month. Marathon is on pace for his 47% rise in February, Iris his Energy is his 48% rise and Riot is his nearly 30% rise. CleanSpark is aiming for 106% monthly growth.
— Tanaya Machel
7 hours ago
OPEC+ expects production cuts to be extended, inflation rises as expected, crude oil records monthly profit
Oil futures are headed for a second consecutive month of gains as OPEC+ is expected to extend production cuts and the latest inflation data is in line with expectations.
The April contract for West Texas Intermediate fell 28 cents, or 0.36%, to settle at $78.26 per barrel. The April Brent contract, which expires on Thursday, fell 6 cents, or 0.07%, to settle at $83.62 a barrel.
The US and Brent rose 3% and 2.3% respectively in the same month.
— Spencer Kimball
[ad_2]
Source link
