Business

China Caixin PMI, elections in India

An hour ago

Chinese factory activity in May grows fastest in nearly two years, estimates show

A private survey showed that Chinese manufacturing activity grew at its fastest pace in almost two years, contrary to official figures.

The Caixin survey showed the seasonally adjusted manufacturing PMI rose to 51.7 in May from 51.4 the previous month, its fastest pace since June 2022. It was also higher than a poll forecast Reuters 51.5.

The private investigation comes after official data released Friday showed China’s manufacturing sector contracted unexpectedly in May.

The Caixin survey also indicates that sentiment among Chinese manufacturers remained positive in May, on hopes that market demand can improve both locally and overseas to support higher production this year.

-Shreyashi Sanyal

2 hours ago

South Korea’s May manufacturing PMI rises at fastest pace in nearly 3 years

A private survey showed in May that South Korea’s manufacturing activity grew at its fastest pace in nearly three years.

South Korea’s manufacturing purchasing managers’ index showed a return to growth in May, coming in at 51.6 from 49.4 in April, the strongest since July 2021.

“After recovery efforts appeared to stall recently, growth surged in May as stronger demand, both domestic and foreign, pushed output growth to its strongest level in nearly three years,” said Joe Hayes, senior economist at S&P Global Market Intelligence.

-Shreyashi Sanyal

3 hours ago

US could take action against Chinese companies and banks over Russian support for the war

The United States, along with other countries, could take action against Chinese companies and banks over Beijing’s support for Russia’s war against Ukraine, a senior U.S. official said, according to Reuters.

“I think our primary focus is on Chinese companies that have been systematically involved in supporting Russia,” said U.S. Deputy Secretary of State Kurt Campbell, according to the report.

“We also looked closely at financial institutions,” Campbell said.

Separately, Campbell met with Chinese Vice Foreign Minister Ma Zhaoxu in Washington on May 30.

—Shreyashi Sanyal, Reuters

4 hours ago

CNBC Pro: Goldman Sachs Recommends Specific Trading Strategy, Names 2 Global Stocks ‘Conviction List’

Goldman Sachs has recommended that investors consider a specific trading strategy when currently trading European markets, given the “possibility of short-term stock volatility.”

This follows the recent market rally and should prove effective “until inflation dynamics become more negative”, write the investment bank’s analysts.

Going forward, those looking for pockets of opportunity in the region and “looking to position themselves somewhat defensively” can review Goldman’s list of Buy-rated stocks “offering relative upside potential adjusted for higher risk.”

CNBC Pro subscribers can learn more here.

-Amala Balakrishner

4 hours ago

CNBC Pro: Profits of these 5 global banks will remain high despite an ECB rate cut, says Berenberg

Despite an expected interest rate cut this week, profits at a handful of major European banks will remain robust, according to Berenberg.

One of the lender’s shares could rise more than 40% over the next 12 months, according to the investment bank.

CNBC Pro subscribers can learn more here.

-Ganesh Rao

5 hours ago

Nvidia announces latest AI chip model

Nvidia announced new AI chips on Sunday even before its latest model shipped to customers.

The new chip model is called “Rubin”. Nvidia announced its “Blackwell” chips in March. Huang said on Sunday that Nvidia plans to release new AI chip models at a “year-long pace.”

Nvidia shares have been rising for more than 120 years, even as other deep-pocketed tech companies try to compete with the AI ​​leader.

—Jesse Pound, Rebecca Picciotto

6 hours ago

Key economic reports this week

Here are some of this week’s notable economic and business updates. All times ET:

Monday 3rd june

10:00 Construction expenses (April)

10:00 a.m. ISM Manufacturing (May)

Tuesday June 4

10:00 JOLTS job offers (April)

Earnings: Hewlett Packard Enterprise, Bath & Body Works

Wednesday June 5

10:00 a.m. ISM PMI Services (May)

Winnings: Campbell Soup, Dollar Tree

Thursday June 6

8:30 a.m. First unemployment claims

Earnings: JM Smucker Co.

Friday June 7

8:30 a.m. May jobs report

—Jesse Pound, Sarah Min

News Source : www.cnbc.com
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