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☆ China's June factory activity slows as conditions weaken - Caixin PMI
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 3 (Reuters) - China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No. The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers and, according to economists, focuses more on export-oriented firms in coastal regions, while the official PMI surveys 3,200 companies across China. Markets now anticipate more policy support to bolster a stuttering economic recovery, despite the central bank cutting key lending benchmark rates in June to shore up activity. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion."

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, Caixin Insight, PMI, Companies, State Council, Thomson Locations: BEIJING, China, June's

☆ China's factory activity grew more slowly in June, Caixin survey shows
▼ + stars: | 2023-07-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

China's factory activity grew more slowly in June, a private-sector survey showed on Monday, corroborating official data last week that pointed to stuttering growth in the world's second-largest economy. The Caixin/S&P Global manufacturing purchasing managers' index slipped to 50.5 in June from 50.9 in May. China's National Bureau of Statistics released data last Friday that showed the country's official manufacturing PMI coming in at 49.0 in June — compared with 48.8 in May. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion." The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers that tend to be more export-oriented and located in China's coastal regions, while the official PMI surveys 3,200 companies across China.

Persons: —, Wang Zhe Organizations: P Global, National Bureau of Statistics, Caixin Insight, PMI Locations: June's, China

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023. U.S. stock futures were little changed Sunday night, as traders prepared for the second half of what's already been a stellar year on Wall Street. Tesla shares were little changed in overnight trading after the electric vehicle maker reported delivery and production numbers that beat analysts' expectations. Recent data showing a resilient U.S. economy despite higher rates also lifted investor sentiment, easing some fears on Wall Street of a long-awaited downturn. Investors will pore over the latest ISM Manufacturing PMI and S&P Global manufacturing PMI data for June Monday morning ahead of Friday's keynote jobs report.

Persons: Stocks, Mark Hackett, Nationwide's Organizations: New York Stock Exchange, Futures, Dow Jones, Nasdaq, Independence, Manufacturing PMI, P Global Locations: technicals

☆ The AI-powered rally to start the year could broaden out in the third quarter
▼ + stars: | 2023-06-30 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Stocks markets are wrapping up a surprisingly strong start to the year, but whether it will continue is an open question as investors wade into a seasonally weak period for markets. Even the laggard Dow Jones Industrial Average, with few tech stocks, managed to eke out a 3.6% gain. Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla account for 80% of the gains in the S & P 500, according to UBS. The S & P 500 health sector is down almost 3% this year. Next week marks the start of July and the third quarter of 2023.

Persons: didn't, Jamie Cox, Cox, John Lynch, Harris Financial's Cox, that's, Comerica's Lynch, Kim Forrest, Nonfarm payrolls Organizations: Spring, Federal Reserve, Dow Jones, Harris Financial, Apple, Meta, Microsoft, Nvidia, UBS, Comerica Wealth Management, Nasdaq, Investors, Bokeh Capital Partners, Independence, P Global, PMI, Tuesday U.S

☆ Asia's factories struggle for momentum amid patchy recovery
▼ + stars: | 2023-06-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"The PMI surveys suggest that China's economic recovery was still ongoing in May, albeit at a slower pace. China's Caixin/S&P Global manufacturing PMI rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. Vietnam, Malaysia and Taiwan also saw factory activity shrink in May, while that of the Philippines expanded, the surveys showed. Asia's economy is heavily reliant on the strength of China's recovery, which has been uneven with services spending outperforming activity in export-oriented sectors. In forecasts released in May, the International Monetary Fund said it expects Asia's economy to expand 4.6% this year after a 3.8% gain in 2022, contributing around 70% of global growth.

Persons: Julian Evans, Pritchard, Wang Zhe, Leika Kihara, Sam Holmes Organizations: PMI, Capital Economics, P Global, Caixin Insight, Jibun, International Monetary Fund, Thomson Locations: South Korea, Vietnam, Taiwan, TOKYO, China, Japan, Asia, South, Malaysia, Philippines

☆ China's factory activity swings to surprise growth in May - Caixin PMI
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction. The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday. The manufacturing subindexes showed factory output rose at the fastest clip in 11 months while new orders including new exports expanded in May. However, business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects. "Current economic growth lacks internal drive and market entities lack sufficient confidence, highlighting the importance of expanding and restoring demand, " said Wang Zhe, Senior Economist at Caixin Insight Group.

Persons: Zhou Hao, Hang, Wang Zhe, 25bps, Liangping Gao, Joe Cash, Ryan Woo, Sam Holmes, Simon Cameron, Moore Organizations: P Global, PMI, Guotai, CSI, Caixin Insight, ANZ, Thomson Locations: BEIJING, China

Refinitiv data shows foreigners sold $1.71 billion worth of mainland shares this month via Stock Connect, a key cross-border link between the mainland and Hong Kong exchanges, after selling $659 million in April. Despite outflows in February, April and May, foreigners' net purchases of mainland shares still stood at $25.05 billion for the first five months of this year, compared with net buying of about $6.36 billion worth over the whole of 2022. "Foreigners seem to have been selling because of the underwhelming near-term economic data points and, perhaps, because of the opportunities available to investors with a broader (pan-Asia or global) mandate," Pershad said. "We presume other investors have re-allocated some capital from China to those markets (and others) this year." Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Vidya Ranganathan & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Pruksa Iamthongthong, Refinitiv, Alexander Davey, Vikas Pershad, Pershad, Patturaja Murugaboopathy, Gaurav Dogra, Vidya Ranganathan, Simon Cameron, Moore Organizations: Stock Connect, Reuters, National Bureau of Statistics, P Global, PMI, Morningstar, Allianz All China Equity WT, HK, HSBC Asset Management, U.S . Federal Reserve, G Investments, Thomson Locations: Hong Kong, China, Morningstar ,, Taiwan, Shanghai, Asia, Bengaluru

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

☆ Next week promises any debt deal relief may prove short-lived with jobs report, Fed decision looming
▼ + stars: | 2023-05-26 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

"The overhangs on the market this year [are] the debt ceiling negotiation, hawkish Fed commentary and a banking crisis. It appears we are going to get a debt ceiling deal over the weekend, which should help the market to stabilize." The problem for many on the Street is the action in the S & P 500 Tech Index, up more than 5% this week; the Nasdaq Composite , ahead about 2.5%; and the S & P 500 , with a 0.3% gain, masks so much weakness beneath the surface. The S & P 500 consumer staples, materials, health care and utilities were all down between 2.4% and 3.2% this week, and the Dow Industrials were lower 1%. Although the S & P 500 is 9.5% higher so far in 2023, only a few stocks are doing well. "

☆ Stock markets nervous about Fed pivot and banking sector
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

"The Fed decision was widely expected, so it didn't provide much of a shock to financial markets," Tina Teng, market analyst at CMC Markets, in Auckland. "However, I think the whole economic playout is not positive, especially the recent banking rout from the regional banks, and those big banks taking over the smaller banks. It's not a good sign, and risks are spreading out into the wider banking system, which worries investors." E-mini futures for the S&P 500 fell 0.22%, reflecting the dramatic slide in regional banking shares after the close of U.S. markets. The Fed is trying to indicate a direction, and the market is looking further down the path than the Fed's willing to communicate."

☆ China's factory activity skids in April on weak demand - Caixin PMI
▼ + stars: | 2023-05-04 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) - China’s factory activity unexpectedly dipped in April, a private sector survey showed on Thursday, due to softer domestic demand and suggesting the manufacturing sector is losing momentum amid a bumpy post-COVID economic recovery. FILE PHOTO: Employees work on a production line manufacturing metal parts for furniture at a factory in Hangzhou, Zhejiang province, China April 30, 2020. China Daily via REUTERSThe Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in April from 50.0 the previous month prior. The reading echoes a similarly disappointing official PMI released on Sunday and reflects the uneven nature of China’s economic recovery, with services consumption, a key growth driver in the first quarter, outperforming manufacturing. “This suggests that China’s economic recovery significantly slowed after COVID-19 infections peaked at the start of this year,” said Wang Zhe, economist at Caixin Insight Group.

☆ China's skidding factory sector taps brakes on economic recovery
▼ + stars: | 2023-05-04 | by ( Ellen Zhang | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector, a private survey showed on Thursday, imperilling the broader economic outlook for the second quarter. China Daily via REUTERSThe Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.5 in April from 50.0 in March. The latest PMIs may lower expectations for the economy in the second quarter, said Zhou Hao, economist at Guotai Junan International. “But to what extent the economic recovery momentum will weaken, the market is not sure,” Zhou said. “The manufacturing sector will be under pressure in the second quarter, and won’t get any relief at least until June.”

☆ Morning Bid: Another one bites the dust
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

May 1 (Reuters) - A look at the day ahead in U.S. and global markets from Amanda Cooper. Just when you thought it was safe to go back into the banking system, First Republic Bank has folded and U.S. regulators have agreed to sell its assets to JPMorgan. A Reuters poll of economists offers a forecast of 46.7 for the ISM manufacturing index, which would mark an improvement on March's three-year low of 46.3, but it would still be the sixth straight month of contraction. ISM Manufacturing PMIEvents to watch out for on Monday:* U.S. Institute for Supply Management index* S&P Global Manufacturing PMI final index* Three- and six-month Treasury bill auctions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 10-year Treasury yield ticks higher ahead of Fed meeting
▼ + stars: | 2023-05-01 | by ( Katrina Bishop | ) www.cnbc.com time to read: 1 min

The yield on the 10-year Treasury was trading around 3.467% at 4.40 a.m. The 2-year Treasury yield was flat at 4.066%. The Fed is expected to announce a 25-basis point interest rate hike Wednesday at the conclusion of its meeting. Investors are particularly interested in any guidance on how long rates will remain elevated and when rate cuts could get underway. On Monday, ISM manufacturing data, construction spending and S&P Global manufacturing PMI are due.

☆ Stock futures are flat after Dow notches best month since January
▼ + stars: | 2023-04-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

U.S. stock futures were flat in overnight trading Sunday after the major averages logged gains for April, and the Dow Jones Industrial Average notched its best month since January. Futures tied to the Dow dipped 30 points, while S&P 500 and Nasdaq-100 futures each inched 0.1% lower. The Nasdaq Composite advanced 0.69% as Big Tech earnings took center stage. For the month, the Dow gained 2.5% to notch its best monthly stretch since January, while the benchmark index gained 1.5%. "There was definitely a very positive surprise on the big tech earnings," said Jan Szilagyi, CEO of Toggle AI.

☆ Markets next week have to contend with how aggressive the Fed drumbeat sounds
▼ + stars: | 2023-04-28 | by ( Scott Schnipper | ) www.cnbc.com time to read: +8 min

"Is Chairman Powell going to say, 'It is likely that we pause now and assess what the economy is going to do?' "The tone on that balance is going to be very critical to how the market is going to move next week." "What is [Powell] going to do? June Fed meeting The betting on Wall Street right now is that, after next week, the Fed will standpat at its next meeting six weeks later, on June 13-14. Beyond Apple, some 161 other companies in the S & P 500 index are scheduled to report latest-quarter results next week.

BEIJING, April 12 (Reuters) - China's exports and imports likely extended their declines in March, a Reuters poll showed on Wednesday, as weakening global demand squeezed factory supply chains and order books. Such a result would add to policymakers' concerns about China's fragile economic recovery. Exports have struggled in the months following China's decision to drop its COVID curbs in December, when the world's second-largest economy re-opened. Other Asian exporters such as South Korea and Vietnam have also seen exports decline in the first few months of 2023. Reporting by Joe Cash; Polling by Madhumita Gokhale and Anant Chandak; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ China's March factory activity growth falters on weaker demand - Caixin PMI
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's factory activity growth stalled in March, weighed down by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday. The reading far missed expectations of 51.7 in a Reuters poll, and echoed slower growth in an official PMI released on Friday. However, a property downturn, weaker global demand and financial uncertainty raised doubts about the strength of the rebound. The factory activity was hit by slower growth in production and demand in March with sub-indexes both falling from the previous month. The new export orders sub-index fell to 49.0 after briefly swinging into growth in February, suggesting global demand remains weak.

☆ Asia's factory activity weakens as global demand falters
▼ + stars: | 2023-04-03 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"With global growth set to remain weak in the coming quarters, we expect manufacturing output in Asia to remain under pressure," said Shivaan Tandon, emerging Asia economist at Capital Economics. South Korea's PMI fell to 47.6 in March from 48.5 in February, contracting at the fastest pace in six months as export orders took a hit from weak global demand. Vietnam and Malaysia saw factory activity shrink in March, while that of the Philippines expanded at a slower pace than in February, surveys showed. While indications are that the U.S. Federal Reserve will pause its tightening cycle soon, the outlook remains clouded by the banking-sector troubles, still-high inflation and slowing global growth. "Given much of the drag from higher interest rates is yet to feed through to advanced economies, we expect global growth and demand for Asia's exports to remain weak in the coming quarters," Capital Economics' Tandon said.

☆ Morning Bid: Crude cut complicates Q2
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +6 min

Brent crude surged on Monday in response, settling about 5% higher than Friday's close. The mild reaction in the rates and bond markets to the OPEC move reflects some of that. Asia and Europe's main stock indices were steady to higher, with S&P500 futures only marginally in the red ahead of Monday's open. The VIX (.VIX) volatility index was a touch higher, though still below 20, and the dollar (.DXY) was up smartly. The Caixin/S&P Global manufacturing purchasing managers' index teetered back on the 50 dividing line between expansion and contraction again in March.

☆ China's March factory activity growth falters on weaker demand, survey shows
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: +1 min

Employees work on an electronics production line on Feb. 2, 2023, at a factory in Longyan, Fujian province in China. China's factory activity growth stalled in March, weighed by slowing production and weaker global demand and adding to uncertainty about a post-Covid recovery, a private sector survey showed on Monday. The reading far missed expectations of 51.7 in a Reuters poll, and echoed slower growth in an official PMI released on Friday. However, a property downturn, weaker global demand and financial uncertainty raised doubts about the strength of momentum. Looking forward, economic growth will still rely on a boost in domestic demand, especially an improvement in household consumption," said Wang Zhe, Senior Economist at Caixin Insight Group.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Bank troubles roil markets and make Fed's decision next week more fraught
▼ + stars: | 2023-03-17 | by ( Patti Domm | In | ) www.cnbc.com time to read: +7 min

Even with Friday's sell-off, the S & P 500 and Nasdaq scored gains for the week. The S & P 500 rose 1.4%, compared to a tiny loss of 0.2% in the Dow . "If the U.S. economy is going into a recession, they're going to be buying less cloud service. On Friday, durable goods for February is reported, and there are releases of flash S & P Global PMI data for services and manufacturing. Durable goods 9:30 a.m. St. Louis Fed President James Bullard 9:45 a.m. S & P Global Manufacturing PMI 9:45 a.m. S & P Global Services PMI

☆ Dollar slides, yuan gains on China PMI; hot inflation lifts euro
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Yen, euro and U.S. dollar banknotes of various denominations. Meanwhile, inflation data from five German states was largely unchanged in the high single digits in February, pointing to no let-up in stubborn price pressures at the national level. Preliminary pan-German inflation data is to be published at 1300 GMT, calculated using data from up to 16 German states. "The euro is being well supported by the inflation data," Nordea's Christensen said. "We're looking for a more solid euro area inflation reading tomorrow than we had expected going into this week."

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