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☆ Asia shares struggle as China fails to stimulate
▼ + stars: | 2023-07-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China reported economic growth of 0.8% in the second quarter, above the 0.5% forecasted, while the annual pace slowed more than expected to 6.3%. That followed figures out over the weekend showed China's new home prices were unchanged in June, the weakest result this year. "Markets have already adjusted lower their expectations (for stimulus), and our base case is that there won't be a substantial package." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3%, though that follows a 5.6% rally last week. S&P 500 futures and Nasdaq futures were both off a fraction, but that followed hefty gains last week.

Persons: Carol Kong, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Brent, Wayne Cole, Lincoln Organizations: Japan's Nikkei, FTSE, Nasdaq, Bank of America, Netflix, JPMorgan, ., Bank of England, CBA, Thomson Locations: Japan, China, SYDNEY, Beijing, Asia, Pacific, Libya

☆ Asia shares slip as China data underwhelms
▼ + stars: | 2023-07-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China reported economic growth of 0.8% in the second quarter, above the 0.5% forecasted, while the annual pace slowed more than expected to 6.3%. Industrial output topped forecasts with a rise of 4.4%, while retail sales missed by a tick at 3.1%. That followed figures out over the weekend showed China's new home prices were unchanged in June, the weakest result this year. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2%, though that follows a 5.6% rally last week. S&P 500 futures and Nasdaq futures were both off 0.1%, but that followed hefty gains last week.

Persons: Carol Kong, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Brent, Wayne Cole, Lincoln Organizations: Japan's Nikkei, FTSE, Nasdaq, Bank of America, Netflix, JPMorgan, ., Thomson Locations: Japan, China, SYDNEY, Beijing, Asia, Pacific, Libya

☆ UK CFOs turn wary as inflation and borrowing costs bite: Deloitte
▼ + stars: | 2023-07-16 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

"The burst of business optimism seen in the spring has faded under the weight of inflation and rising interest rates," Deloitte's chief economist, Ian Stewart, said. The survey showed early signs of cooling in the labour market with CFOs signalling a further easing in recruitment difficulties and a slowdown in wage growth. The survey of 69 CFOs - 13 of them from FTSE 100 firms and 21 from FTSE 250 companies - was conducted between June 15 and June 27. The CBI called on the government to deliver a clear and stable policy environment and offer incentives for investment, among other measures. ($1 = 0.7625 pounds)Reporting by William Schomberg, editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Ian Stewart, Corporates, Rain Newton, Smith, William Schomberg, David Milliken Organizations: Finance, Deloitte, Bank of England, of British Industry, CBI, Thomson

As investors bet on a milder inflation outlook, the MSCI World Equity index (.MIWD00000PUS) rose to its highest so far this year. BOND YIELD BOUNCEU.S. government bond yields bounced back slightly on Friday after sharp declines earlier in the week. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 10.6 bps at 4.717%. "Getting the 3% (inflation reading) is one thing, getting back to 2% is going to be a much harder task," Villamin said. LOWER DOLLAR HOLDSThe dollar hovered near a 15-month low on Friday and was set for its biggest weekly decline since November after softening U.S. inflation data.

Persons: Brendan McDermid, Germany's DAX, Michele Morganti, Morganti, Norman Villamin, We're, Villamin, Brent, Lawrence Delevingne, Elizabeth Howcroft, Jan Harvey, Nick Macfie Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Wednesday U.S, JPMorgan Chase, UnitedHealth, Dow Jones, Nasdaq, Generali Investments, Treasury, Brent, Thomson Locations: New York City, U.S, Rome, Libya, Nigeria, Boston, London

As investors bet on a milder inflation outlook, the MSCI World Equity index rose to its highest so far this year. On Friday it was up 0.2% on the day, after a week of gains put it on track for its biggest weekly rise since November 2022 (.MIWD00000PUS). The positive momentum was set to continue into Wall Street, with S&P 500 futures up 0.1% and Dow futures up 0.4% . The U.S. dollar index was at 99.821, holding near the 15-month low of 99.574 hit earlier in the session and set for its biggest weekly decline since November . Meanwhile the Swedish crown was set for its biggest weekly gain against both the dollar and euro in 14 years , .

Persons: Germany's DAX, Norman Villamin, We're, Villamin, UBP's Villamin, Brent, Gold, Elizabeth Howcroft, William Maclean, Chizu Organizations: U.S . Federal Reserve, Dow, Money, Federal Reserve, U.S, JPMorgan Chase, Wells, Thomson Locations: Europe, U.S

☆ CNBC Daily Open: The S&P 500 can hit a record high
▼ + stars: | 2023-07-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Visitors around the 'Charging Bull' statue near the New York Stock Exchange (NYSE) in New York, US, on Thursday, June 29, 2023. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Excluding food, energy and trade services, the core producer price index rose 0.1%, lower than the forecasted 0.2%. Celsius chargesFormer Celsius CEO Alex Mashinsky was arrested Thursday on federal securities fraud charges, a source told CNBC. CNBC Pro's Bob Pisani breaks down why stock prices might stagnate in that scenario.

Persons: Bob Iger, CNBC's David Faber, Iger, Alex Mashinsky, that's, Bob Pisani Organizations: New York Stock Exchange, CNBC, U.S, Disney, ABC, ESPN, Marvel, Star Wars, SEC Locations: New York

☆ China drives Burberry first-quarter sales jump
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry NichollsLONDON, July 14 (Reuters) - British luxury fashion brand Burberry (BRBY.L) on Friday reported an 18% rise in its first-quarter comparable store sales, in line with market expectations thank to continued recovery in China. CEO Jonathan Akeroyd said outerwear and leather goods were performing well and he was excited about new products from designer Daniel Lee arriving in stores in September. Lee, who joined in September, unveiled his debut collection at London Fashion Week in February. Like-for-like leather goods sales increased 13%, with women's bags, especially the Frances shapes and vintage Burberry check performing well, the company said.

Persons: Henry Nicholls LONDON, Jonathan Akeroyd, Daniel Lee, Lee, Frances, Suban Abdulla, Paul Sandle, David Goodman Organizations: Burberry, New, REUTERS, London Fashion, Thomson Locations: London, Britain, China, Europe, Americas

The pan-European STOXX 600 index (.STOXX) ended 0.6% higher, extending gains to the fifth straight day, its longest winning streak in nearly three months. Rate-sensitive technology stocks (.SX8P) were the top gainers on STOXX 600, jumping 1.7%, with IT provider Softcat (SCTS.L) advancing 5.3% after Citi raised it to "buy". Also supporting STOXX 600 were miners (.SXPP) rising 1.7%, as commodity prices won support from a weaker dollar. [MET/l]A faster-than-expected slowdown in U.S. inflation reinforced bets that the Fed could end its rate hikes soon after July. Shares of Swatch (UHR.S) rose 6.9% after the watchmaker reported record growth in the first half of the year.

Persons: Barratt, Pierre Veyret, Chris Zaccarelli, Matteo Allievi, Shreyashi Sanyal, Sherry Jacob, Phillips, Janane Venkatraman, William Maclean Organizations: Federal, Citi, ActivTrades, Independent, Alliance, Swatch, Thomson Locations: Tech, U.S, Gdansk, Amruta, Bangalore

LONDON, July 13 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) warned it would build far fewer homes this fiscal year as rising mortgage rates and stubborn inflation hit demand, sending its shares down more than 5% in early trading on Thursday. The FTSE 100-listed firm said it expected to build between 13,250 to 14,250 units in the year ending June 30, 2024, down from 17,206 homes the year before. Average two-year fixed mortgage rates hit a 15-year high earlier this week. Julie Palmer, partner at Begbies Traynor, said Thursday's trading update underlined the impact of rising rates on homebuyers, construction firms and other businesses linked to the housing market. High-end housebuilder Berkeley (BKGH.L) last month forecast a 20% drop in house build sales for its current fiscal year.

Persons: Barratt, Julie Palmer, Begbies Traynor, Suban Abdulla, Aby Jose Koilparambil, Sherry Jacob, Phillips, Kate Holton, Elaine Hardcastle Organizations: Thomson Locations: London, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 1.5% higher, extending gains to the fourth straight day. U.S. consumer prices advanced 3.0% in June - their smallest year-on-year increase since March 2021 - after 4% growth in May. Gains in the lenders lifted UK's FTSE 100 index (.FTSE) by 1.8%, leading gains among European peers and pushing the European banks index (.SX7P) up 1.9%. European shares have performed better than UK stocks so far this year, amid economic resilience and signs of cooling inflation in the euro zone, with focus now shifting to the upcoming earnings season. Data showed Spanish national consumer prices rose 1.9% in the 12 months through June, down from a 3.2% rise in the period through May.

Persons: Daniel Casali, Evelyn, Jefferies, Vincent Chaigneau, Matteo Allievi, Shreyashi Sanyal, Sohini Goswami, Nick Zieminski Organizations: U.S, Jefferies, Federal, Evelyn Partners, Lloyds, Barclays, HSBC, Bank of England, Miners, ASM International, Infineon, Generali Investments, Air France, KLM, Deutsche Bank, Thales, Cobham Aerospace Communications, Spanish, Thomson Locations: United States, U.S, Gdansk, Amruta, Bangalore

☆ The biggest risk to markets is if the U.S. avoids a recession, strategist warns
▼ + stars: | 2023-07-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Stock markets could suffer if the United States economy sidesteps a recession that many believe is just around the corner, according to Investec equities strategist Roger Lee. Lee said the market is bracing itself for a recession within the next year, a prediction he called the "most widely forecast recession in history." Paradoxically therefore, the greatest risk to U.S. markets is if the recession risk recedes. The implications of this could potentially lead to a downturn in both equities and bond markets, according to the strategist. "Paradoxically therefore, the greatest risk to U.S. markets is if the recession risk recedes," Lee added.

Persons: Roger Lee, Lee, Investec's Lee, —, treasuries, it's, Jeff Cox Organizations: HSBC, CNBC, Dow Jones, Treasury Locations: United States, U.S, London, America

☆ These ETFs can help scratch the 'FOMO' itch without adding too much risk
▼ + stars: | 2023-07-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The Invesco QQQ Trust (QQQ) , which has even heavier exposure to Big Tech names, has brought in $5.8 billion of its own. "It's not really the overconcentration in the big names that worries me. It's actually the concentration in the big names compared to their earnings contribution," said Oktay Kavrak, director of communications and strategy at Leverage Shares. Whether you're passive or active, you probably have enough exposure to Nvidia and Apple and Microsoft," said Todd Sohn, ETF strategist at Strategas. There's a whiff of it, a scent of it," Sohn said, pointing out that money market funds attracted more cash than equity funds last week.

Persons: Matthew Bartolini, Bartolini, It's, Oktay Kavrak, Todd Sohn, . Sohn, Kavrak, Sohn, Cathie Wood's Organizations: Vanguard, Big Tech, SPDR, Street Global Advisors, Microsoft, Nvidia, Nasdaq, RSP, Apple, Trust, Technology, Index, Fund, The Vanguard FTSE Locations: SPDR Americas, Europe

The pan-European STOXX 600 (.STOXX) ended 0.7% higher, rising for the third straight session. Irish stocks (.ISEQ) jumped 2.1%, leading the advance among its continental peers. Irish stocks were boosted by gains in Kingspan (KSP.I) which jumped 15.7% after forecasting record profit for the first half of the year. Shares of China-exposed luxury firms including LVMH (LVMH.PA), Hermes (HRMS.PA) and Richemont (CFR.S) rose between 2% and 2.3% while industrial stocks (.SXNP) also sensitive to China advanced 1.0%. Mercedes-Benz Group (MBGn.DE) shares rose 0.7% after sales in the second quarter rose 6% year-on-year on the back of demand for all-electric and top-end vehicles.

Persons: Michael Hewson, Richard Flax, Matteo Allievi, Shreyashi Sanyal, Rashmi Aich, Nivedita, Emelia Organizations: Miners, U.S . Federal Reserve, LVMH, CMC Markets, tomorrow's U.S, Nordic Semiconductor, Daimler, Benz Group, Thomson Locations: China, Kingspan, Europe, U.S, tomorrow's, Britain, Gdansk, Amruta, Bangalore

☆ Stock Market Today: Dow, Nasdaq Futures Edge Up
▼ + stars: | 2023-07-11 | by ( ) www.wsj.com time to read: +2 min

Stock futures edged higher as investors looked ahead to inflation data that are expected to play a crucial role in shaping the next stretch of monetary policy. Investors eyed gains in overseas stock markets Tuesday, which came after Beijing announced new loan-relief measures for China’s troubled property sector. European indexes also rose, with the exception of the U.K.’s benchmark stock index, which fell after data showed wage growth remained strong there. Stock futures edged higher. Futures tied to the S&P 500 and the tech-focused Nasdaq-100 both gained 0.2%, while those tied to the Dow industrials edged up 0.1%.

Persons: Loretta Mester, Mary Daly, ’, Hong, Seng, Brent Organizations: Labor Department, Investors, Traders, Beijing, Dow, Treasury, Shanghai, Nikkei Locations: Europe

☆ Asia shares edge higher, China disinflation a drag
▼ + stars: | 2023-07-10 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Chinese consumer price figures surprised on the soft side with inflation falling in June and essentially unchanged from a year before. The gains in China helped MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) firm 0.6%. Japan's Nikkei (.N225) eased 0.7% in the wake of a higher yen, while South Korea (.KS11) added 0.2%. Fed officials have been mostly hawkish in their communications, while markets have also priced in higher rates in Europe and the UK. Canada's central bank meets this week and markets imply a 67% chance of another hike.

Persons: Bonds, Yen, Goldman Sachs, Brent, Wayne Cole, Stephen Coates Organizations: Nikkei, SYDNEY, Alibaba, HK, Japan's Nikkei, South, Nasdaq, JPMorgan Chase, Citigroup, PepsiCo, Federal Reserve, Fed, Thomson Locations: U.S, China, Beijing, reflating, Hong, Asia, Pacific, Japan, South Korea, Wells Fargo, Europe, Saudi Arabia, Russia

☆ UK's FTSE 100 flat as energy gains offset mining losses; real estate stocks tumble
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies FTSE 100 flat, FTSE 250 off 0.4%July 10 (Reuters) - UK's FTSE 100 was subdued on Monday, as gains in energy firms outpaced losses in mining stocks, after weak Chinese economic data rekindled slowing demand concerns, while real estate stocks slumped on a bearish call from HSBC. By 0718 GMT, the blue-chip FTSE 100 (.FTSE) was flat, while the more domestically-focussed FTSE 250 midcap index (.FTMC) fell 0.4%. Industrial metal miners (.FTNMX551020) lost 0.8%, tracking a fall in most base metal prices. A bearish note from HSBC on UK real estate weighed on the sector, pushing down the real estate investment trusts (REITs) (.FTNMX351020) 1.2% and real estate (.FTUB3510) 1.1%. Heavyweight energy stocks (.FTNMX601010) added 0.8%.

Persons: Shashwat Chauhan, Dhanya Ann Thoppil Organizations: HSBC, Prudential, Thomson Locations: China, Bengaluru

☆ European shares inch lower ahead of US jobs report
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

July 7 (Reuters) - European shares edged lower on Friday, following sharp losses in the previous session, after U.S. data that showed a still strong labor market, while investors await a key U.S. jobs report due later in the day for more clues on interest rate outlook. The pan-European STOXX 600 index (.STOXX) fell 0.4% by 0710 GMT, set for its worst week since mid-March, led by declines in utilities shares (.SX6P), which slid 1.2%. European equities took a hit on Thursday after private payrolls in the United States surged far more than expected in June, suggesting the labor market remained solid despite growing risks of a recession. Investors will be hawkeyed on the American non-farm payrolls report, due at 8:30 a.m. The report is expected to show a drop in number of jobs created in the U.S. in June compared to a month earlier.

Persons: Matteo Allievi, Shubham Batra, Janane Organizations: Shell, Thomson Locations: U.S, United States, Gdansk, Bangalore

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

☆ London stocks decline at open as rate hike fears persist
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

By 0712 GMT, the blue-chip FTSE 100 (.FTSE) lost 0.6%, while the more domestically-focussed FTSE 250 midcap index (.FTMC) fell 0.3%. Coca Cola HBC AG (CCH.L) jumped 3.6% after the bottler raised its 2023 profit expectation. The pharmaceuticals and biotech (.FTNMX201030) and utilities (.FTUB6510) sectors were amongst the top losers, down 1.1% and 0.9%, respectively. A key reading of U.S. jobs data due later in the day will be eyed to gauge the Federal Reserve's monetary tightening plans after the central bank kept rates steady in its previous decision. Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Jefferies, Shashwat Chauhan, Eileen Soreng Organizations: Federal Reserve, Coca Cola HBC, Coca Cola HBC AG, Federal, Thomson Locations: Bengaluru

☆ UK FTSE 100 at three-month low as rate hike worries grip; Currys slumps
▼ + stars: | 2023-07-06 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 1.2%, hitting its lowest level since March 24. Currys (CURY.L) tumbled 13.3% to its lowest level in more than 20 years after the electricals retailer reported a 38% slump in full-year profit. The commodity-heavy UK benchmark has been underperforming its peers this year amid volatility in resource prices over an uncertain global outlook. Among individual stocks, United Utilities (UU.L) climbed 1.8% after Morgan Stanley raised the water utility firm's rating to "overweight" from "equal-weight." Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: tanked, Chris Beauchamp, Beauchamp, Morgan Stanley, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: United Utilities, P, FTSE, U.S, U.S . Federal, IG Group, HSBC, Standard Chartered, Prudential, CAB, Thomson Locations: China, U.S, U.S ., Bengaluru

LONDON, July 5 (Reuters) - Dismissal of this year's much-scorned equity market rally as the frothy preserve of a handful of AI-fuelled stocks may be both misleading and also one of its strengths. Or, put another way, if you remove the top 10 stocks, the other 490 would only have gained 4%. And an eye-popping 75% surge in the high-octane 10-stock FANG+TM index (.NYFANG) - mega cap U.S. digital and tech stocks including Apple, Microsoft, Nvidia and Tesla - underlines that. In short, they're hard to avoid unless you dodge either U.S.-listed companies or equity markets altogether. "While stock market investments may be risky in the short run, when viewed against inflation they have offered far more certainty in the long run," he told clients.

Persons: Russell, Andrew Lapthorne, Japan's, Germany's DAX, Italy's, Duncan Lamont, Lamont, Mike Dolan, Mark Potter Organizations: Nasdaq, Apple, Microsoft, Nvidia, Tesla, H1 Stock, Japan's Nikkei, MIB, McKinsey, Bank, Big Tech, Reuters, Twitter, Thomson Locations: Europe, Japan, U.S, United States

☆ CNBC Daily Open: Tesla roars in a quiet market
▼ + stars: | 2023-07-04 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Muted marketsMajor U.S. indexes inched up fractionally Monday, in a quiet start to the second half of the year. Electrifying growthTesla shares popped 6.9% yesterday after the company reported a staggering 83% year-over-year growth in deliveries during the second quarter. Rivian shares jumped 17.4% after the company reported 12,640 deliveries during the second quarter, up 59% from the previous quarter.

Persons: Elon Musk, Thierry Breton, Bluesky, Jack Dorsey, Tom Lee, Lee Organizations: SpaceX, Tesla, Twitter, Viva Technology, CNBC, U.S, AstraZeneca's, European Union Locations: Paris, France, Japan, South Korea, China

The pan-European STOXX 600 index (.STOXX) dipped 0.2%, reversing gains of some 0.4%, to kick off the first day of the second half of the year on the back foot. The broader healthcare index (.SXDP) fell 2.0%, leading falls among sectors. The moves helped Italy's financials-heavy benchmark FTSE MIB (.FTMIB) climb 0.8%, a bright spot among other bourses in the region. The broader STOXX 600 had gained 8.7% in the first half of the year, largely due to strong gains early into 2023. "A muted atmosphere prevails across stock markets this afternoon," said Chris Beauchamp, chief market analyst at online trading platform IG.

Persons: Assicurazioni, Delfin, Italy's, Chris Beauchamp, Amruta Khandekar, Shreyashi Sanyal, Matteo Allievi, Nivedita Bhattacharjee, Janane Venkatraman, Conor Humphries Organizations: Miners, AstraZeneca, Generali, British, MIB, European Central Bank, Thomson Locations: China, Bengaluru, Gdansk

☆ Nikkei leads Asia higher, China lags behind
▼ + stars: | 2023-07-03 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

China's factory activity slowed in June as the Caixin manufacturing survey showed a dip to 50.5, from 50.9 in May. China's central bank has promised more "forceful" action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips (.CSI300) shed 5% last quarter while much of the developed world rallied. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 1.2%, though it was still lagging far behind Japan's market. S&P 500 futures and Nasdaq futures were steady ahead of the July 4 holiday, having gained more than 6% in June.

Persons: Tesla, May's, Michael Feroli, wouldn't, Brent, Wayne Cole, Christopher Cushing, Himani Sarkar Organizations: Nikkei, ANZ, Sino, Bank of Japan, FTSE, Nasdaq, BofA, Apple, Microsoft, JPMorgan, Fed, Thomson Locations: SYDNEY, Japan, Asia, Pacific, Saudi Arabia, Lincoln

☆ Nikkei leads Asia higher, China data underwhelms
▼ + stars: | 2023-07-03 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

China's factory activity slowed in June as the Caixin manufacturing survey showed a dip to 50.5, from 50.9 in May. China's central bank has promised more "forceful" action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips (.CSI300) shed 5% last quarter while much of the developed world rallied. S&P 500 futures and Nasdaq futures were steady ahead of the July 4 holiday, having gained more than 6% in June. Important U.S. data this week includes closely watched surveys on manufacturing and services, job openings and the June payrolls report.

Persons: Tesla, May's, Powell, Michael Feroli, Brent, Wayne Cole, Christopher Cushing, Himani Organizations: Nikkei, ANZ, Sino, Bank of Japan, FTSE, Nasdaq, BofA, Apple, Microsoft, JPMorgan, Thomson Locations: SYDNEY, Japan, Asia, Pacific, Saudi Arabia

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