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☆ Stock market today: Dow plunges 605 points as fresh economic data clouds outlook for rate cuts
▼ + stars: | 2024-05-23 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Nvidia's solid earnings and guidance boosted its stock but the broader market saw a sharp dip. Rate cuts bets faded after services and manufacturing data pointed to still-sticky inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The drop came after new services and manufacturing PMI data topped economists' estimates, hinting at more inflation pressure for the US economy. AdvertisementThursday's data pressured the outlook for rate cuts later this year.

Persons: Dow, — Organizations: Service, Nvidia, Dow Jones, Nasdaq, Treasury, Here's

☆ We maintain our rating on Ford shares after a bullish Street initiation
▼ + stars: | 2024-05-23 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. We welcome the bullish call, but maintain a 2 rating on F shares. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, chipmaker, Jim, Bernstein, Jim Cramer's Organizations: CNBC, Nasdaq, Nvidia, Treasury, P Global, PMI, Dow Jones, DuPont de Nemours, DuPont, Ford Motor Locations: U.S

☆ Tourism in China surges during May Day holiday but travelers turn frugal
▼ + stars: | 2024-05-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish. That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level. Passengers at Nanjing Railway Station in East China's Jiangsu province on May 5, the last day of the Labor Day holiday. On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.

Organizations: Hong Kong CNN, Labor, Tourists, Ministry of Culture, Tourism, Passengers, Nanjing Railway, PMI, TD Securities, P Global, National Bureau, Statistics Locations: China, Hong Kong, Nanjing, East China's Jiangsu

☆ Hong Kong stocks are back from the dead. Here’s why
▼ + stars: | 2024-04-30 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong’s benchmark Hang Seng Index surged more than 7% in April as the best-performing major index in the world. The valuation of Hong Kong stocks has also become more “compelling” relative to the rest of the Asian region after the pullback last year, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management. He added that there is a shift in investors’ sentiments as Chinese economic data turned more positive. Innes said global investors are currently “underweight” in Chinese markets, including Hong Kong, because of geopolitical tensions and concerns surrounding potential fallout from the upcoming US elections. Stock exchange data showed that southbound investors (meaning investment from mainland China into Hong Kong) have bought nearly $20 billion of Hong Kong-listed stocks in March and the first three weeks of April on a net basis.

Persons: ”, Kelly Chung, Zhikai Chen, Stephen Innes, David Chao, Nomura, Xiaomei Chen, Angelina Lai, Innes, Kong, BNP Paribus Organizations: Hong Kong CNN, Hong, Value Partners, BNP, Management, P Global, PMI, Kong's, Reuters, US, People’s Bank of, HK, “ Locations: China, Hong Kong, United States, Beijing, India, James’s, People’s Bank of China

☆ 12 portfolio companies report earnings in the week ahead. What we want to hear from each
▼ + stars: | 2024-04-27 | by ( Zev Fima | ) www.cnbc.com time to read: +15 min

The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.

Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York

☆ 'Big change' in global growth is bullish for commodities including copper, says VanEck CEO
▼ + stars: | 2024-04-20 | by ( Meredith Mutter | ) www.cnbc.com time to read: +1 min

Investors should consider commodities due to a "big change" involving international expansion, according to VanEck CEO Jan van Eck. "The world economy started growing again," van Eck told CNBC's "ETF Edge" this week. Manufacturing PMI is now positive in China as of March," said van Eck. Its exchange-traded funds include the VanEck Gold Miners ETF (GDX) and VanEck Oil Refiners ETF (CRAK) . Van Eck highlights copper 's momentum as a positive sign for demand.

Persons: Jan van Eck, van Eck, CNBC's, Van Eck Organizations: PMI, Gold Miners Locations: China

☆ China’s Q1 GDP grows 5.3% partly thanks to strong manufacturing
▼ + stars: | 2024-04-15 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —China’s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. Last month, an official survey showed China’s manufacturing purchasing manager’s index (PMI) expanded for the first time in six months. The Caixin/S&P manufacturing PMI also hit its strongest reading in more than a year, as overseas demand picked up. The authorities have cut interest rates this year to boost bank lending and speed up central government spending to support infrastructure investment.

Organizations: Hong Kong CNN, Gross, National Bureau, Statistics, PMI Locations: Hong Kong, China

☆ Morgan Stanley says stocks are pricing in a 'no landing' scenario. How to play it
▼ + stars: | 2024-04-08 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Morgan Stanley thinks stocks are positioning for economic growth to stay robust. A no landing scenario means the economy will continue chugging along despite higher Federal Reserve rates. Energy is the second best-performing S & P 500 sector during that time, up 16%. He also highlighted the outperformance in broader cyclical stocks, which are closely tied to the economy. To be sure, Wilson still has a 4,500 S & P 500 target for 2024 , the second lowest on CNBC Pro's Market Strategist Survey .

Persons: Morgan Stanley, Michael Wilson, Wilson Organizations: Materials, Energy, PMI, CNBC Pro's, Survey Locations: Friday's

☆ The rally in oil cannot be ignored — here's what it means for stock market investors
▼ + stars: | 2024-04-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.

Persons: Brent, —, Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California

☆ China’s new factory data shows a bright start to the year
▼ + stars: | 2024-04-01 | by ( ) edition.cnn.com time to read: +2 min

The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts’ forecasts of 51.0 and marking an expansion for the fifth consecutive month. The upbeat results followed recent better-than-expected export and retail sales data, suggesting a bright start to the year for the world’s second-biggest economy. Official factory data published on Sunday also entered positive territory, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, expanding for the first time in six months. But analysts say policymakers will need to roll out more stimulus to hit that target as they will not be able to count on the weak statistical base of 2022 which flattered 2023 growth data.

Persons: Li Qiang, ”, Wang Zhe, Wang Organizations: P Global, PMI, Sunday, Citi, Caixin Insight Locations: Beijing

☆ Caixin survey shows China's March factory activity at its most robust in 13 months
▼ + stars: | 2024-04-01 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

China's factory activity in March expanded by its strongest pace in more than a year, a private survey showed on Monday, in signs of stabilizing growth in the world's second-largest economy. The Caixin/S&P Global China manufacturing purchasing managers' index was 51.1 in March — its strongest since February 2023 — after coming in at 50.9 in February. Economists had expected the reading to hit 51, according to a Reuters poll. This reading corroborates another official survey of manufacturing activity that surpassed market expectations and came at its strongest in 11 months. The official survey for non-manufacturing activity in China recorded its most robust reading since June, adding to encouraging recent export and retail sales data.

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

The official purchasing managers index, or PMI, rose from 49.1 in February to 50.8 in March. The monthly manufacturing PMI has mostly been under 50 over the past 12 months: Other than this month, factory activities only recorded an expansion in September. Zhao said the survey also showed some problems for companies remained, including increasing competition in industries and a lack of market demand. And it said 10.4 billion yuan ($1.4 billion) would go to upgrading industries and modernizing manufacturing. According to the survey released Sunday, the non-manufacturing PMI rose to 53 from 51.4 in February.

Persons: Zhao Qinghe, Zhao Organizations: BEIJING, —, PMI, National Bureau, Statistics, National People’s Congress, Communist Locations: China

☆ China's March factory activity expands for first time in six months
▼ + stars: | 2024-03-31 | by ( ) www.cnbc.com time to read: +3 min

China's manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. New export orders rose into positive territory, breaking a 11-month slump, but employment continued to shrink, albeit at a slower rate, the PMI data showed. Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% earlier this month at the annual meeting of the National People's Congress, China's rubber-stamp parliament. Citi on Thursday raised its economic growth forecast for China for this year to 5.0% from 4.6%, citing "recent positive data and policy delivery". China's cabinet on March 1 approved a plan aimed at promoting large-scale equipment upgrades and sales of consumer goods.

Persons: Zhou Maohua, Premier Li Qiang Organizations: PMI, China Everbright Bank, Manufacturing, Premier, National People's Congress, Citi Locations: Shandong, China, Japan

☆ Here are the 3 key things we're most focused on in the stock market this week
▼ + stars: | 2024-03-30 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

The annual reading is above the 2% target set by the central bank but is a slight deceleration from the 2.9% annual rate in December and January. Looking ahead to next week, it's all about the macroeconomic updates as the first quarter earnings season is mostly over. ET: ISM Manufacturing PMI After the bell: PVH Corp. (PVH), Canoo (GOEV) Tuesday, April 2 10:00 a.m. ET: ISM Services PMI Before the bell: Acuity Brands (AYI) After the bell: BlackBerry (BB), Levi Strauss (LEVI) Thursday, April 4 8:30 a.m. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Dow, payrolls, Paychex, Calvin Klein, Tommy Hilfiger, Buster's, Levi Strauss, LEVI, Lamb Weston, Jim Cramer's, Jim Cramer, Jim, Eric Thayer Organizations: Dow Jones, Nasdaq, Federal, Cal, Maine Foods, Conagra, PVH Corp, PMI, Maine, Brands, Jim Cramer's Charitable, CNBC, Workers, Grand Central Market, Bloomberg, Getty Locations: U.S, Cal, Los Angeles , California

☆ The booming private credit market has delayed a recession, but the US is still at risk of a sharp downturn, chief strategist says
▼ + stars: | 2024-03-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The $1.7 trillion private credit market has delayed a US recession, according to Tony Dwyer, Canaccord Genuity chief market strategist. AdvertisementAn economic recession has been delayed, but not averted amid ongoing weakness in the manufacturing sector, according to Cannacord Genuity chief market strategist Tony Dwyer. But I really think it's the private credit market that has help up companies that would have ordinarily not had access to capital. The private credit market has soared over the past decade as investors reached for yield amid a prolonged period of near-zero interest rates, with less than $300 billion invested in private credit in 2009. And for the first time in history, we have private credit," Dwyer said.

Persons: Tony Dwyer, Canaccord, Dwyer, Cannacord, it's Organizations: CNBC, Federal Reserve, PMI, Fed

☆ China PMI: Factories send mixed signals about the economy, pressing Beijing to do more
▼ + stars: | 2024-03-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.8 in January, according to S&P Global, which compiled the survey. The divergence in the output and new order sub-indexes is likely related to differences in geographic and sector coverage, as the Caixin PMI covers more southern regions, they said. “Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. “Looking ahead, the focus should be on the effectiveness of the measures [announced previously by Beijing to boost growth],” Wang said. “Fiscal policy will lead the way,” HSBC analysts said Friday.

Persons: ” Goldman Sachs, ”, Wang Zhe, ” Wang, Xi Jinping, Lintao Zhang, “ Organizations: Hong Kong CNN, National Bureau of Statistics, P, National People’s Congress, PMI, Caixin Insight, “, of People, Communist Party’s Politburo, NPC, Xinhua, HSBC Locations: China, Hong Kong, Beijing, Southern China, Guangdong, Zheijang, ” China

☆ Asia markets set to bounce ahead of China manufacturing data
▼ + stars: | 2024-03-01 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

(Photo by Vernon Yuen/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesAsia-Pacific markets were set to bounce Friday after a subdued session as investors awaited manufacturing data from China. While most Asia stock markets were lower on Thursday, China's CSI 300 closed almost 2% higher at 3,516.08 ahead of its purchasing managers' index reading for February. Official data is expected to show manufacturing PMI at 49.1, according to a Reuters Poll forecast. The private Caixin manufacturing final PMI is expected to come in at 50.6. A PMI reading above 50 indicates expansion, while below that denotes a contraction.

Persons: Vernon Yuen Organizations: Getty, Nurphoto, China's CSI, PMI, Nikkei Locations: Hong Kong, China, Asia, Pacific, China's, Chicago, Osaka, Australia, Korea

☆ Caixin survey shows China's factory activity expanded for a third month in January, extending divergence with official data
▼ + stars: | 2024-02-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Johannes Neudecker | Picture Alliance | Getty ImagesChina's factory activity expanded for a third-straight month in January, a private-sector survey showed on Thursday, helped by the first expansion in new export orders in seven months. Thursday's print though, extended a divergence from official data that points to the patchy growth in the world's second-largest economy and underscores the need for policy support. China's National Bureau of Statistics released data Wednesday that showed the country's official manufacturing PMI coming in at 49.2 in January, a fourth consecutive monthly contraction — compared with 49 in December. 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. Employment in China's manufacturing sector trended down in the official survey released Wednesday as in the Caixin survey.

Persons: Johannes Neudecker, Wang Zhe, Wang Organizations: Getty, P Global, National Bureau of Statistics, Overseas, Caixin Insight Locations: China

Asia-Pacific markets are set to fall after the U.S. Federal Reserve signaled it was unlikely to cut rates in March. Overnight, Fed Chair Jerome Powell said the central bank would likely not be comfortable enough with the path of inflation by its next meeting in March to cut interest rates. But that's to be seen," Powell said. In Asia, investors will assess private surveys on business activity for January across the region, most notably, the Caixin purchasing managers index out from China. Economists polled by Reuters expect the Caixin manufacturing PMI to come in at 50.6, an expansionary figure compared with official figures of 49.2 released on Wednesday.

Persons: Jerome Powell, Powell Organizations: U.S . Federal Reserve, Reuters, PMI Locations: Asia, Pacific, China

☆ European markets head for higher open ahead of euro zone PMI data
▼ + stars: | 2024-01-24 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive open Wednesday as investors look ahead to preliminary purchasing managers' index (PMI) data from the euro zone in January. The composite services and manufacturing PMI data will give investors a gauge of business activity in the single currency area, ahead of the European Central Bank's next meeting on Thursday. Overnight in Asia-Pacific markets, Hong Kong's Hang Seng index surged almost 2%, powered by tech stocks as other regional markets mostly fell. U.S. stock futures tied to the tech-heavy Nasdaq 100 climbed Wednesday morning after Netflix reported its subscriber count reached a record in the fourth quarter.

Organizations: European Central Bank's, Netflix Locations: Asia, Pacific, U.S

☆ China's Nov services activity accelerates on boost from new orders - Caixin PMI
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The findings present a mixed picture of the vast services sector as an official survey last week showed the sector unexpectedly contracted for the first time since December last year, prompting calls for more stimulus measures. "Both services supply and demand expanded, as the market continued to heal," said Wang Zhe, economist at Caixin Insight Group. Analysts say the different survey sizes and composition of surveyed companies might explain the discrepancy between the Caixin and official PMI readings. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, grew to 51.6 from 50.0 in October, marking the strongest reading since August. According to the Caixin services survey, employment fell for the first time since the start of 2023 as some firms maintained a cautious approach to hiring.

Persons: Wang Zhe, Wang, Louise Loo, spender, Loo, Ellen Zhang, Ryan Woo, Shri Navaratnam Organizations: P Global, Caixin Insight, PMI, Oxford, Thomson Locations: BEIJING, October's, China

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ Morning Bid: Powell's final shot to shape markets before December Fed meeting
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Markets are now fully pricing a rate cut by the May meeting with almost a 50% chance they move in March, according to the CME's FedWatch tool. Reuters GraphicsThe 10-year yield is down around 15 basis points and on Thursday hit its lowest level in 2-1/2 months at 4.247%. On Wednesday, the dollar index , which measures the currency against six major peers, touched its lowest level since Aug. 11 and dropped over 3% last month, its worst month in a year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Samuel Indyk, Jerome Powell's, Powell, Christopher Waller, Europe's, Fed's, Fed's Cook, ECB's, Fitch, Toby Chopra Organizations: Wall, REUTERS, Federal, Fed, Spelman College, Reuters, COVID, P Global, PMI, Thomson Locations: New York, U.S, France, Greece, Ireland, DBRS, Germany, Spain

☆ US manufacturing stays depressed in November-ISM
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsWASHINGTON, Dec 1(Reuters) - U.S. manufacturing remained subdued in November, according to a survey on Friday that also showed factory employment declining. The Institute for Supply Management (ISM) said that its manufacturing PMI was unchanged at 46.7 last month. According to the ISM, a PMI reading below 48.7 over a period of time generally indicates a contraction of the overall economy. This measure has not been a reliable predictor of manufacturing payrolls in the government's closely watched employment report. Manufacturing payrolls are expected to have rebounded in November as about 33,000 striking United Auto Workers union members returned to work.

Persons: Kamil Krzaczynski, payrolls, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Institute for Supply Management, PMI, Reuters, United Auto Workers, Thomson Locations: Normal , Illinois, U.S

☆ Morning Bid: Markets wary Powell may undermine rate-cut bets
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Chair Jerome Powell answers a question during a press conference at the Federal Reserve in Washington, U.S., November 1, 2023. The disconnect between financial markets and central banks has only deepened as central banks push back against talk of rate cuts while markets take in the relatively more benign inflation data of recent weeks. That helped to embolden markets to take on rate-cut bets. Markets are now pricing in a 46% chance of the central bank cutting rates in March, the CME FedWatch tool showed. Speakers: Bank of England MPC member Megan Greene, ECB President Christine Lagarde, Fed Chair Jerome Powell.

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Christopher Waller, Powell, Elon Musk, Megan Greene, Christine Lagarde, Edmund Klamann Organizations: Federal Reserve, REUTERS, Ankur, Fed, ECB, Reuters Graphics Reuters, Reuters, Bank of England, Thomson Locations: Washington , U.S, Europe, Asia, France, UK, Germany, Singapore

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