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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

This set of reports is associated with the largest average CBOT corn and soy moves of the 15 major USDA report days per year. Directionally, corn and soy futures on June 30 tend to react to acres far more often than stocks, though U.S. weather forecasts often add to the chaos. In the six sessions ended Thursday, CBOT December corn futures plunged 15.9%, June’s biggest six-session loss in at least three decades. Analysts basically nailed both corn acres and June 1 corn stocks last year, which was unprecedented, but December futures fell more than 5% on report day. Trade biases for June 30 U.S. stocks, acres versus pricesTrade biases on June 30 U.S. soy stocks, acres versus pricesKaren Braun is a market analyst for Reuters.

Persons: Corn, Karen Braun, Matthew Lewis Organizations: U.S . Department, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S

☆ Ronaldo gives Portugal late win on 200th international appearance
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 - Cristiano Ronaldo scored a stunning late goal as Portugal beat Iceland 1-0 on Tuesday to extend their perfect record in Euro 2024 qualifying Group J on an historic night for the forward who became the first player to make 200 international appearances. Ronaldo already held the record for most international appearances when he surpassed Kuwait’s Bader Al-Mutawa’s, who held the record of 196 matches, during Portugal's Euro 2024 qualifier against Liechtenstein in March. It was Ronaldo's 123rd goal for Portugal, extending his record as the all-time leading international goalscorer. The result left Portugal top with 12 points, two ahead of second-placed Slovakia, who won 1-0 away to Liechtenstein earlier on Tuesday. But Portugal responded after the break and gradually got into the game, with Ronaldo's goal securing the points.

Persons: Cristiano Ronaldo, Ronaldo, Kuwait’s Bader Al, Mutawa’s, Willum Thor Willumsson, Goncalo Inacio, Victor Palsson, Hordur Magnusson, Fernando Kallas, Ken Ferris Organizations: Portugal, Iceland, Liechtenstein, 123rd, Thomson Locations: Iceland, Portugal, Slovakia, Liechtenstein

☆ UK food production costs fall for first time since 2016: Lloyds
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 20 (Reuters) - British food manufacturers reported the first drop in their production costs since 2016 in May as lower commodity and energy prices and cheaper shipping outweighed a jump in wage bills, a Lloyds Bank report showed on Tuesday. "It will still take some time before we see the benefit in terms of shelf prices," said Annabel Finlay, a managing director at Lloyds Bank. Food price inflation, as measured by Britain's Office for National Statistics, hit its highest since 1977 in April at 19.1% and only eased fractionally in May. Last week Tesco, Britain's biggest supermarket chain, said food price inflation had peaked and it and others have said they are cutting the prices of some foodstuffs and freezing others. The Lloyds Bank report is based on an analysis of S&P Purchasing Managers' Index data covering around 1,300 companies.

Persons: Annabel Finlay, Andrew Bailey, David Milliken, William Schomberg Organizations: Lloyds Bank, Manufacturers, United Nations, Britain's, National Statistics, Tesco, Bank of England, P, Thomson Locations: British

Gains across most-active CBOT futures in the week ended June 6 were as follows: corn 2.4%, soybeans 4.4%, wheat 6.2%, soymeal 1% and soyoil 10.2%. They also trimmed their net short in CBOT corn futures and options to 44,492 contracts from 51,065 in the prior week. Managed money net position in CBOT corn futures and optionsCommodity funds in mid-March established a net short in CBOT corn for the first time since August 2020, but they have not held a net short in soybeans since April 2020. Funds slashed their net short to 16,173 futures and options contracts from a record 31,110 a week earlier. Most-active soybean oil featured the biggest gains at 7.2%, and corn was the biggest loser with December down 1.9% and most-active corn down 0.6%, mostly on weekend rain expectations for the U.S. Corn Belt.

Persons: soymeal, Karen Braun, Diane Craft Organizations: Funds, Wednesday, U.S, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, CBOT soyoil, Midwest

☆ US services sector softens, factory orders boosted by defense
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +5 min

"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. The services sector is at the center of the battle against inflation, as services prices tend to be stickier and less responsive to rate hikes. ISM services PMISome economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Excluding the defense sector, orders were down 0.4%, and excluding transportation orders - where military orders again had the largest footprint - bookings were down 0.2%. With consumer spending shifting more toward services, consumer goods orders slid for a third straight month to their lowest level since February 2022.

Persons: Thomas Simons, Simons, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: Federal, Institute for Supply Management, Reuters, PMI, ISM, Fed, Jefferies, U.S, Services, Commerce Department, Factory, Thomson Locations: U.S

Soybeans are the only U.S.-traded grain or oilseed in which funds’ net long has persevered since 2020, though money managers have been bullish soybean meal since late 2021. Most-active CBOT soybeans fell 3% in the week ended May 23, at one point trading at the lowest levels since last July. Money managers that week cut nearly 20,000 contracts from their CBOT soybean net long, which fell to 4,147 futures and options contracts. Managed money net position in CBOT soybean futures and optionsMost-active soybeans have shed more than 12% this year, more than in most years, though they bounced 1% over the last three sessions. Money managers extended their net short in CBOT wheat futures and options to 118,788 contracts from 112,769 a week earlier.

Most-active CBOT soybean futures shed 3.6% through May 16, and funds added gross shorts for a sixth consecutive week. That could mean money managers at Friday's close were net short soybean futures and options for the first time since April 2020. They have not held a net short for two or more consecutive weeks since March 2020. Money managers' all-time soybean net short of 168,835 futures and options contracts was set on May 14, 2019. CBOT wheat futures had been rallying mid-month due to uncertainty over the Black Sea grain deal, though Russia on Wednesday agreed to a two-month extension, allowing Ukraine to continue exports by sea.

Asia-Pacific markets traded mixed on Monday after the Group of Seven summit in Hiroshima concluded and talks on the debt ceiling are slated to resume in the U.S. In Japan, the Nikkei 225 slid 0.11% and the Topix traded close to the flatline following its outperformance last week. In Australia, the S&P/ASX 200 was marginally lower, while South Korea's Kospi was fractionally higher. In contrast, the Kosdaq saw a loss of 0.34%Hong Kong's Hang Seng index looks to slightly fall, with futures at 19,410 compared to its close of 19,450.57. China's 1-year and 5-year loan prime rates for May are scheduled to be released later in the day.

☆ What works best after the Fed pauses rate hikes
▼ + stars: | 2023-05-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

According to Trivariate Research's Adam Parker, that is emerging markets, technology stocks and real estate. The central bank, which has been increasing interest rates to combat inflation, hinted earlier this month its tightening cycle may be at its end. To evaluate the asset classes and sectors that should rally off the policy shift, Parker looked at 50 years of fed fund rates and identified periods where the central bank paused. Investors looking to play emerging markets can look at the iShares MSCI Emerging Markets ETF . To play a potential rebound in the sector, investors can look at the Real Estate Select Sector SPDR Fund .

☆ Stocks making the biggest moves midday: First Solar, News Corp, Charles Schwab, Twilio and more
▼ + stars: | 2023-05-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:First Solar — Shares soared 26.48% after the solar company announced it is acquiring Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin film used in solar panels, should accelerate its development of next-generation photovoltaic technology. News Corp — The media company's stock popped 8.48% after it reported an earnings and revenue beat for its fiscal third quarter after the bell Thursday, according to FactSet. JD.com — The Chinese e-commerce company's U.S.-listed shares slid 6.19%, a day after gaining 7.2% on an earnings beat. Charles Schwab — Shares of the brokerage firm rose 2.54% Friday after the company reported total client assets rose 1% in April.

☆ CNBC Daily Open: Bracing for April’s consumer price index
▼ + stars: | 2023-05-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Markets had a quiet Tuesday as investors braced for key inflation reports coming out later today and Thursday. 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. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Bracing for April’s CPI reading
▼ + stars: | 2023-05-10 | 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. Investors are hoping April's CPI reading will show dipping prices. April's jobs report showed the labor market's still going strong, which might contribute to price pressures. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Barcelona stunned by Rayo Vallecano in surprise 2-1 defeat
▼ + stars: | 2023-04-26 | by ( Fernando Kallas | ) www.reuters.com time to read: +2 min

MADRID, April 26 (Reuters) - Barcelona wasted a golden opportunity to extend their lead at the top of LaLiga as they suffered a shock 2-1 defeat at Rayo Vallecano on Wednesday thanks to goals in each half from Alvaro Garcia and Fran Garcia. With seven games to play, Barca are top of the league on 76 points, 11 ahead second-placed Real Madrid, who were also stunned 4-2 at lowly Girona on Tuesday. Rayo Vallecano are ninth on 43 points, four adrift of the European qualification spots. Rayo halted Barca's seven game unbeaten streak in the league with a gutsy performance in front of their fans at a sold-out Estadio de Vallecas. Camello missed another great chance in the 64th minute and Unai Lopez also wasted another opportunity to extend Rayo's lead a little later.

In the week ended April 18, money managers increased their net long position in CBOT corn futures and options to 49,434 contracts from 27,112 a week earlier, marking their most bullish corn view since Feb. 28. Funds have been net corn buyers for five consecutive weeks for the first time since September. Managed money net position in CBOT corn futures and optionsBut some of those longs may have already been scrapped in the last three sessions, as CBOT corn futures fell 4.5% in the July contract and 4% in the December. Money managers trimmed their net short to 102,983 futures and options contracts from 104,247 a week earlier. That is their most bearish CBOT wheat view for the time of year since 2017.

☆ Where Goldman Sachs CEO David Solomon takes the corporate jet
▼ + stars: | 2023-04-24 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

"The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives," said Tony Fratto, a company spokesman. "Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft." John Waldron, president of Goldman Sachs Reuters/Brendan McDermidOccasionally, Solomon and Waldron switch planes, particularly when Waldron flies overseas. Goldman Sachs has a sponsorship deal with pro golfer Patrick Cantlay. "These estimates wildly overstate the cost of such flights to Goldman Sachs and are not an accurate representation," he said.

☆ Explainer: Macron pension reform ends cherished French exception
▼ + stars: | 2023-04-18 | by ( Leigh Thomas | ) www.reuters.com time to read: +5 min

CAN THE FRENCH RETIRE EARLIER THAN OTHERS IN EUROPE? French pension payments as a share of pre-retirement earnings are comfortably higher than elsewhere. That is nearly double the OECD average of 7.7%, with only Italy and Greece spending more than France. In France the average effective age people leave the labour market is 60.4, well below the OECD average of 63.8. Macron's government says that raising the retirement age will plug a 13.5 billion euro shortfall the pension system would otherwise be running by 2030.

Managed money net position in Chicago wheat futures and optionsMost-active CBOT wheat futures had shed 2.5% in the period. They also reduced their net long in Minneapolis wheat to 245 futures and options contracts from 694 a week earlier. wheat rose 1.2% and CBOT wheat gained 1.3%. CBOT wheat has also displayed considerable weakness versus CBOT corn, as front-month wheat’s advantage to corn slipped below 15 cents per bushel Thursday, the lowest since July 2021 and below long-term averages. The record net long is 154,550 contracts set in April 2019, and it is very rare for funds to be short cattle.

☆ Bank of Korea holds rates at 3.5%; Asia markets rise
▼ + stars: | 2023-04-11 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

Stocks in the Asia-Pacific rose on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. Economists polled by Reuters were expecting the central bank to hold rates for second consecutive time as the nation grapples with an inflation rate of 4.2%. In Japan, the Nikkei 225 rose 0.97% in its first hour of trade and the Topix gained 0.6%. China's inflation figures will be released as well, with Reuters expecting to see a 1% rise in its consumer price index compared to a year ago and no change month-on-month. China's producer price index is forecast to see a drop of 2.5% after seeing a decline of 1.4% in the previous month year-on-year.

☆ Bank deposits edge up after record outflows, Fed data shows
▼ + stars: | 2023-04-07 | by ( Dan Burns | ) www.reuters.com time to read: +3 min

Federal Reserve data released on Friday showed deposits at all commercial banks rose to $17.35 trillion in the week ended March 29, on a nonseasonally adjusted basis, from a downwardly revised $17.31 trillion a week earlier. It was the first increase since the start of March and marked an end, for the moment, to a record flight of deposits triggered by the collapses of Silicon Valley Bank and Signature Bank toward the middle of last month. The second and third largest bank failures in U.S. history forced federal regulators to guarantee all deposits at both institutions and prompted the Fed to take emergency actions to restore confidence in the banking system. Deposits rose at both the largest 25 banks by assets and at small and mid-sized banks as well. The Fed said banks had offloaded that amount of assets in each of the two latest weeks, most of it coming in the form of Treasuries and mortgage-backed securities.

☆ Asia markets rise ahead of Australia's central bank interest rate decision
▼ + stars: | 2023-04-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. Asia-Pacific markets rose on Tuesday ahead of a Reserve Bank of Australia's interest rate hike decision, with economists almost evenly spilt on whether the RBA will pause or continue its hiking cycle. According to a Reuters poll of 37 economists, 16 expect a rate hike from the current interest rate level of 3.6% to 3.85%, while 21 expect the bank to hold rates. South Korea's Kospi was 0.57% up, while the Kosdaq index was 0.36% higher. In Hong Kong, Hang Seng index futures were at 20,462, higher than the index's last close of 20,409.18.

☆ Treasury yields fractionally lower as slowdown fears persist
▼ + stars: | 2023-04-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

ET, the yield on the benchmark 10-year Treasury note was down less than a single basis point to 3.4245%, while the yield on the 30-year Treasury bond slipped 1 basis point to 3.6360%. U.S. Treasury yields were slightly lower on Tuesday as concerns over economic growth persisted into the second quarter. Wall Street is also weighing a spike in oil prices that led stock markets higher to start the new trading month on Monday. On the data front, JOLTs job openings figures for February are due at 10 a.m. There are no Treasury auctions scheduled for Tuesday.

Hong Kong island and Victoria Harbour cityscape, viewed from Victoria Peak. In the foreground, the Bank of China tower and Cheung Kong Center skyscrapers. Asia-Pacific markets were trading mixed on Thursday with Hong Kong looking to extend its gains. On Wednesday, Hong Kong markets gained over 2%, led by China's tech giant Alibaba on news of its major shakeup. South Korea's Kospi was up fractionally, while the Kosdaq index gained 0.54%.

Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023. Asia-Pacific markets were mixed on Wednesday as investors will keenly watch Alibaba's Hong Kong-listed shares, after the Chinese tech giant announced it will split into six business groups. In Japan, the Nikkei 225 opened marginally lower, but the Topix rose 0.13%. South Korea's Kospi fell fractionally, while the Kosdaq index rose 0.03%.

☆ Rally splutters as Europe ploughs on with rate hikes
▼ + stars: | 2023-03-23 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

The European-wide STOXX 600-share index (.STOXX) fell 0.75% with banks and insurers the main culprits again, suffering 1.6%-2% drops. Norway had also hiked, although MSCI's main world share index (.MIWD00000PUS) was still in positive territory after overnight gains in Asia. Focus now shifts to the Bank of England, with investors expecting a quarter-percentage-point increase in its main rate after a surprise jump in inflation squashed hopes of it pausing its tightening campaign. /FRXElsewhere in the bond markets, although UK yields were up those on German Bunds were down at 2.281%, happy to match the falls seen on 10-year U.S. Treasuries yields that had taken them to 3.440%. Germany's European Central Bank rate setter Joachim Nagel had even said he now thought the ECB was "approaching restrictive territory" with its rates, referring to a level that curtails growth.

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