May 24, 2024

Brighton Journal

Complete News World

PMI data for Australia, Japan and India

PMI data for Australia, Japan and India

2 hours ago

Singapore's headline inflation rate fell to the lowest level since September 2021

Singapore's headline inflation rate It fell to its lowest level since September 2021, reaching 2.7% for March.

This was below the 3.4% rate in February and also below the 3% expected by economists polled by Reuters.

The city-state's core inflation rate – also known as the “MAS core inflation measure” – which excludes accommodation and private transport prices, also fell to 3.1%, down from 3.6% in February.

– Lim Hui Ji

2 hours ago

Business activity in India expanded at its fastest rate in 14 years in April

Business activity in India The index rose at its fastest pace in 14 years, with the preliminary PMI for April at 62.2, up from 61.8 in March and higher than the 61.4 expected by economists polled by Reuters.

According to HSBC, the manufacturing and services sectors also registered faster-than-expected expansions, with PMIs at 59.1 and 61.7, respectively.

This compares with Reuters PMI forecasts of 58.8 for manufacturing and 60.5 for services.

Pranjul Bhandari, chief India economist at HSBC, attributed the outperformance to “strong performance in both the manufacturing and services sectors, led by an increase in new orders.” HSBC added that growth in India remained “broad-based” in the manufacturing and services sectors.

– Lim Hui Ji

6 hours ago

Shares of Chinese bubble tea company Chabaidao fell 30% in its first trading in Hong Kong

Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, opened 10% lower in early trading in their first trading in Hong Kong, before falling more than 30%.

It is currently trading at HK$12.32, well below its IPO offering price of HK$17.50.

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The IPO is the largest listing in Hong Kong so far this year. The company announced that it received net proceeds of HK$2.59 billion ($330.5 million) from its initial public offering, before including expenses.

Chabaidao Show 90% of its 147.7 million shares were offered in a global offering, while the remaining 10% were offered in a public offering in Hong Kong.

However, the public offering was only 0.5 times subscribed, prompting the company to reallocate the remaining shares to the global offering, which was subscribed 1.11 times.

– Lim Hui Ji

7 hours ago

Business activity in Japan rises at the fastest pace in 8 months

Business activity in Japan Interest rates expanded in April at their fastest pace in eight months, according to preliminary figures from Au Jibun Bank.

The country's composite PMI rose to 52.6 from 51.7 in March, its highest level since August.

Japan's manufacturing PMI came in at 49.9, down from 48.2 in March, while the services PMI came in at 54.6, up from 54.1 in March.

– Lim Hui Ji

8 hours ago

The yen hit a 34-year low of 154.85 early Tuesday

The Japanese yen fell to a new 34-year low against the US dollar early Tuesday, reaching 154.85 against the US dollar.

This is the weakest currency since the mid-1990s, although it rose slightly to 154.74 as of 9:18 a.m. Tokyo time.

The Bank of Japan will monitor the currency during its meeting on Friday, although the central bank has not announced the level at which it will intervene.

8 hours ago

Business activity in Australia expands at fastest pace in 24 months: S&P Global

8 hours ago

CNBC Pro: 'Bargain' energy stocks: Morningstar strategist picks 5 stocks to buy as oil prices fall

Rising geopolitical tensions have led to volatility in crude oil prices, but one strategist is keenly looking for opportunities in the energy sector.

It was among the laggards last year, but things have changed with many stocks now trading near their all-time highs.

Stephen Ellis, energy and utilities strategist at Morningstar, said oil market volatility presents challenges and urged investors to be patient, which “is regularly paying dividends in the energy space.”

However, he said there are “selective trades” in the market currently and revealed five energy stocks he currently likes.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

8 hours ago

CNBC Pro: When Tesla shares fall, these 6 stocks tend to rise, according to recent history

13 hours ago

The price of US crude oil is hovering near $83 after Iran said it would not escalate the conflict with Israel

An American flag is displayed at Tesoro's Los Angeles oil refinery.

Lucy Nicholson | Reuters

Crude oil futures fell on Monday after Iran said it would not escalate the conflict with Israel.

The May West Texas Intermediate contract fell 29 cents to settle at $82.85 a barrel, while June Brent crude futures fell 29 cents to settle at $87 a barrel. US crude and Brent crude fell 3% last week. The two benchmarks rose by about 16% and 13% this year, respectively.

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Iranian Foreign Minister Hossein Amir Abdollahian He told NBC News The country does not plan to respond to the Israeli retaliatory strike that began on Friday.

-Spencer Kimball

14 hours ago

Ned Davis Research says investors should reduce their exposure to US bonds

US savings bonds.

Jet City's photo | iStock | Getty Images

Investors should reduce their exposure to US bonds as federal interest rate cuts appear to be pushed increasingly further into the future, according to Ned Davis research.

NDR reduces its exposure to U.S. bonds in its global fixed income allocation model to a market-weight position from an overweight position, Joseph Kalish, the fund's global chief strategist, said in a note to clients.

“The flight to safety trades last week temporarily helped US bonds outperform. But fundamentals and technical factors continue to work against US debt compared to other economies. The US economy remains flat, inflation is steady, and the Fed continues to hold back when it cuts interest rates. “, the note said.

Investors should replace this exposure with additional add-ons to European and Japanese bonds, according to Ned Davis research.

-Jesse Pound

18 hours ago

Gold hits its lowest level in a week

Gold futures fell on Monday and were on track for their first loss in three sessions.

See chart…

Gold futures.

Gold reached a low of $2,344.70 an ounce earlier Monday, its lowest level since April 15. The VanEck Gold Miners ETF (GDX) is also on track to post its worst day since February 13th..

– Brian Evans, Nick Wells