China Caixin PMI, Indian elections

one hour ago

South Korean energy stocks rose after the government gave the green light to exploration plans

South Korea’s energy stocks rose after the government gave the green light to explore vast oil and gas resources off the country’s east coast.

Korea Gas Company shares rose by 29.87%. Daesung Energy rose 28.25%, while SK Innovation rose 7.9% and SK Gas advanced 15.97%.

South Korean President Yoon Suk-yeol reportedly said at a press conference that there was a “very high” possibility that the area could contain up to 14 billion barrels of oil and gas.

-Li Ying Shan

one hour ago

Indian stocks hit intraday highs as exit polls show Modi’s BJP-led coalition expected to win majority

After overtaking the Hong Kong stock market in December, India now has the fourth largest market size in the world, and is now valued at more than $4 trillion.

Javier Gersi | moment | Getty Images

India’s stock gauges hit record highs during the day, with the Nifty 50 index up about 3% and the S&P BSE Sensex Total Return index up about 2.6%.

Local exit polls over the weekend indicated that Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance are poised for a rare third consecutive term in power.

The BJP-led National Democratic Alliance is expected to do so Securing about 365 seats out of 543 seats In the lower house of the Indian Parliament, according to a poll summary conducted by local news channel NDTV.

However, the final results expected on Tuesday could differ from opinion poll expectations.

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– Shreyashi Sanyal, Sharmaine Jacob

4 hours ago

Factory activity in China expanded in May at the fastest pace in nearly two years, beating estimates

A special survey showed that manufacturing activity in China expanded at its fastest pace in nearly two years, in contrast to the official reading.

the Caixin scan showed The seasonally adjusted manufacturing PMI rose to 51.7 in May from 51.4 the previous month, marking its fastest pace since June 2022. It was also higher than a Reuters poll forecast of 51.5.

The private survey comes next Official data about Friday showed China’s manufacturing sector unexpectedly contracted in May.

The Caixin survey also said sentiment among Chinese manufacturers remained positive in May amid hopes that market demand will improve domestically and abroad to support increased production this year.

– Shreyashi Sanyal

4 hours ago

South Korea’s May manufacturing PMI expanded at the fastest pace in nearly 3 years

A special survey showed manufacturing in South Korea Activity expanded at its fastest pace In nearly three years in May.

South Korea’s headline manufacturing PMI showed a return to growth in May, reaching 51.6 from 49.4 in April, the strongest since July 2021.

“After recovery efforts appeared to have stabilized recently, growth picked up in May as strong demand conditions, both domestically and abroad, pushed output growth to its strongest levels in nearly three years,” said Joe Hayes, chief economist at S&P Global Market Intelligence. “.

– Shreyashi Sanyal

5 hours ago

The US could reportedly take action against Chinese companies and banks over support for the Russian war

A senior US official said the United States and other countries may take steps against Chinese companies and banks over Beijing’s support for Russia’s war against Ukraine.

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US Deputy Secretary of State Kurt Campbell said, according to the report: “I think what we are primarily focused on is the Chinese companies that have been systematically involved in supporting Russia.”

“We also looked closely at financial institutions,” Campbell said.

separately, Campbell met with the Chinese Vice Foreign MinisterMa Zhaoxu in Washington on May 30.

– Shreyashi Sanyal – Reuters

6 hours ago

CNBC Pro: Goldman Sachs recommends a specific trading strategy, naming two global ‘condemnation list’ stocks

Goldman Sachs recommended that investors consider a specific trading strategy when trading European markets at the moment given the “range of near-term volatility in stocks”.

This follows the recent market rally and is expected to prove effective “until inflation momentum turns further negative,” the investment bank’s analysts wrote.

Going forward, those looking for pockets of opportunity in the region and “looking to take a somewhat defensive stance” can look to Goldman’s list of buy-rated stocks that “offer relatively higher risk-adjusted upside.”

CNBC Pro subscribers can read more here.

– Amala Balakrishner

6 hours ago

CNBC Pro: Berenberg says profits for these five global banks will remain high despite the European Central Bank cutting interest rates

Despite an expected interest rate cut this week, profits for a few major European banks will remain strong, according to Berenberg.

One bank stock could rise more than 40% over the next 12 months, according to the investment bank.

CNBC Pro subscribers can read more here.

– Ganesh Rao

7 hours ago

Nvidia announces the latest model of artificial intelligence chips

Nvidia announced its new AI chips on Sunday before its latest model ships to customers.

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The new chip model is called “Robin”. NVIDIA announced its Blackwell chips in March. Huang said on Sunday that Nvidia plans to release new models of AI chips on a “one-year cadence.”

Nvidia shares have been rising for more than 120 years now even as other technology companies with deep pockets try to compete with the leading artificial intelligence company.

— Jessie Pound, Rebecca Picciotto

8 hours ago

The most important economic reports this week

Here are some notable economic and corporate updates this week. All times are Eastern Time:

Monday, June 3

10 AM, Construction Spending (April)

10am for ISM manufacturing (May)

Tuesday 4 June

JOLTS Job Opportunities at 10am (April)

Earnings: Hewlett-Packard Enterprise, Bath & Body Works

Wednesday, June 5

10am Services PMI (ISM) (May)

Earnings: Campbell’s Soup, Dollar Tree

Thursday, June 6

8:30 a.m. Initial unemployment claims

Earnings: J.M. Smucker Company

Friday, June 7

8:30 AM May jobs report

– Jessie Pound, Sarah Maine

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