1 hour ago
Singapore’s manufacturing falls at fastest pace in more than a decade
Singapore manufacturing output 10.8% decrease In May 2023, it will be the largest year-on-year decrease since February 2013.
Excluding biopharmaceutical manufacturing, output decreased 13% year-on-year.
On a seasonally adjusted m/m basis, manufacturing output fell 3.9% in May, and excluding biopharmaceutical manufacturing, output fell 8% m/m.
— Lim Huisier
5 hours ago
Mainland China Market Leads Losses in Asia, CSI 300 Falls 1.5%
The mainland Chinese market fell the most in Asia on Monday, with the Shenzhen Composite Index down 1.78% and the Shanghai Composite Index down 1.35%.
The Shenzhen index was led by technology stocks and consumer non-cyclical stocks, while the decline in the Shanghai index was largely driven by declines in academic and education stocks.
The broader CSI300 index fell 1.56%.
— Lim Huisier
2 hours ago
Zeroda co-founder says investments in India will keep even as China recovers
Nikhil Kamas, co-founder of Zeroda and TrueBeacon, said his optimism for the Indian market will remain even as China’s economy recovers.
Kamas said on CNBC’s “Street Signs Asia” Monday that as more countries reduce their reliance on China, “global supply chains will need to be hedged a lot and people want India to be real.” We see it as a hedge for the
“Even if China bounces back, this trend won’t go away…you could say it bounced back, but there’s still new investment in India,” he added.
The Nifty 50 is gaining momentum, soaring nearly 20% over the past year.
— Charmaine Jacob
7 hours ago
Crude oil trades rise after Russian mercenary uprising ends
7 hours ago
Japanese service industry prices rose 1.6% year-on-year in May
Japanese service sector producer price index 1.6% increase May’s year-on-year rate remained unchanged from April’s 1.6%.
This brought the index to 108.5, down 0.1% month-on-month from 108.6 in April.
PPI measures the average change in prices received from services sold by domestic producers.
— Lim Huisier
Friday, June 23 2023 2:14 PM EDT
Apple Hits All-Time Highs, Defying Trends
Apple rose Friday afternoon and managed to hit all-time highs even as major stock averages fell. Shares were up 0.1% most recently.
— Sarah Min, Scott Schnipper
Friday, June 23 2023 12:08 PM EDT
Health Care and Consumer Discretionary Stocks Bounce S&P 500 Index Losses
Health care and consumer goods stocks managed to avoid a drop of more than 1% in the S&P 500 index this week.
Both sectors of the S&P 500 were up 0.4% for the week. UnitedHealth and Merck & Co led the gains in healthcare stocks, up more than 5% and 4%, respectively. Carmax is up nearly 6% for the week, helping boost the consumer discretionary sector.
Nine other sectors of the S&P 500 have fallen since the beginning of the week. The worst-performing sectors, energy and real estate, each fell more than 3%.
— Alex Haring
Friday, June 23, 2023 10:12 EDT
Manufacturing sector shrinks further in June, according to PMI survey
US manufacturing activity slowed more than expected in June to its lowest level in six months, according to the S&P’s preliminary PMI figures released on Friday.
The index fell to 46.3 from 48.4 in May and below Dow Jones forecasts of 49.0. This measure measures the level of companies reporting expansion, so anything below 50 represents contraction.
On the services side, the 54.1 score was the lowest in two months and down from 54.9 in May. The composite index was 53.0, down from 54.3 in the previous month, but still showing expansion, although it was the lowest level in three months.
— Jeff Cox
Friday, June 23, 2023 4:33 EDT
US Treasury Yields Fall as Investors Digest Fed Speaker’s Comments
US Treasury yields fell Friday as investors digested comments from Federal Reserve officials, including Chairman Jerome Powell. Policymakers reaffirmed that further rate hikes would likely be needed to bring inflation closer to the central bank’s 2% target.
As of 4:29 a.m. ET, the 10-year Treasury yield fell more than six basis points to 3.7308%. Two-year Treasury yields were trading at 4.752% after falling more than four basis points.
— Sophie Kidderlin
