An Hour Ago
China manufacturing contracts for fifth straight month, official data shows
Workers make charging equipment for new energy vehicles at a workshop of Shandong Dingsheng Electric Equipment in Zaozhuang, east China’s Shandong province.
Future Publishing | Future Publishing | Getty Images
China’s manufacturing activity contracted for a fifth straight month in February, official figures on Friday showed, which were at odds with a private survey that signaled factory activity expanded.
Data from China’s National Bureau of Statistics showed manufacturing PMI fell to 49.1 in February from 49.2 in January. The reading was in line with a Reuters poll estimate.
The Caixin/S&P Global manufacturing PMI, however, edged up to 50.9 in February from 50.8 in the previous month.
A PMI reading above 50 indicates expansion, while below that denotes a contraction.
“Companies noted further upturns in both production and new work, with rates of growth quickening slightly from January, helped in part by a rise in new export orders,” the private Caixin survey read.
— Shreyashi Sanyal
2 Hours Ago
India’s third-quarter economic growth soars past expectations
A pedestrian watches a digital screen at the Bombay Stock Exchange (BSE) in Mumbai on February 1, 2022.
Punit Paranjpe | Afp | Getty Images
India’s economy grew much faster than expected in the October to December quarter, and at its fastest pace in six quarters.
Data showed GDP grew 8.4% in the third fiscal quarter, blowing past Reuters Poll expectations of 6.6% growth, on the back of higher private consumption and strong manufacturing and construction activity.
The October-December quarter reading was also higher than the 7.6% growth clocked in the prior three months.
The Indian government raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% forecast earlier.
The data also boosted Prime Minister Narendra Modi’s economic record ahead of a highly anticipated national election.
“For PM Modi and BJP who will be going to the polls in April-May, it will yet provide another boost. For RBI (Reserve Bank of India), the strong growth momentum will only reinforce their bias to stay on hold at 6.5% for the foreseeable future,” Commerzbank analysts wrote in a note.
— Shreyashi Sanyal
3 Hours Ago
Bank of Japan chief reportedly says 2% inflation target yet not in sight
Kazuo Ueda, governor of the Bank of Japan (BOJ), during a press conference at Hotel Tivoli after the Group of 20 (G-20) finance ministers and central bank governors meeting in Sao Paulo, Brazil, on Thursday, Feb. 29, 2024.
Bloomberg | Bloomberg | Getty Images
Bank of Japan Governor Kazuo Ueda said that he was not confident about Japan’s economy achieving the central bank’s 2% inflation target, according to multiple news reports.
“I don’t think we are there yet,” Ueda told a news conference after attending the G20 finance leaders’ meeting in Sao Paulo, Reuters reported.
Japanese news agency Kyodo News reported Ueda described the outcome of the forthcoming spring wage negotiations as “a focal point.”
The spring wage negotiations are expected to be held later this month between trade unions and company management to set monthly wage rates ahead of the start of Japan’s fiscal year in April.
— Reuters, Kyodo News
4 Hours Ago
Japan’s jobless rate remains unchanged in January
Japan’s unemployment rate remained the same in January compared with the previous month, according to government data.
The jobless rate was at 2.4% in January, the same as in December. It matched Reuters poll estimates.
A separate reading showed the jobs-to-applicants ratio was unchanged at 1.27 in January.
— Shreyashi Sanyal
4 Hours Ago
CNBC Pro: Investors should move money out of cash and into fixed income, Franklin Templeton strategist says
Investors should move out of cash and into fixed income with some duration, said Franklin Templeton’s chief market strategist, Stephen Dover.
“Inflation probably won’t get quite as low as market expectations and interest rates won’t drop quite as far as market expectations,” Dover said, adding that “this is is an opportunity, particularly in the fixed income markets, to pick up a little bit of yield.”
CNBC Pro subscribers can read more here.
— Lee Ying Shan
4 Hours Ago
CNBC Pro: Citi names ‘Super 7’ global stocks similar to the Magnificent 7 — but cheaper
Citi has identified European stocks it says are similar to the high-flying “Magnificent Seven” U.S. technology stocks, but trade at cheaper valuations leaving more room for them to rise.
Despite a recent rally, Citi says its “Super Seven” group of stocks have lagged the Magnificent Seven, leaving more upside potential. These stocks, similar to the U.S. Big Tech companies command high-profit margins, solid earnings-per-share growth, and competitive advantages or “economic moats”.
CNBC Pro subscribers can read more here.
— Ganesh Rao
7 Hours Ago
Nasdaq closes at all-time high Thursday
U.S. stocks finished Thursday’s trading session in the green, with the Nasdaq Composite recording a record-high closing level.
The tech-heavy Nasdaq Composite added 0.9% to end at an all-time closing high of 16,091.92.
The Dow Jones Industrial Average rose around 47 points, or 0.1%, at 38,996.39. The S&P 500 added 0.5% and also finished at a record close at 5,096.27.
— Hakyung Kim
7 Hours Ago
Miners are sitting the bitcoin rally out but still tracking for monster February gains
Bitcoin miners slid in the final two trading days of February, pushing them into the red for the week, but were still set to post huge gains for the month.
Marathon Digital dropped 15% on Thursday, while Riot Platforms fell 10%. CleanSpark and Cipher Mining were lower by 9% and 8%, respectively, and Iris Energy retreated 3%. Nearly all mining stocks are down for the week, with the exception of CleanSpark, which is trading just above the flat line.
Those moves came as bitcoin appeared to take a pause from this week’s rally. Still, the cryptocurrency is about to notch a 45% gain for February and is on pace for a 21% weekly gain.
Similarly, miners have soared this month. Marathon is on pace for a 47% February gain, Iris Energy is up 48% and Riot has advanced nearly 30%. CleanSpark is on track for a 106% monthly gain.
— Tanaya Macheel
7 Hours Ago
Oil posts monthly gain as OPEC+ expected to extend cuts, inflation rises as expected
Crude oil futures are headed for a second consecutive monthly gain as OPEC+ is expected to extend its production cuts and the latest inflation data was in line with expectations.
The West Texas Intermediate contract for April lost 28 cents, or 0.36%, to settle $78.26 a barrel. The April Brent contract, which expires Thursday, fell 6 cents or 0.07% to settle at $83.62 a barrel.
U.S. and Brent gained 3% and 2.3% respectively for the month.
— Spencer Kimball