GLOBAL ECONOMY-Global factory activity shrank in November but price pressures ease

2 months ago Nasdaq

The Institute for Supply Management (ISM) said its manufacturing PMI fell to 49.0 last month, under the 50 level that marks growth in activity. Amid the pandemic curbs, Chinese factory activity shrank in November, a private survey showed. China's Caixin/S&P Global manufacturing PMI stood at 49.4 in November, up from 49.2 in the previous month. The figure followed downbeat data in an official survey on Wednesday that showed manufacturing activity had hit a seven-month low in November. South Korea's factory activity shrank for a fifth straight month but the downturn moderated slightly, possibly suggesting the worst was over for businesses there.
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India bucks global trend with robust copper demand this year

"Copper demand is back to pre-COVID levels," Satish Pai, managing director at metal maker Hindalco Industries HALC.NS told Reuters. Strong copper demand in India was underpinned by growing domestic end-use market amid urbanisation and industrialisation and government's stimulus measures, said Wood Mackenzie analyst Bhavya Laul. That is compared to a projected 0.7% increase in global refined copper consumption this year, and an average annual global growth of 2.5% during 2022-2027, Laul said. Import duties on copper fabricated products also supported domestic semis production, which consumes refined copper, Wood Mackenzie's Laul said. Cheaper copper prices CMCU3 - down some 23% since its record high hit in March - also encouraged market participants to pick up orders and projects again, said an India-based refined copper consumer.

2 months ago Nasdaq

EMERGING MARKETS- Asian FX recoups losses, China COVID surge sours sentiment

By Archishma IyerDec 29 (Reuters) - Asian currencies recouped losses in thin trade on Thursday as the dollar pared some gains, while a surge in COVID-19 cases in China drove stocks lower on worries over a recovery in the world's second largest economy. It has depreciated nearly 9% so far this year, and is among the worst performing currencies of 2022. Meanwhile, the U.S. dollar =USD pared some gains, after rising for the last few days as benchmark U.S. Treasury yields rose. Among Asian equities, South Korean stocks .KS11 led declines, down around 1.6%, to hit a two-month low. Markets in Singapore .STI, Taiwan .TWIII and Philippines .PSI traded between flat and 0.9% lower.

1 month ago Nasdaq

South Korea Shares May Head South Again On Tuesday

(RTTNews) - The South Korea stock market bounced higher again on Monday, one session after halting the two-day winning streak in which it had collected more than 50 points or 2.3 percent. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference. The KOSPI finished sharply higher on Monday following gains from the technology and industrial stocks, while the financial, oil and chemical companies were mixed. Closer to home, South Korea will release October numbers for imports, exports and trade balance later this morning. The trade deficit is pegged at $3.94 billion following the $3.7 billion shortfall a month earlier.

3 months ago Nasdaq

EMERGING MARKETS-Ringgit leads Asia FX surge as softer U.S. inflation data paints milder Fed view

The Malaysian economy posted double-digit growth for the first time in over a year in the third quarter, beating analysts' estimates. Still, the country's central bank, Bank Negara Malaysia (BNM), warned inflation would remain elevated next year. "I think it's kind of refreshing to see a good dose of positive economic data coming out of (Southeast Asian) markets," said Galvin Chia, emerging markets strategist at Natwest Markets. Upbeat sentiment also provided impetus to China's recently battered yuan CNY=CFXS and stocks .SSEC to advance. The Singapore dollar SGD= also gave up some of the previous day's steep gains and traded marginally lower.

2 months ago Nasdaq

GLOBAL MARKETS-Asia shares pause as Fed warns against exuberance

Waller added the markets were well ahead of themselves on just one inflation print, though he did concede the Fed could now start thinking about hiking at a slower pace. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.2%, after jumping 7.7% last week. The news on COVID rules had stoked a short-covering bounce in the yuan last week, which added to broad pressure on the dollar as yields dived. The dollar's recent retreat provided a much-needed fillip to commodities, with gold up at $1,768 an ounce XAU= after jumping over $100 last week. GOL/Oil futures extended their gains with Brent LCOc1 up 86 cents at $96.85, while U.S. crude CLc1 rose 80 cents to $89.76 per barrel.

2 months ago Nasdaq

EMERGING MARKETS-Asian FX subdued after BOJ stands pat, Thai baht leads losses

By Jaskiran SinghJan 18 (Reuters) - Emerging Asian currencies came under pressure on Wednesday, with Thailand's baht emerging as the top loser after the central bank of Japan, the world's third-largest economy, held fast to its ultra-low interest rates. Following the news from the BOJ, the U.S. dollar surged nearly 2% against the yen, its biggest one-day percentage jump since June 17, putting further pressure on emerging Asian currencies. Christopher Wong, a currency strategist at OCBC, said yen weakness after the BOJ decision could weigh on Asian currencies in the short term. "Near term, the yen's weakness could spill over to other Asian currencies, in particular the South Korean won." The Singapore dollar SGD= slipped 0.3%, tracking its worst day in nearly two weeks.

15 days ago Nasdaq

GLOBAL ECONOMY-Asia's factory output weakens on global slowdown, China COVID curbs

The private sector survey was in line with an official PMI survey released on Monday that showed China's factory activity unexpectedly fell in October. Japan's au Jibun Bank Japan Manufacturing PMI fell to 50.7 in October from September's 50.8 final, marking the weakest growth since January last year. South Korea's factory activity shrank for a fourth straight month in October as orders for exports fell for an eighth month, the PMI showed. That followed data that showed South Korea's exports fell the most in 26 months with shipments to China, its largest market, extending declines. India was an outlier with factory activity expanding at a stronger pace in October as demand remained solid.

3 months ago Nasdaq

GLOBAL ECONOMY-Factory output weakens on widespread slowdown, China COVID curbs

The Institute for Supply Management (ISM) said on Tuesday that its manufacturing PMI fell to 50.2 in October from 50.9 in September. China's Caixin/S&P Global manufacturing PMI stood at 49.2 in October, up from 48.1 in September. The private sector survey was in line with an official PMI released on Monday that showed China's factory activity unexpectedly fell in October. Japan's au Jibun Bank Japan Manufacturing PMI fell to 50.7 in October from September's 50.8 final, marking the weakest growth since January last year. India was an outlier with factory activity expanding at a stronger pace in October as demand remained solid.

3 months ago Nasdaq

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