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An Hour In the past
South Korean exports progress surges on robust chip demand
South Korean exports in February rose 4.8% from a year earlier to $52.41 billion, beating Reuters’ estimates of a 1.9% enhance, on robust demand for its semiconductors, preliminary government data showed.
The export print compares to a 18% progress in January. Total, imports fell by 13.1%, steeper than estimates of a ten.4% drop.
“The ICT cycle (Data and Communications Know-how cycle) is on an upturn,” mentioned Trinh Nguyen, senior economist at Natixis. “With the manufacturing cycle returning to to progress within the U.S., that ought to help South Korea,” she added.
—Lee Ying Shan
2 Hours In the past
Japan’s February manufacturing facility exercise contracts at quickest tempo in over three years
Japan’s February factory activity shrank at the fastest pace in more than three years on the again of weakening demand.
The au Jibun Financial institution’s flash Japan manufacturing buying managers’ index fell to to 47.2 in February, in contrast with January’s 48.0 studying, indicating continued contraction in personal sector enterprise exercise.
The studying indicators a ninth consecutive deterioration in enterprise exercise and the strongest contraction recorded since August 2020, in accordance with au Jibun Financial institution.
Japan’s benchmark index has continued to increase its rally after surging to an all-time excessive final week. The Nikkei 225 was buying and selling 1.83% greater at 39,883.86 in Friday morning buying and selling.
—Lee Ying Shan
4 Hours In the past
China manufacturing contracts for fifth straight month, official knowledge reveals
Staff make charging tools for brand spanking new power automobiles at a workshop of Shandong Dingsheng Electrical Gear in Zaozhuang, east China’s Shandong province.
Future Publishing | Future Publishing | Getty Pictures
China’s manufacturing exercise contracted for a fifth straight month in February, official figures on Friday confirmed, which had been at odds with a non-public survey that signaled manufacturing facility exercise expanded.
Knowledge from China’s Nationwide Bureau of Statistics confirmed manufacturing PMI fell to 49.1 in February from 49.2 in January. The studying was in step with a Reuters ballot estimate.
The Caixin/S&P World manufacturing PMI, nonetheless, edged as much as 50.9 in February from 50.8 within the earlier month.
A PMI studying above 50 signifies enlargement, whereas under that denotes a contraction.
“Firms famous additional upturns in each manufacturing and new work, with charges of progress quickening barely from January, helped partially by an increase in new export orders,” the personal Caixin survey learn.
— Shreyashi Sanyal
4 Hours In the past
India’s third-quarter financial progress soars previous expectations
A pedestrian watches a digital display screen on the Bombay Inventory Change (BSE) in Mumbai on February 1, 2022.
Punit Paranjpe | Afp | Getty Pictures
India’s economic system grew a lot quicker than anticipated within the October to December quarter, and at its quickest tempo in six quarters.
Data showed GDP grew 8.4% within the third fiscal quarter, blowing previous Reuters Ballot expectations of 6.6% progress, on the again of upper personal consumption and powerful manufacturing and development exercise.
The October-December quarter studying was additionally greater than the 7.6% progress clocked within the prior three months.
The Indian authorities raised its GDP progress outlook for fiscal yr 2023-24 to 7.6% from 7.3% forecast earlier.
The info additionally boosted Prime Minister Narendra Modi’s financial file forward of a extremely anticipated nationwide election.
“For PM Modi and BJP who will likely be going to the polls in April-Might, it can but present one other enhance. For RBI (Reserve Financial institution of India), the robust progress momentum will solely reinforce their bias to remain on maintain at 6.5% for the foreseeable future,” Commerzbank analysts wrote in a be aware.
— Shreyashi Sanyal
7 Hours In the past
Ray Dalio says the U.S. inventory market ‘doesn’t look very bubbly’
Billionaire investor Ray Dalio believes the U.S. inventory market is not in a speculative bubble.
The founding father of Bridgewater, one of many world’s largest hedge funds, analyzed the market based mostly on his bubble standards, which incorporates valuation, sentiment, new consumers and unsustainable situations.
“Once I take a look at the U.S. inventory market utilizing these standards, it — and even a few of the components which have rallied probably the most and gotten media consideration — would not look very bubbly,” he mentioned in a brand new LinkedIn post published Thursday.
— Yun Li
7 Hours In the past
Dell shares soar 20% after robust earnings
Shares of Dell Technologies jumped greater than 18% in prolonged buying and selling after the tech firm posted better-than-expected fourth-quarter results. Dell additionally confirmed robust demand for its synthetic intelligence servers.
Chief Monetary Officer Yvonne McGill mentioned the corporate is rising its annual dividend by 20% to $1.78 per share, which she known as a “testomony to our confidence within the enterprise.”
— Yun Li
