CHINA SERVICES ACTIVITY
Oil extends losses as dollar strengthens following Trump attack
Oil prices decline due to stronger dollar amid U.S. political uncertainty and Gaza ceasefire talks. China's oil imports decrease, reflecting subdued demand. Middle East conflict impacts oil market. U.S. oil rig count drops to lowest level. OPEC+ supply cuts remain in place.
Mass layoffs at PwC after exodus of clients in China
PricewaterhouseCoopers LLP is reducing staff in China due to declining revenue prospects and client exodus. Over 100 employees across Beijing, Shanghai, and other locations are being laid off. The firm faces regulatory scrutiny and client losses, prompting job inquiries from competitors. PwC's mainland China arm could face record fines and operational suspension.
ETMarkets Smart Talk: Union Budget 2024 likely to focus on fiscal discipline, tax rationalization & driving capex cycle: Jiten Doshi
While the market did react sharply to a scare of discontinuity against single-party-majority system which we witnessed for the last decade, it soon corrected upon assessing the construct of the new coalition and the structure of cabinet which clearly drives on a dominant thread of continuity in the core ministerial council and portfolios – giving market a comfort on no possible diversion from the expected policy path when it comes to economy and capital markets.
Beyond Kotak, is there a China connection to the Hindenburg exposé on Adani?
Social media is rife with claims that the wife of Mark Elliot Kingdon, the man on whom the spotlight fell following Sebi's revelations, has had ties with the Chinese Communist Party and thus China could be another actor in the Hindenburg saga.
Rise & rise of secondary deals; advantage desi data centres
Happy Friday! Total funding raised by Indian startups fell in the first half of 2024, but late-stage activity showed signs of revival, as per data. Decoding this and more in today’s ETtech Morning Dispatch.
China stocks fall on economic data; HK jumps
Market turbulence as private-sector survey highlights new order concerns, influencing Hang Seng Tech Index performance.
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Gold flat as investors focus on Fed minutes
Gold prices await Fed's rate decision influenced by inflation data, NFP report. China's services slow, impacting metals. Bullion prices steady amid election uncertainty. Analyst Tim Waterer forecasts rate cuts using CME FedWatch Tool.
Asia's factory activity expands in June on solid global demand
The surveys show how Chinese firms are ramping up production despite weak domestic demand, which Beijing has failed to reverse with a rescue package for an ailing property sector.
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
China's June factory activity contracts again, services slows
China's economic indicators for June painted a challenging picture, with manufacturing activity stagnating and services slipping to a five-month low, according to an official survey released on Sunday. The Purchasing Managers' Index (PMI) remained unchanged at 49.5, below the growth threshold of 50, indicating ongoing economic struggles despite some positive signals in industrial production. Analysts noted that while exports have been a strong driver, both domestic and external demand remain insufficient to fully utilize China's manufacturing capacity, prompting calls for additional policy support to stimulate growth.
Aluminium prices rise on supply concerns. Will the rally sustain?
Aluminium prices surged to two-year highs driven by supply constraints in China and demand optimism. The domestic market followed suit, gaining over 15% this year despite a slide in other industrial metals.
FPIs net sellers of Indian equities at Rs 14,794 crore in June so far
Foreign portfolio investors were as unenthusiastic in June so far, as they were in April and May when they offloaded shares worth Rs 38,158 crore. Domestic institutional investors, however, continued to repose their faith in D-Street and remained on the buying side.
Oil dips on deflated US interest rate cut expectations, OPEC+ decision
Oil prices fell for a third consecutive week as investors considered OPEC+ reassurances and the latest U.S. jobs data impacting Federal Reserve interest rate decisions.
India's services sector softens to five-month low in May: PMI report
India's services growth slowed to a five-month low in May due to weaker domestic demand, despite record export growth and a 21-month high in job creation. The services PMI fell to 60.2 from 60.8 in April. Input costs rose, intensifying price pressures and possibly delaying interest rate cuts by the RBI.
Pill for China plus one
Indian pharma CEOs met senior officials in FDA and other key agencies to start a conversation. Even if a little late, given the looming presidential election, the proposal deserves attention. The basic idea is to capitalise on India's expertise and infra for manufacturing through financial incentives, tech sharing, collaborative research and tech transfers to expand production in both countries. Pursue onshoring in America and friendshoring in India to reduce dependence on China. And aggregate US, Indian and European demand for certain drugs, as IPA secretary general Sudarshan Jain told me.
'Afternoon economy' cools as heat keeps customers indoors
Heatwave conditions, particularly in the North, are significantly impacting the 'afternoon economy,' affecting sales and footfalls between 12 noon and 4 pm. The scorching temperatures are leading to a decline in the availability of delivery riders, pushcart vendors, and sales workers. Businesses are experiencing disruptions in routine deliveries and working hours, prompting changes in operating hours and strategies to cope with the heat. While business activity is dampened in the afternoon, there is some compensation during the evening as people prefer to stay indoors and order in.
Creating an Export Development Fund is crucial for the MSME ecosystem: FIEO’s Ashwani Kumar
A budgetary support equivalent to 1% of preceding year’s export value should be made available every year through the budget grant to the Department of Commerce, he says.
India seen to emerge as an economic superpower in impending problem-ridden global financial landscape
Global recession risks have diminished, but inflation concerns threaten financial stability. The IMF, World Bank, and rating agencies forecast a slowdown in global growth, citing Middle East conflicts, financial stress, persistent inflation, and reduced international trade as key risks. The IMF's Global Debt Monitor reveals global debt at $235 trillion, or 238% of global GDP, raising fears of a debt crisis. Fiscal prudence may suffer as many nations face elections this year.
FPIs net sellers of Indian equities at Rs 22,046 crore in May so far
The trend started in April when FPIs offloaded shares worth Rs 8,671 crore though domestic institutional investors showed keenness on remaining buyers. On Friday, FIIs were net sellers of Indian equities at Rs 944.83 crore versus Rs 2,320.32 buying by the DIIs.
Domestic copper at lifetime highs; factors affecting the price surge
Record copper prices are driven by Chinese stimulus, mine supply concerns as well as green demand. MCX and LME futures surge. The Chinese 1 trillion yuan stimulus has boosted industrial metals demand for electric vehicles, renewable energy, and power grids. Goldman Sachs predicts major copper market deficit with US manufacturing rebound.
How does ' throwing eggs' help new investment in China? Executive order of Joe Biden gets sidelined
As US-based investors keep pulling out from China, learning a game of 'throwing eggs' is helping investment companies in affluent regions of the world's second-largest economy, claim reports.
FPIs turn net sellers of Indian equities worth Rs 17,083 crore in May so far
In May, Foreign Portfolio Investors (FIIs) sold Indian equities worth Rs 17,083 crore, continuing their net selling trend. However, Domestic Institutional Investors (DIIs) countered this by purchasing equities worth Rs 19,410 crore, highlighting divergent institutional activity.
Gold prices tick higher on US rate cut bets
Data on Friday showed job growth in the U.S. slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years.
India can't, in the name of open economy, open up its national security to work with China: S Jaishankar
From the big shifts in foreign policy under the Modi government, the China challenge to CAA and the heat and dust of electoral politics, External Affairs Minister S Jaishankar touched on a range of topics in a freewheeling discussion at the ET Roundtable.
China's factory, services activity growth slows in April
The official purchasing managers' index (PMI) dropped to 50.4 in April from 50.8 in March, above the 50-mark separating growth from contraction, and beat a median forecast of 50.3 slightly in a Reuters poll.
China harbors ship tied to North Korea-Russia arms transfers, satellite images show
Britain's Royal United Services Institute (RUSI) think tank said the Russian vessel Angara, which since August 2023 has moved to Russian ports thousands of containers believed to contain North Korean munitions, has been anchored at a Chinese shipyard in eastern Zhejiang province since February.
China's March factory activity expands for first time in six months
China's manufacturing activity saw growth after six months in March, as per the official purchasing managers' index, rising to 50.8 from 49.1 in February. The non-manufacturing PMI also increased to 53 from 51.4, while the composite PMI stood at 52.7, indicating positive trends.
Services sector PMI eases in Feb to 60.6 from 61.8 in Jan
India's service sector growth slowed in February, but remained robust, according to a private survey. The HSBC India Services Business Activity Index fell to 60.6, from 61.8, indicating expansion. Despite the decline, service activity reached its second highest level in five months. However, milder growth clouded the business outlook. Of the 400 firms surveyed, 26% expect growth in the year ahead, while 2% predict a decline.
China's factory activity picks up on expansion in output, orders, Caixin PMI shows
The world's second-biggest economy has been mired in a low-growth trajectory since the end of COVID curbs in late 2022, as a debt crisis in the property sector as well as low demand at home and abroad have dragged on broader activity. Friday's Caixin PMI provided some bright spots, with output growing at the fastest pace since May 2023 despite an eight-day Lunar New Year break shutting most factories temporarily in mid-February.
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