US MANUFACTURING
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
US manufacturing contraction deepens in June
US manufacturing activity declined in June to 48.5 percent, below market expectations. Production execution was lower, causing revenue declines. Eight manufacturing industries reported growth, but textile mills, transportation equipment, and electrical equipment contracted. Wells Fargo economists highlighted inflation moderation and caution due to monetary policy and interest rates.
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.
US chip dreams will fade without more immigrants
In a rare display of bipartisan cooperation, Democrats and Republicans passed the Chips and Science Act to revitalize US semiconductor manufacturing. However, a failure to address the shortage of skilled workers threatens the industry's growth. Proposed solutions include a specialized visa program and increased support for STEM education.
Wait for earnings and Budget to identify attractive sectors for investment: Deepak Shenoy
These companies are quite cyclical, moving between downturns and upturns. Recently, there has been an upturn for Muthoot and Manappuram, partly because IIFL, a major player in the gold financing space, faced some RBI action leading to a slowdown in its gold lending portfolio.
Relationship between India, US 'multiplicative': US envoy Garcetti
"This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India," Garcetti said at the meeting held in the suburbs of Washington on Monday.
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US lawmakers questions FDAs drug inspection programme in India and China
Three top American lawmakers have raised concerns about the FDA's foreign drug inspection program in India and China. In a letter to FDA Commissioner Robert Califf, they highlighted inconsistencies in inspection outcomes from January 2014 to April 2024. Some inspectors reported no compliance issues in numerous inspections, while others found issues in almost every inspection. The lawmakers, Cathy McMorris Rodgers, Brett Guthrie, and Morgan Griffith, pointed out these discrepancies and called for an investigation into the skill and thoroughness of FDA inspectors to ensure rigorous and consistent inspections.
Lupin, Eugia recall products from US market: USFDA
Drugmakers Lupin and Aurobindo Pharma are recalling products from the American market due to manufacturing issues, as reported by the US Food and Drug Administration (USFDA). Lupin Pharmaceuticals Inc, a US-based unit of Lupin, is specifically recalling 3,552 bottles of Cefixime for Oral Suspension (USP 200 mg/5 mL) because of "failed content uniformity specifications."
US manufacturing production surges 0.9% in May; beats monthly expectations
In May, production at U.S. factories rebounded more than anticipated, recovering from declines in the previous two months. However, sustained momentum is unlikely due to rising interest rates and weakening demand for goods. According to the Federal Reserve's report on Tuesday, manufacturing output surged by 0.9% last month, following a downward revision showing a 0.4% decline in April.
Credit growth in India healthy; deflation risks persist in China: Chetan Ahya
But the challenge we feel is that the structural issue of slowdown in demand because of property sector is still exerting deflationary pressures and in that environment as they are trying to support real growth with more manufacturing investments, it is resulting into excess capacities and continuing to have that inflation in a weaker trajectory.
USFDA issues Form 483 with five observations to Torrent Pharma unit
Torrent Pharmaceuticals announced that the US Food and Drug Administration (USFDA) issued a Form 483 with five observations after inspecting its manufacturing plant in Indrad, Gujarat, from June 3 to June 12. The inspection included a pre-approval inspection (PAI) and a Good Manufacturing Practice (GMP) inspection. The company stated that there were no observations related to data integrity. Torrent Pharma plans to respond to the USFDA within the prescribed time frame and work closely with the agency to address the observations promptly.
Japan's Nikkei rises as chip-related shares track US peers higher
Japan's Nikkei share average rose 0.55% to close at 38,703.51, led by Tokyo Electron and chip-related stocks, but gains were limited ahead of global central bank meetings.
Boeing CEO Dave Calhoun to testify before US Senate panel on June 18
Outgoing Boeing CEO Dave Calhoun will testify before a U.S. Senate panel on June 18 regarding safety and quality concerns, including the capped production of the 737 MAX.
Wall Street stocks end slightly higher as weak jobs data supports rate cut
U.S. stocks rose on Tuesday as labor market data hinted at a Fed rate cut. Axos Financial dropped after Hindenburg Research shorted the stock.
US stocks slip in choppy trading after weaker jobs data
Oil companies Exxon Mobil and Chevron dropped 2.3% and 1.5%, respectively, as demand concerns weighed on crude prices. Energy stocks led S&P 500 sectoral declines with 1.5% fall. Small-cap stocks, typically more sensitive to economic expectations, declined 1.2%, while the rate-sensitive real estate sector gained 0.9%.
Gold prices today: Yellow metal opens at Rs 72,160 per 10 grams, silver at Rs 92,099 per kg
Gold and silver gained after disappointing U.S. manufacturing PMI data and weakness in dollar index. In international markets, gold and silver futures settled higher.
US factory activity slips for a second month in May, ISM says
US manufacturing activity slowed in May with new goods orders dropping significantly. Input inflation fell from mid-2022 highs.
Havells now selling made-in-India ACs, cables & lighting products in the US
Havells India has begun selling its made-in-India air conditioners, cables, and lighting products in the US, marking the first Indian electronic manufacturer to launch its own brand there, said chairman Anil Rai Gupta. The company plans to invest Rs 1,000 crore this year to expand capacities and explore AC compressor manufacturing. In 2023-24, it invested Rs 700 crore on capex
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Indo Count signs licensing agreement with Iconix for selling branded products in US, Canada
Indo Count, a leading global home textile manufacturer, solidified its US market presence post-WAMSUTTA acquisition through a licensing deal with Iconix International Inc. for Fieldcrest and Waverly brands in the US and Canada. The agreements expand Indo Count's product range catering to diverse consumer segments with Fieldcrest and Waverly's reputation for quality and tradition.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Dr Reddy's, Cipla, Sun Pharma & others to see FY25 revenue boost in key US market, says India Ratings and Research
Indian drugmakers, such as Dr Reddy's, Cipla, and Sun Pharma, are projected to maintain revenue growth in fiscal 2025, driven by drug shortages in the U.S. market. With 233 drugs in short supply, Indian companies are poised to benefit from the challenges faced by U.S.-based generic pharma manufacturers, leading to improved financial performance and increased market share in therapeutic categories.
If China invades Taiwan, ASML and TSMC can disable chip machines
ASML Holding NV and Taiwan Semiconductor Manufacturing Co. have measures in place to remotely disable chipmaking machines in the event of a Chinese invasion of Taiwan. The US government has expressed concerns about the impact of such an attack on the global semiconductor supply chain. ASML's advanced EUV machines are crucial in this scenario, with TSMC being a major client. The stakes are high as Taiwan produces around 90% of the world's most advanced chips.
US FDA inspects Vishakhapatnam facility of Solara Active Pharma
The US Food and Drug Administration (FDA) completes inspection of Solara Active Pharma Sciences' API manufacturing facility in Visakhapatnam, Andhra Pradesh, with no observations. Solara confirms compliance with FDA standards. The facility, dedicated to Ibuprofen API production, marks Solara's second successful FDA inspection. The company aims for global market expansion with FDA-approved facilities.
US industrial production weaker than expected in April
US factory output remained unchanged in April, disappointing analysts who had anticipated a third consecutive monthly increase, as per Federal Reserve data released on Thursday. Industrial production showed no growth last month, down from a revised 0.1 percent rise in March. This data contradicts expectations of a gradual manufacturing sector recovery. Manufacturing output declined by 0.3 percent compared to the previous month, with notable drops in motor vehicles, parts, and electrical equipment. Mining output fell by 0.6 percent, while utilities saw a 2.8 percent rise.
Biden's new China tariff wall faces leakage via Mexico, Vietnam
U.S. officials and trade experts say that without strong efforts to cut off transshipped or lightly processed Chinese goods from Mexico and other countries, China's underpriced excess production will still find its way into U.S. markets.
US manufacturing sector regresses in April; prices paid near two-year high
U.S. manufacturing experienced a contraction in April as orders declined, reversing a brief expansion seen in March. The Institute for Supply Management (ISM) reported that its manufacturing PMI dropped to 49.2 from 50.3 in March. This decline, below the 50 mark indicating growth, reflects constraints due to higher borrowing costs and a shift in spending towards services.
Latest version of made-in-China chip powers new Huawei phone
The Pura 70 series Huawei unveiled last week sports the Kirin 9010 processor, consultancy TechInsights found in a teardown of the device. That's a newer version of the Kirin 9000s made by Semiconductor Manufacturing International Corp. for the Mate 60 Pro, which alarmed officials in Washington who thought a 7-nanometer chip beyond China's capabilities.
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