2 hours ago
Hong Kong’s private sector expanded at a slower pace in April
Private sector business activity in Hong Kong expanded at a slower pace in April, according to S&P Global.
The city’s PMI fell to 50.6 from 50.9 in March.
The reading indicates another improvement in business conditions at the start of the second quarter, said Jingyi Pan, associate director of economics at S&P Global Market Intelligence.
However, Pan said growth appears to be on “shaky ground,” highlighting that forward-looking indicators, such as a decline in new business orders in April, point to deteriorating conditions.
– Lim Hui Ji
3 hours ago
CNBC Pro: Samsung or SK Hynix? It is best to play on the AI boom, according to most pros
Big tech names like Nvidia are on fire, thanks to the AI boom — and other chipmakers are sharing the spotlight.
The AI supply chain is extensive. It includes companies in the Asia-Pacific region and ranges from producers of AI graphics processing units to printed circuit boards.
Memory chips in particular have been in the spotlight with the rise of artificial intelligence.
Two stocks dominated the memory chip market: Samsung and SK Hynix.
Which game is the best in the AI boom? CNBC Pro spoke to the pros to find out.
CNBC Pro subscribers can read more here.
-Weezin Tan
3 hours ago
CNBC Pro: Goldman Sachs updates its conviction lists for global stocks – giving a 67% rise
Goldman Sachs has just updated its lists of top global stock picks, adding some and removing others.
These lists, called the Condemnation List – Directors’ Edition, include names from across Europe and the Asia-Pacific region.
Investment banks’ “Condemn-Cut List” seeks to present investors with a “curated, active” list of 15 to 25 stocks rated to buy.
CNBC Pro subscribers can read more about the latest additions here.
– Amala Balakrishner
Friday, May 3, 2024 at 2:57 PM EST
Defense ETF hits new high
See chart…
History of the European Training Foundation
The fund gained more than 4% compared to the beginning of 2024.
-Alex Haring, Gina Francola
Friday, May 3, 2024 at 8:34 AM EST
The US economy added fewer jobs than expected in April
The April nonfarm payrolls report showed an addition of 175,000 jobs, fewer than the 240,000 jobs expected by economists surveyed by Dow Jones.
The unemployment rate rose to 3.9%, compared to 3.8% the previous month, according to the Bureau of Labor Statistics.
Revisions to the jobs numbers in February and March reduced the cumulative jobs added in those periods by 22,000.
-Jesse Pound
Friday, May 3, 2024 at 2:35 AM EST
The Japanese yen recovered 4.5% against the US dollar, recording its best week in over a year
The Japanese yen was trading at 152.93 against the US dollar and was set to end its best week in more than a year, despite reaching its weakest level since 1990 on Monday at 160.03.
Analysts, including from Bank of America, noted that there were likely two interventions carried out by Japanese authorities during the week, on Monday and Wednesday. The authorities have not yet issued an official statement to confirm the interventions.
“The government refuses to reveal whether it intervened or not, but I don’t think many people have any doubts,” Nicholas Smith, a Japan strategist at CLSA, told CNBC.
The yen has recovered by about 4.5% since hitting a 34-year low on Monday.
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