2 Hours Ago
South Korean energy stocks rise after government greenlights exploration plans
South Korean energy stocks rose after the government greenlit exploratory drilling for vast oil and gas resources off the country’s east coast.
Shares of Korea Gas Corporation surged 29.87%. Daesung Energy rose 28.25%, while SK Innovation climbed 7.9% and SK Gas advanced 15.97%.
South Korean President Yoon Suk Yeol reportedly told a news conference that there is a “very high” possibility for the area to contain as much as 14 billion barrels of oil and gas.
—Lee Ying Shan
2 Hours Ago
India stocks record intraday highs as exit polls show Modi’s BJP-led alliance projected to win majority
After overtaking Hong Kong’s stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion.
Javier Ghersi | Moment | Getty Images
Stock gauges in India hit intraday record highs, with the Nifty 50 index rising about 3% and the S&P BSE Sensex Total Return index last up about 2.6%.
Local exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance was set for a rare third consecutive term in power.
The BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of India’s parliament, according to local news channel NDTV’s exit poll summary.
However, final results, expected on Tuesday, can diverge from exit poll projections.
— Shreyashi Sanyal, Charmaine Jacob
4 Hours Ago
China’s May factory activity expands at fastest pace in nearly two years, tops estimates
A private survey showed China’s manufacturing activity expanded at its fastest pace in nearly two years, in contrast to an official reading.
The Caixin survey showed the headline seasonally adjusted manufacturing PMI rose to 51.7 in May from 51.4 the previous month, clocking its fastest pace since June 2022. It was also higher than a Reuters poll forecast of 51.5.
The private survey comes after official data on Friday showed China’s manufacturing sector unexpectedly contracted in May.
The Caixin survey also said sentiment among Chinese manufacturers remained positive in May amid hopes that market demand could improve both locally and abroad to support higher production this year.
— Shreyashi Sanyal
5 Hours Ago
South Korea’s May manufacturing PMI expands at fastest pace in nearly 3 years
A private survey showed South Korea’s manufacturing activity expanded at its fastest pace in nearly three years in May.
South Korea’s headline manufacturing Purchasing Managers’ Index showed a return to growth in May, coming in at 51.6 from 49.4 in April, which was the strongest since July 2021.
“After recovery efforts appeared to have plateaued recently, growth surged in May as stronger demand conditions, both domestically and abroad, drove production growth to its strongest in nearly three years,” said Joe Hayes, principal economist at S&P Global Market Intelligence.
— Shreyashi Sanyal
6 Hours Ago
U.S. reportedly could act against Chinese companies and banks over Russian war support
The U.S. along with other nations could take steps against Chinese companies and banks over Beijing’s support for Russia’s war against Ukraine, a top U.S. official said, according to Reuters.
“I think where we are primarily focused are on Chinese companies that have been involved in a systematic way in supporting Russia,” U.S. Deputy Secretary of State Kurt Campbell said, according to the report.
“We’ve also looked closely at financial institutions,” Campbell said.
Separately, Campbell met with Vice Minister of Foreign Affairs of China, Ma Zhaoxu, in Washington on May 30.
— Shreyashi Sanyal, Reuters
7 Hours Ago
CNBC Pro: Goldman Sachs recommends a specific trading strategy, naming 2 global ‘conviction list’ stocks
Goldman Sachs has recommended that investors consider a specific trading strategy when trading European markets right now given the “scope for near-term volatility in equities.”
This follows the recent market rally and is expected to prove effective “until inflation momentum turns more negative,” the investment bank’s analysts wrote.
Going forward, those searching for pockets of opportunities in the region and “looking to position somewhat defensively” can look to Goldman’s list of buy-rated stocks “offering higher relative risk-adjusted upside.”
CNBC Pro subscribers can read more here.
— Amala Balakrishner
7 Hours Ago
CNBC Pro: Profits of these 5 global banks will stay high despite an ECB rate cut, says Berenberg
Despite an interest rate cut expected this week, profits at a handful of major European banks will remain robust, according to Berenberg.
One of the lender’s stocks could rise by more than 40% over the next 12 months, according to the investment bank.
CNBC Pro subscribers can read more here.
— Ganesh Rao
8 Hours Ago
Nvidia announces latest AI chip model
Nvidia announced new AI chips on Sunday before its latest model has even shipped to customers.
The new chip model is called “Rubin.” Nvidia had announced its “Blackwell” chips in March. Huang said Sunday that Nvidia plans to release new AI chip models on a “one-year rhythm.”
Shares of Nvidia are up more than 120 year-to-date even as other deep-pocketed tech companies try to compete with the AI leader.
— Jesse Pound, Rebecca Picciotto
9 Hours Ago
Key economic reports this week
Here are some of the notable economic and corporate updates this week. All times ET:
Monday, June 3
10 a.m. Construction spending (April)
10 a.m. ISM manufacturing (May)
Tuesday, June 4
10 a.m. JOLTS job openings (April)
Earnings: Hewlett Packard Enterprise, Bath & Body Works
Wednesday, June 5
10 a.m. ISM services PMI (May)
Earnings: Campbell Soup, Dollar Tree
Thursday, June 6
8:30 a.m. Initial jobless claims
Earnings: J.M. Smucker Co.
Friday, June 7
8:30 a.m. May jobs report
— Jesse Pound, Sarah Min
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
