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China Caixin PMI, elections in India

2 hours ago

South Korean energy stocks rise after government gives green light to exploration plans

South Korean energy stocks rose after the government gave the green light to exploratory drilling for huge oil and gas reserves off the country's east coast.

Shares of Korea Gas Corporation rose 29.87%. Daesung Energy rose 28.25%, while SK Innovation rose 7.9% and SK Gas rose 15.97%.

South Korean President Yoon Suk Yeol said at a press conference that it was “very high” that up to 14 billion barrels of oil and gas were stored in the area.

—Lee Ying Shan

3 hours ago

Indian stocks hit intraday highs after polls show Modi's BJP-led alliance is likely to win a majority.

After overtaking Hong Kong's stock market in December, India is currently the fourth largest stock market in the world and is now valued at over $4 trillion.

Javier Ghersi | Moment |

Stock prices in India hit record highs during the day, with the Nifty 50 index gaining about 3% and the S&P BSE Sensex Total Return index gaining about 2.6%.

Local polls after the weekend's election suggested that Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance are heading for a rare third consecutive term in power.

The BJP-led National Democratic Alliance is expected to win around 365 of the 543 seats in the lower house of the Indian parliament, according to a poll by local news channel NDTV.

However, the final results expected on Tuesday may differ from the forecasts of the post-election poll.

— Shreyashi Sanyal, Charmaine Jacob

5 hours ago

China's factory activity grows at its fastest pace in nearly two years in May, beating estimates

Contrary to official figures, a private survey found that manufacturing activity in China grew at its fastest pace in almost two years.

The Caixin survey showed that the seasonally adjusted manufacturing purchasing managers' index rose to 51.7 in May from 51.4 the previous month, the biggest increase since June 2022. It was also above the Reuters poll forecast of 51.5.

The private survey comes after official data on Friday showed that China's manufacturing sector unexpectedly shrank in May.

According to the Caixin survey, sentiment among Chinese manufacturers remained positive in May, as they hoped for an improvement in market demand at home and abroad, which could lead to higher production this year.

— Shreyashi Sanyal

5 hours ago

South Korea's manufacturing purchasing managers' index recorded its highest increase in nearly three years in May

According to a private survey, manufacturing activity in South Korea grew in May at its fastest pace in nearly three years.

South Korea's manufacturing purchasing managers' index showed a return to growth in May, reaching 51.6 (from 49.4 in April), the highest level since July 2021.

“After recovery efforts appeared to have stalled recently, growth jumped in May as stronger domestic and foreign demand pushed manufacturing growth to its strongest in nearly three years,” said Joe Hayes, chief economist at S&P Global Market Intelligence.

— Shreyashi Sanyal

6 hours ago

The US may reportedly take action against Chinese companies and banks over Russian war support

According to Reuters, the US could join other countries in taking action against Chinese companies and banks over Beijing's support for Russia's war against Ukraine, a senior US official said.

“I think our main focus is on Chinese companies that have been systematically involved in supporting Russia,” US Deputy Secretary of State Kurt Campbell said, according to the report.

“We also took a close look at the financial institutions,” Campbell said.

Campbell also met with Chinese Vice Foreign Minister Ma Zhaoxu in Washington on May 30.

— Shreyashi Sanyal, Reuters

8 hours ago

CNBC Pro: Goldman Sachs recommends a special trading strategy and names two global “Conviction List” stocks

Goldman Sachs recommends that investors consider a specific trading strategy when trading in European markets at this time, given the “scope for short-term volatility in equities.”

This is a consequence of the recent recovery in the markets and should prove effective “until inflation dynamics become more negative,” the investment bank's analysts wrote.

Anyone looking for future investment opportunities in the region and wanting to “position themselves slightly defensively” can look at Goldman's list of buy-recommended stocks that “offer higher relative risk-adjusted upside potential.”

CNBC Pro subscribers can read more here.

— Amala Balakrishner

8 hours ago

CNBC Pro: Berenberg: Profits of these 5 global banks will remain high despite an ECB rate cut

Despite an interest rate cut expected this week, profits at a handful of major European banks will remain robust, according to Berenberg.

According to the investment bank, shares of one of the credit institutions could rise by more than 40 percent in the next twelve months.

CNBC Pro subscribers can read more here.

— Ganesh Rao

9 hours ago

Nvidia announces latest AI chip model

Nvidia announced new AI chips on Sunday, even before the latest model was delivered to customers.

The new chip model is called “Ruby”. Nvidia announced its “Blackwell” chips in March. Huang said on Sunday that Nvidia wants to release new AI chip models on a “yearly basis”.

Nvidia shares have risen more than 120% since the beginning of the year, as other deep-pocketed technology companies try to compete with the AI ​​leader.

— Jesse Pound, Rebecca Picciotto

9 hours ago

Important economic reports this week

Here are some of the most important economic and corporate news this week. All times ET:

Monday, June 3

10.00 a.m. Construction expenditure (April)

10 a.m. ISM production (May)

Tuesday, June 4

10.00 a.m. JOLTS job offers (April)

Revenue: Hewlett Packard Enterprise, Bath & Body Works

Wednesday, June 5

10:00 a.m. ISM Services PMI (May)

Revenue: Campbell Soup, Dollar Tree

Thursday, June 6

8:30 a.m. Initial applications for unemployment benefits

Revenue: JM Smucker Co.

Friday, June 7

8:30 a.m. Employment report for May

— Jesse Pound, Sarah Min