3 hours ago
Wall Street has lowered China’s GDP forecast multiple times this year. A bank has matched 6 times
International investment firms have changed their GDP forecasts for China almost every month so far this year, with JPMorgan making six adjustments since January.
The US investment bank last cut its GDP forecast for China to 5% in July, from a previous 5.5%. That came alongside cuts by Citi and Morgan Stanley to 5% this month.
Read the whole story here.
— Evelyn Cheng
7 hours ago
Australia’s business activity is shrinking for the first time since March
Business activity in Australia’s private sector fell for the first time since March, mainly due to a slowdown in services activity.
The composite purchasing managers’ index fell to 48.3 from 50.1 in June, according to Juno Bank’s flash estimate.
The services PMI slipped below the 50-point mark to 48 from 50.1 in June. In contrast, manufacturing activity recorded a more modest decline at 49.6 compared to 48.2 in June.
A PMI above 50 represents an expansion of the sector, while a PMI reading below 50 indicates a contraction.
— Lim Hui Jie
5 hours before
Japan’s business expands for seventh straight month: au Jibun Bank
According to flash estimates from au Jibun Bank, Japan’s business activity has increased for the seventh straight month.
The country’s composite purchasing managers’ index came in at 52.1 in July, unchanged from the previous month.
The services PMI slipped slightly to 53.9 from 54 in June, while manufacturing activity remained in contraction territory and the PMI fell to 49.4 from 49.8.
— Lim Hui Jie
7 hours ago
CNBC Pro: China’s earnings season has only just begun. Here are some winners to check out
Fundamentals are shifting in their favor in some Chinese equity sectors.
According to HSBC, profits are shifting towards industrials, consumer discretionary and staples – and away from materials and energy.
Investors could also get some answers on macro policy in the coming days at a meeting of Chinese leaders, the Politburo, due to take place later this month.
CNBC Pro subscribers can read more here.
— Evelyn Cheng
8 hours ago
AMC shares rise after Richter denies company agreement on share conversion
AMC Entertainment Holdings shares rose more than 60% after a judge on Friday blocked a proposed settlement of the company’s stock conversion plan that would allow the company to issue more shares.
AMC Entertainment Preferred shares fell 15%.
In February, the cinema chain was sued for allegedly manipulating a shareholder vote that would have allowed it to convert preferred stock into common stock and issue millions of new shares. This would have diluted common stock but allowed AMC to repay some of its more than $5 billion in debt.
Read the whole story here.
– Tanaya Macheel
9 hours ago