44 minutes ago
South Korea’s factory activity shrinks faster in August
Factory activity in South Korea fell more quickly in August, according to private surveys from S&P Global.
The country’s manufacturing purchasing managers’ index fell to 48.9 from 49.4, marking the 14th consecutive month that the PMI remained below the breakeven point of 50.
A PMI reading above 50 means expansion, while a reading below 50 means the sector is contracting.
—Lim Hui Jie
An hour ago
Factory activity in Japan fell for the third straight month in July
Factory activity in Japan fell for the third straight month in August, according to private surveys by au Jibun Bank.
The country’s manufacturing purchasing index was at 49.6, slightly lower than the 49.7 in last week’s flash estimates and unchanged from the July reading.
“Weak customer confidence and subdued economic conditions reportedly weighed on new orders, although some firms said new product launches partially offset the decline,” the bank said in a report.
—Lim Hui Jie
4 hours ago
China’s central bank cuts the reserve requirement ratio by 200 basis points
The People’s Bank of China announced on Friday that it would cut the reserve requirement ratio for financial institutions from 6% to 4% starting September 15.
The cut follows a series of cuts to various interest rates in recent weeks to support the economy.
According to Wind Information, the PBOC on Friday set the yuan’s midpoint against the US dollar at 7.1788, slightly stronger than Thursday’s 7.1811.
According to Wind, the overseas yuan weakened against the US dollar to over 7.24 yuan.
— Evelyn Cheng
5 hours ago
CNBC Pro: September is the cruelest month for stocks. The professionals reveal their trading tips – and what you should buy
August was a restless month. September, a historically stormy month, couldn’t be better.
The pros weigh in on how investors can trade and buy stocks in the coming month.
CNBC Pro subscribers can read more here.
– Wheat Tan
5 hours ago
Hong Kong’s financial markets halt trading as the city prepares for Super Typhoon Saola
Trading in Hong Kong was delayed as Super Typhoon Saola approached, the Hong Kong Exchanges and Clearing Limited (HKEX) said.
If a storm signal No. 8 or higher continues to be issued at 9 a.m. Singapore/Hong Kong time, morning trading sessions will be canceled for all markets, HKEX said in a statement.
At 7:45 a.m., the Hong Kong Observatory noted that Saola was approaching Hong Kong and expected the “weather to deteriorate rapidly later today.” Signal No. 8 is expected to remain in effect for most of today.
According to the guidelines of the Hong Kong Stock Exchange, if signal No. 8 or higher is issued before the pre-opening, trading will be stopped until 12:00 p.m
—Lee Ying Shan
6 hours ago
CNBC Pro: “Very Robust Strategy”: Fund Manager Makes Case for Dividend Stocks, Names 5 to Buy
According to a portfolio manager, dividend stocks aren’t always green, but investing over several years can be worthwhile.
Their underperformance this year represents an opportunity, said Ben Kirby, who is also co-head of investments at Thornburg Investment Management.
He names five stocks to buy.
CNBC Pro subscribers can read more here.
– Wheat Tan
9 hours ago
Nasdaq records worst month since December
August marked a difficult time for technology stocks, as the Nasdaq Composite and Nasdaq-100 posted their worst months since December 2022.
For the month, the Nasdaq Composite fell about 2.2%, while the Nasdaq-100 finished 1.6% lower.
The biggest laggards included software stocks Fortinet and Datadog, which lost 22.5% and 17.3%, respectively, month-on-month. JD.com shares fell 19.6%, while Lucid Group and PayPal each lost more than 17%.
—Samantha Subin