25 minutes ago
Caixin China's December manufacturing PMI is 50.8
A private survey showed that manufacturing activity in China increased in December, contradicting a similar survey by the country's statistics office that reported a decline.
The Caixin manufacturing purchasing managers' index was 50.8 in December, down from 50.7 in November, according to a release on Tuesday. China's official PMI fell to 49.0 in December from 49.4 the previous month, the country's National Bureau of Statistics said in a Sunday statement.
A PMI reading above 50 indicates an expansion in activity, while a reading below this level indicates a decline.
– Clement Tan
2 hours ago
The decline in factory activity in China worsened in December
China's manufacturing activity continued to contract in December 2023, a sign that more policy support is likely needed to revive the economy.
Official data released over the weekend showed China's manufacturing purchasing managers' index stood at 49 in December, shrinking for the third straight month and beating a Portal survey forecast of 49.5.
A PMI value below 50 means a decline.
December's PMI was also the largest manufacturing decline since June 2023, falling further from a November reading of 49.40.
The Caixin manufacturing survey for December is due later in the day.
—Shreyashi Sanyal
2 hours ago
Australia's factory activity shrinks fastest since May 2020: Judo Bank
Australia's factory activity in December saw its sharpest decline since May 2020, according to private surveys from Judo Bank.
The country's manufacturing purchasing managers' index fell to 47.6 in December from 47.7 in November, marking the 10th straight month of decline.
In its press release, the bank wrote that this was mainly due to a further decline in demand from the country's manufacturing sector, with new orders for Australian industrial goods falling for the 13th consecutive month.
This was due to the weak economic situation and pressure from high interest rates. The bank added that external demand was also subdued.
—Lim Hui Jie
2 hours ago
CNBC Pro: Time to invest in alternative assets? The pros aren't so sure
From family offices to financial advisors and beyond, interest in alternative assets appears to be growing – but experts appear to have mixed opinions on whether retail investors should invest.
For Caesar Sengupta, CEO of financial services firm Arta Finance, there is “incredible value in private markets” and the assets should not be overlooked.
Elsewhere, Saxo chief investment officer Steen Jakobsen argues that retail investors need to err on the side of caution when considering alternatives.
“I think you have to be more than just a retail retail investor to get into it – my advice is not to buy it, even if the price is perfect,” he said, adding which asset classes he is bullish on for 2024.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
2 hours ago
CNBC Pro: Goldman Sachs says these three big oil companies are rated attractively – giving it a 33% gain
Energy stocks may have had a difficult year, but Goldman Sachs sees promising opportunities in Europe's oil majors – and names integrated oil stocks that will play the theme in the new year.
“We are currently at an inflection point as EU oil majors have begun to outperform US oil majors and potentially close their 40% valuation gap with their US peers,” the investment bank's analysts said.
The investment bank's positive outlook on Big Oil comes even as oil prices have been pushed higher as major shipping companies and oil transport companies suspended their Red Sea voyages. The outlook for oil in 2024 was also disappointing, with the International Energy Agency expecting the slowdown to continue next year.
Still, Goldman noted that “the EU oil majors are now seen as attractive thanks to expanded buyback programs that result in double-digit cash returns for shareholders,” and listed their top picks.
CNBC Pro subscribers can read more here.
— Amala Balakrishner