Manufacturing Financial News

By Andy Bruce

S Jaishankar said on Monday. Interacting with the students of NIT Delhi as part of the BJP's mega public outreach to mark nine years of the Narendra Modi government, Jaishankar advised them to understand local and global developments.

Investing.com — Most Asian currencies firmed on Monday as softer-than-expected U.S. inflation readings pushed up hopes that the Federal Reserve will taper its hawkish stance, with focus also turning to more U.S. economic cues this week.

Investing.com — Most Asian stocks surged on Monday as a drop in U.S. inflation ramped up hopes for a less hawkish Federal Reserve, while data showing improving sentiment towards the Japanese economy put the Nikkei index back at 33-year highs.

India's manufacturing industry expanded at the second-fastest rate this year in June, albeit at a slightly slower pace than in May, supported by robust demand despite higher inflationary pressures, data showed Monday. The S&P Global Manufacturing Purchasing Managers' Index fell to 57.8 in June from May's 58.7. That marked two years of the index being above the 50-mark separating expansion from contraction.

Manufacturing across most of Asia deteriorated further in June as a weak Chinese economy sapped demand for the region’s goods. Factory activity remained stuck in contraction in neighbouring economies South Korea, Japan and Taiwan, according to manufacturing purchasing managers’ indexes published Monday by S&P Global and au Jibun Bank. Much of Asia’s manufacturing sector had pinned its hopes on a strong Chinese post-pandemic rebound, only to see weaker-than-expected trade with the world’s second largest economy.

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT after settling up 0.8% on Friday.

China's recovery has so far disappointed high expectations and the Caixin manufacturing survey due later on Monday is forecast to dip to 50.2 in June, from 50.9, and may even slip into contraction. The central bank has promised more «forceful» action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips shed 5% last quarter while much of the developed world rallied.

BEIJING (Reuters) — China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions.

Investing.com-- Chinese manufacturing activity edged past expectations in June, a private survey showed on Monday, but the pace of growth still slowed from May amid softening export demand and worsening optimism over the economy.

Investing.com-- Gold prices moved little in early trade on Monday as markets awaited more cues on the U.S. economy this week, while copper prices rose on data signaling some strength in the Chinese manufacturing sector.

Parenteral Drugs (India) have backed out of a deal to sell the stressed loans of the pharma company to National Asset Reconstruction Company (NARCL), after an external committee of one of the banks rejected the offer, saying it is «too low», according to people aware of the development.State Bank of India (SBI) and Punjab National Bank (PNB) had given loans to Parenteral Drugs, a contract manufacturer of liquid formulations which is undergoing corporate insolvency. A binding offer by NARCL for the pharma company had triggered a Swiss Challenge auction, following which SBI invited counter offers from other asset reconstruction companies (ARCs). The lenders, led by SBI, held a Swiss auction on June 16, and they even declared NARCL as the winning bidder, the people cited earlier said.

By Leika Kihara and Tetsushi Kajimoto

Investing.com — U.S. stock futures were trading in a mixed fashion on Sunday night, with markets trading higher during Friday's trade as weakening PCE prices boosted investor sentiment.

TOKYO (Reuters) — Japan's factory activity contracted in June after expanding for the first time in 7 months in May, a private survey showed on Monday, dragged down by weak orders for cyclical goods amid a global economic slowdown.

SEOUL (Reuters) — South Korea's factory activity shrank at a steeper pace in June and extended its downturn to a record 12th consecutive month, a survey showed on Monday, underlining the challenges facing the economy as it struggles to mount solid recovery.

Reliance Retail-owned robotics firm Addverb expects to cross Rs 8,000-crore revenue mark in five years, with scaling up of manufacturing operations and diversifying target market base, a senior company official said. Addverb Technologies co-founder and CEO Sangeet Kumar told PTI that the company will invest Rs 500 crore in its Greater Noida-based robot manufacturing facility in phases to realise USD 1-billion revenue in five years. «We will invest Rs 500 crore in our manufacturing facility in phases.

smartphone market, which is still dominated by Chinese brands, regardless of the price levels: sub or above ₹10,000. An ET survey, which constituted nearly 20 mobile retail shops in Delhi, found that none sold Indian mobile brands-firstly, shops had limited stock of sub-₹10,000 mobile phones-which used to drive volumes historically in India; and almost all the shops sold 2-3 times more ₹ 10,000-plus mobile phones than sub-₹10,000 handsets, with demand mostly for 5G phones over 4G phones.

US memory chip maker Micron’s recent announcement of setting up a semiconductor assembly, testing, marking, and packaging (ATMP) facility in India has given the country a long-awaited breakthrough in the business of chips that power almost every device in the modern world. India set up its first chip making unit in 1983 in Mohali but then made little progress in this segment, until the government launched a Rs 76,000 productivity linked incentive scheme for chip making last year.

CAGR) of 10 per cent, according to Tata group firm Voltas. The company expects to be at the forefront of this growth. Voltas, an industry leader in the segment with a market share of 21.6 per cent in FY23, remains «very optimistic» about the room air conditioner business and is investing in augmenting its capacity, the company said in its latest annual report.

Maharashtra, the BJP and Prime Minister Narendra Modi cannot talk about fighting corruption, senior TMC leader Babul Supriyo said on Sunday. Calling the BJP hypocrite in response to the political upheaval in the western state, Supriyo, a minister in the Mamata Banerjee government in West Bengal, said leaders under the scanner of ED for corruption have been put into a «washing machine» manufactured by the BJP to remove their stains and blemishes.