Latest news with #economicoutlook
Bloomberg
13 hours ago
- Business
- Bloomberg
Iron Ore Falls as China PMI Slips to Lowest Level Since 2022
Iron ore and base metals dropped on concerns about China's economic outlook, with the country's manufacturing activity falling to its lowest level in more than two years. Futures for the steelmaking raw material declined after Caixin's private manufacturing purchasing managers' index for May dropped to a reading of 48.3 from 50.4 in April — the lowest since September 2022 and well below the 50 mark separating expansion from contraction.
Globe and Mail
a day ago
- Business
- Globe and Mail
RBC lifts S&P 500 year-end target to 5,730 points
RBC on Monday raised its year-end target for the S&P 500 index to 5,730 from 5,550, reflecting a modestly improved U.S. economic outlook and stronger-than-expected corporate earnings. The S&P 500 index ended May with its biggest monthly increase since November 2023 as U.S. President Donald Trump's softening tariff stance, upbeat earnings and tame inflation data helped markets recover from their April lows. Last month, Goldman Sachs and UBS Global Wealth Management raised their S&P 500 targets. RBC's target for the benchmark index is 3 per cent lower than Friday's close of 5,911.69 points. The brokerage has revised its target for the index three times this year. 'Our new price target reflects our belief that the stock market is on a slightly better path than the one that we were on in early April, but not back to where it was in January or mid March,' RBC strategists said in a note. 'Rebounding sentiment is the main risk to our call.' RBC maintained its earnings-per-share forecast for the index at US$258, lower than the consensus forecast of US$264 for this year, according to the brokerage. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
Reuters
a day ago
- Business
- Reuters
UK factories struggle as trade uncertainty, higher costs hit, PMI shows
LONDON, June 2 (Reuters) - The downturn in British manufacturing was less steep than first feared in May but output, orders and jobs continued to drop as companies cited recent tax hikes and U.S. President Donald Trump's tariffs, a survey showed on Monday. The final reading of the S&P Global UK manufacturing Purchasing Managers' Index (PMI), a measure of activity among factories, was 46.4 in May compared to 45.4 in April. It was the highest since February but remained below the 50 threshold for growth. The provisional PMI figure for May was 45.1. While the rates of contraction across new orders, output and exports eased, survey compiler S&P Global said the environment for manufacturers was still tough. "May PMI data indicate that UK manufacturing faces major challenges, including turbulent market conditions, trade uncertainties, low client confidence and rising tax-related wage costs," Rob Dobson, director at S&P Global Market Intelligence, said. May's decline in output was linked to a reduced intake of new business as demand from domestic and overseas fell. The fall in exports orders was mainly linked to weaker demand from the U.S. and Europe. The survey showed 49% of manufacturers expected to see output increase over the coming year, slightly above 44% in April. Manufacturing firms cut employment at the fastest pace in three months in response to uncertain economic outlook - plus a rise in employers' social security contributions and 6.7% increase in the minimum wage that came into force in April. But there were signs that the worst of the inflation surge may have passed, S&P said, as the pace of increases in input costs and selling prices slowed.
Al Arabiya
3 days ago
- Business
- Al Arabiya
OPEC+ agrees further accelerated oil output hike for July
OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned. In a statement issued after a meeting, OPEC+ cited a 'steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories' as its reasoning for the July increase. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia.
Bloomberg
6 days ago
- Business
- Bloomberg
New Zealand's Governor Hawkesby On Economic Outlook
Reserve Bank of New Zealand's Governor Christian Hawkesby speaks on Bloomberg TV about New Zealand's economic outlook and the impact of global economic uncertainty. He speaks the same week as the central bank's Monetary Policy Committee lowered the Official Cash Rate by 25 basis points to 3.25%, as expected by most economists. (Source: Bloomberg)
