South Korean export growth surges on strong demand for chips
South Korean exports in February increased 4.8% compared to the previous year to $52.41 billion, exceeding Reuters estimates of a 1.9% increase, due to strong demand for its semiconductors, Preliminary government data showed.
The export figure compares with a growth of 18% in January. Overall, imports fell 13.1%, more than estimates of a 10.4% drop.
"The ICT cycle (information and communications technology cycle) is booming," said Trinh Nguyen, senior economist at Natixis. "With the manufacturing cycle returning to growth in the United States, that should support South Korea," she added.
โLee Ying Shan
Japan's February factory activity shrinks at fastest pace in more than three years
February Japan Factory activity contracted at the fastest rate in more than three years. due to weakening demand.
au Jibun Bank Preliminary Japanese Manufacturing Purchasing Managers' Index fell towards to 47.2 in February, compared to January's reading of 48.0, indicating a continued contraction in private sector business activity.
The reading signals a ninth consecutive deterioration in business activity and the sharpest contraction recorded since August 2020, according to au Jibun Bank.
Japan's benchmark index has continued to extend its rally after hitting an all-time high last week. He Nikkei 225 was trading 1.83% higher at 39,883.86 in Friday morning trading.
โLee Ying Shan
China's manufacturing sector contracts for fifth consecutive month, official data shows
Workers make charging equipment for new energy vehicles at a workshop of Shandong Dingsheng Electric Equipment in Zaozhuang, east China's Shandong Province.
Future publications | Future publications | fake images
China's manufacturing activity contracted for the fifth straight month in February, official figures showed on Friday, contradicting a private survey that showed factory activity expanded.
Data from China's National Bureau of Statistics showed that the manufacturing PMI fell to 49.1 in February from 49.2 in January. The reading was in line with an estimate in a Reuters poll.
However, the Caixin/S&P Global Manufacturing PMI rose to 50.9 in February from 50.8 in the previous month.
A PMI reading above 50 indicates expansion, while below that figure denotes contraction.
"Businesses noted further increases in both production and new orders, with growth rates accelerating slightly from January, helped in part by an increase in new export orders," the private survey reads. Caixin.
โShreyashi Sanyal
India's economic growth in the third quarter exceeds expectations
A pedestrian looks at a digital screen at the Bombay Stock Exchange (BSE) in Mumbai on February 1, 2022.
Punit Paranjpe | afp | fake images
India's economy grew much faster than expected in the October-December quarter, and at its fastest pace in six quarters.
The data displayed GDP grew 8.4% in the fiscal third quarter, beating Reuters Poll expectations for 6.6% growth, thanks to higher private consumption and strong manufacturing and construction activity.
The reading for the October-December quarter was also higher than the 7.6% growth recorded in the previous three months.
The Indian government raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% previously forecast.
The data also boosted Prime Minister Narendra Modi's economic record ahead of a highly anticipated national election.
"For Prime Minister Modi and the BJP, who go to the polls in April-May, it will be another boost. For the RBI (Reserve Bank of India), the strong growth momentum will only reinforce its tendency to remain in the 6.5% in the foreseeable future," Commerzbank analysts wrote in a note.
โShreyashi Sanyal
Ray Dalio says US stock market 'doesn't look very bubbly'
Billionaire investor Ray Dalio believes that the US stock market is not in a speculative bubble.
The founder of Bridgewater, one of the world's largest hedge funds, analyzed the market based on his bubble criteria, which include valuation, sentiment, new buyers and unsustainable conditions.
"When I look at the US stock market using these criteria, it doesn't look very bubbly, and even some of the parts that have rallied the most have attracted media attention," he said in a new report. LinkedIn post published Thursday.
โ yunli
Dell Stock Soars 20% After Strong Earnings
Actions of Dell Technologies jumped more than 18% in extended trading after the technology company posted Fourth quarter results better than expected. Dell also showed strong demand for its AI servers.
Chief Financial Officer Yvonne McGill said the company is increasing its annual dividend by 20% to $1.78 per share, which she called a "testament to our confidence in the business."
-Yun Li
