The dollar weakened against other currencies on Friday following a downward revision of the U.S. GDP for the first quarter, indicating a potential for rate cuts. Investors are also preparing for inflation data. The latest official data showed that the U.S. economy grew at a rate of 1.3% from January to March, lower than the initial estimate of 1.6%, due to revisions in consumer spending.
Oil Extends Decline With Supply in Focus Before OPEC+ Meeting
il prices extended their decline for a third consecutive day amidst concerns of oversupply, as indicated by a key market gauge. The upcoming OPEC+ supply meeting on Sunday added to the uncertainty. Brent crude for August remained near $82 per barrel after experiencing a 1.9% drop on Thursday, while West Texas Intermediate traded below $78 per barrel. Both benchmarks are on track for a monthly decrease.
China’s factory activity unexpectedly contracts in May
According to an official factory survey released on Friday, China’s manufacturing activity unexpectedly declined in May. This has led to calls for additional stimulus measures as the ongoing property crisis continues to impact businesses, consumers, and investors.
Country Garden Seeking Exit From Chinese Chipmaker CXMT, Sources Say
Country Garden Holdings Co., a Chinese property developer, is facing financial difficulties due to its massive debt burden. In light of this, its venture capital arm, Country Garden Venture Capital, is considering selling its stake in ChangXin Memory Technologies Inc.
Boeing firefighters approve new contract deal
Boeing firefighters approve new contract deal
Chile Hopes SQM-Codelco Deal to Proceed as Planned, Finance Minister Says
Chile’s government has announced that SQM and Codelco will move forward with the signing of a binding lithium partnership by the self-imposed deadline of Friday, despite facing increasing challenges. Finance Minister Mario Marcel expressed his hope that the agreed deadlines would be met, emphasizing that a deal of this magnitude involves a comprehensive implementation process beyond the mere signing of a document.
Lenovo’s Saudi Alliance Boosts Appeal of Cheap AI-Related Stock
Lenovo Group Ltd. is expected to maintain its outperformance compared to its peers due to its attractive valuations and growth potential in emerging markets. Despite being the top performer on Hong Kong’s Hang Seng Index this month, the stock is still considered cheap in comparison to global competitors such as Dell Technologies Inc.
Consumers curb US economic growth in first quarter, inflation cools
According to the Commerce Department, the U.S. economy expanded at a slower pace in the first quarter than previously thought. This was due to downward revisions in consumer spending and a decrease in a key measure of inflation. As a result, the Federal Reserve may consider cutting interest rates before the end of the year. Gross domestic product, which is a measure of economic activity, grew at an annualized rate of 1.3% from January to March, lower than the initial estimate of 1.6% and significantly slower than the 3.4% growth in the last quarter of 2023.