Asia markets mostly higher as U.S. debt ceiling bill passes House vote

Factory activity in China topped 50 in May, the dividing line between growth and contraction, a private survey showed on Thursday.

The Caixin/S&P Global Manufacturing Purchasing Managers Index rose to 50.9 in May, rebounding from 49.5 in April.

The latest figures, driven by improving production and demand, helped struggling companies hit by sluggish profits.

— Lee Ji-hye

Only two publicly traded U.S. companies have raised their dividends above inflation each year for the past 40 years, according to an analysis by CNBC Pro.

When a company raises its dividend rate at a faster pace than inflation, it sustains shareholder returns and increases purchasing power throughout the investment period.

CNBC screened approximately 100,000 strains worldwide to refine its analysis using FactSet data.

CNBC Pro subscribers can read more here.

— Ganesh Rao

South Korea’s KOSPI was the only loss among Asian benchmarks on Thursday, dragged by declines in telecom and airline stocks.

KOSPI fell 0.29% on Thursday afternoon, while giants Samsung Electronics and LG Energy Solutions fell 0.84% ​​and 1.5% respectively.

Other notable stocks among the major losers include telecom company KT, down 2.38%, Korean Air, down 0.98%, and automakers Hyundai and Kia, down 1.1% and 1.16%, respectively.

— Lim Huisier

According to BofA, China’s electric vehicles are “much more competitive than they used to be” and will likely remain the world’s largest EV market in 2025.

The bank shares stock picking and other tips on how investors can position themselves in China’s EV market.

CNBC Pro subscribers can read more here.

— Tan Weizhen

India’s gross domestic product (GDP) grew 6.1% in the first three months of the year, beating the 5% forecast of economists polled by Reuters.

The country’s growth was primarily driven by government and private capital investment. government data showed.

The country’s full-year GDP growth rate was 7.2% year-on-year, down from 9.1% in the previous year. India records GDP for the full year from March to March of the following year.

The rupee rose slightly on Thursday, trading at $82.662 against the dollar.

— Lim Huisier

Factory activity in Japan expanded for the first time since October 2022, according to a private survey.

The final value of au Jibun Bank’s manufacturing Purchasing Managers’ Index was 50.6, falling below 50, the dividing line between expansion and contraction, for the sixth straight month.

Tim Moore, Economic Director at S&P Global Market Intelligence wrote it The latest publication “highlights a decisive turnaround in manufacturing performance” and points to a recovery in Japan’s domestic economic situation.

That boosted client spending, offsetting another month of weak demand in key export markets, S&P wrote.

— Lim Huisier

Japan’s Nikkei Stock Average surpassed major global benchmarks in May, according to FactSet data.

It has seen the sharpest gains among its peers, with this month’s gains led by semiconductor and related stocks, which continued to hit 30-year highs this week.

Wall Street expects investment and client demand for Japanese stocks to rise as global companies continue to reduce their exposure to China.

Advantest outperformed the Nikkei Stock Average, rising 70%, followed by Screen, which rose 33% in the same month. Renesas Electronics also jumped 29% in May.

— Lee Ji-hye

Philadelphia Fed President Patrick Harker said on Wednesday he was leaning toward holding off rate hikes at the central bank meeting in June.

“There’s more and more in my camp that as we go into this conference, we really should stop,” Harker said. He certainly might change his mind after Friday’s jobs report, he added. In response to those comments, CME Group’s FedWatch The tool showed only a 24% chance of the Fed raising rates.

— Fred Imbert

The dollar index hit a new high of 104.361 on Wednesday morning, its highest since March 16th. As of 9:52 a.m. ET, it had fallen slightly to 104.28.

The index, which shows the U.S. dollar’s weight against basket currencies, is up 2.73% since the start of the month, its fastest pace since September 2022, when it rose 3.14%.

According to the latest US Jobs and Turnover Survey (JOLTS), job openings increased from 9.6 million in March to more than 10 million in April. Economists polled by the Dow Jones forecast fell to 9.5 million.

“The surge in job openings defies expectations of a decline and is yet another evidence of the resilience of the labor market,” said Mark Hamrick, senior economic analyst at Bankrate.

Admittedly, not all of the data released on Wednesday was positive. The Chicago PMI index for May was 40.4, well below the Dow Jones forecast of 47.

— Fred Imbert