Fed inflation, Japan PMI, Singapore GDP, BOK decision

Korean The central bank maintained its benchmark policy A Reuters poll showed the figure was 3.5%, in line with expectations.

The Bank of Korea has kept interest rates unchanged for the 11th consecutive meeting. It now expects the economy to grow 2.5% this year, up from its previous forecast of 2.1%.

It is expected that factors such as the speed of expansion of the IT economy, the recovery of consumption, and the monetary policies of major countries will have an impact on Korea’s growth.

The Bank of Korea predicts that this year’s consumer price inflation rate will be 2.6%, and the core price inflation rate is expected to be 2.2%, the same level as expected in February.

The central bank is expected to cut interest rates by 50 basis points in the fourth quarter. Reuters survey.

Shreyasi Sanyal

Japan’s manufacturing activity expanded for the first time in a year, and the service sector continued to grow in May, the ministry said. To private investigation.

The Japan Manufacturing Purchasing Managers’ Index (PMI) released by au Jibun Bank rose to 50.5 in May from 49.6 in April. A PMI above 50 indicates growth.

The preliminary services industry PMI stood at 53.6 in May, down from April’s final reading of 54.3.

Business activity expanded at the fastest pace in nine months to 52.4 in May compared with 52.4 in April.

“While the expansion of business activity continues to be led by the services sector, relatively stable manufacturing output has raised expectations that growth will pick up in the second half of the year,” the study said. ing.

Shreyasi Sanyal

Australian business activities According to preliminary figures from Judo Bank, May saw the slowest growth in three months, with the composite purchasing managers’ index falling to 52.6 from 53.0.

Australia’s manufacturing PMI remained stable at 49.6, the highest level in nine months, while the services PMI fell to 53.1 from 53.6.

A PMI above 50 indicates an expansion in economic activity, while a PMI below 50 indicates a contraction in economic activity.

Judo Bank chief economic adviser Warren Hogan said the PMI figures “indicate continued business activity and production growth across the Australian economy”, in contrast to weaker consumer sentiment and spending indicators. Stated.

Lim Hui Jie

Shares of the diversified publicly traded private equity firm could rise more than 40%, according to analysts at investment banks Peel Hunt and Jefferies.

The closed-end fund has invested in prominent private companies such as SHEIN, Figma, Databricks, Discord, and TikTok owner ByteDance.

The firm has nearly $4 billion in assets invested in over 1,000 companies.

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— Ganesh Rao

Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance, said the hawkish tone of the Federal Reserve’s latest meeting minutes shows that “high interest rates for a long time are the official watchword.” He said that it shows that.

“Bears would normally get excited given that a rate cut is no longer on the table, but now that Chairman Powell has formally backed away from the possibility of a rate hike, the market will fluctuate based on other factors,” Zaccarelli said.

He added that Nvidia’s earnings after the deal closes will determine market movements over the next few days.

— Kim Ha-kyung

Family offices have increased their investments in developed country debt markets by the most in five years, according to new UBS research.

This is one of the major changes identified in UBS’s largest family office survey to date, which surveyed 320 family offices across seven regions around the world.

Here’s how family offices are investing this year and how they plan to change their allocations over the next five years.

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Tang Wei-zhen

Minutes from the Fed’s recent meeting showed that the Fed remains concerned about US inflation.

“Participants noted that while inflation has eased over the past year, further progress toward the Committee’s 2 percent objective has not been seen in recent months,” the summary said. “Recent monthly data indicated a substantial increase in the component of price inflation for goods and services.”

“Various participants said they stood ready to tighten policy further if inflation risks materialized and such action became appropriate,” the minutes added.

— Fred Imbert