South Korea factory gate prices climb 0.3% in May
South Korea’s producer prices index for May rose 0.6% year-on-year, lower than April’s figure of 1.6%.
This puts the index at 120.14, slightly lower than the 120.5 recorded in April.
The PPI measures the average movements of prices received by domestic producers for goods and services sold.
The Korean won weakened by 0.12% after the announcement to trade at 1,289.67 against the dollar.
— Lim Hui Jie
Business sentiment among large Japanese manufacturers rises for second straight month: Reuters poll
Business sentiment among large Japanese manufacturers remained in positive territory for a second-straight month in May, according to the Reuters tankan survey.
The manufacturing index rose to +8, higher than the +6 recorded in May. Separately, the non-manufacturing index dipped slightly to +24, hovering near the year high of +25 recorded in April.
The survey rates the relative level of general business conditions, with a level above zero indicating improving conditions and a level below zero indicating worsening conditions.
The Reuters tankan survey is a monthly survey of leading Japanese companies, and the monthly figures are designed to provide early indications of the Bank of Japan’s quarterly tankan survey.
— Lim Hui Jie
CNBC Pro: Fundstrat’s Tom Lee names 3 trades investors should get into right now — and bitcoin’s one of them
Stocks are rallying, and investors may be wondering if there’s more upside ahead.
According to Tom Lee, managing partner of Fundstrat Global Advisors, the answer is yes for these three areas.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Goldman Sachs names the winners and losers of an expected glut in EV battery parts
Goldman Sachs expects an oversupply in the global market of battery parts for electric vehicles to have major implications for four major companies.
Of those, the Wall Street bank predicts that one battery component maker’s stock will halve, while another’s will rise by 32% over the next 12 months.
The investment bank said cathodes, a part of a battery that attracts positive charge, are increasingly being seen as a commodity. This means that many companies are producing similar kinds of cathodes, which could lead to an overabundance. Such oversupply typically means companies must lower prices to stay competitive and potentially squeeze their profits.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Alibaba shares drop after leadership shake-up
Alibaba shares 1-day
Nvidia gains despite sell-off
Nvidia‘s stock was swimming upstream on Tuesday, gaining about 1% even as the major indexes slumped.
Shares of Nvidia rose on Tuesday.
This would mark the seventh positive session in eight for Nvidia, which is now up nearly 200% for the year. The stock still has a buy or strong buy rating from 41 of 49 analysts who cover the company, according to Refinitiv.
— Jesse Pound
Energy is the biggest laggard in the S&P 500
Energy was the biggest laggard in the S&P 500, with the sector falling more than 2%.
Leading decliners included Devon Energy and APA, both of which were down more than 4%. Marathon Oil, Halliburton and EOG Resources declined more than 3% each.
— Sarah Min