Wednesday, June 5, 2024

Global economies experienced strong growth in May 2024

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That's 17 months in a row of growth for the Caixin Purchasing Managers Index (PMI) in China, which rose to 54 in May. At the same time, Malaysia's manufacturing industry got a boost when the PMI went up to 50.2. The S&P Global Spain Services PMI hit 56.9 in May, showing that Spain's economy was growing quickly. The private sector in South Africa expanded slightly, with the S&P Global South Africa Purchasing Managers' Index edging up to 50.4. In May 2024, the ISM Services PMI in the US climbed to 53.8, signaling a comeback from the downturn seen in April. The rise in the US ISM Services PMI was fueled by increased business operations and a surge in new orders, despite a continued decline in employment. The global market is closely monitoring the ANC's potential business alliances in South Africa following the election, as businesses are stocking up on inventory expecting higher sales. Investors are paying attention to potential policies related to the capital markets at the forthcoming Shanghai forum, as well as relevant exchange-traded funds (ETFs) such as EWP and EUFN in the Spanish market.


Summary News: Strong global growth

It's been 17 months since the last time the Caixin Purchasing Managers Index (PMI) went up, this time to 54. In Malaysia, it went up to 50.2. The economy of Spain grew very quickly, but the private sector in South Africa only grew a little. After going down in April, the US ISM Services PMI went up to 53.8, which means things are getting better. On the Shanghai meeting, South Africa may make business deals and talk about its capital market policies. The world market is taking close attention.


Source: US ISM Services PMI rises to 53.8 in May vs. 50.8 expected
Source: S&P Global Malaysia Manufacturing PMI
Sources: FXStreet, S&P Global

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