CNBC Pro: Tech investor Gene Munster reveals why this FAANG stock can top $250
FANNG stocks have rallied strongly in the second half of the year, but tech investor Gene Munster believes one stock could still see further upside ahead.
He tells CNBC why he loves this stock for the “next two to five years.”
Pro subscribers can read the story here.
— Zavier Ong
CNBC Pro: Morgan Stanley’s top China stock picks to beat market volatility
Japan’s manufacturing data shows slowest factory activity growth in 19 months
Japan’s manufacturing activity growth slowed to a 19-month low, as new orders continue to decline.
The au Jibun Bank Flash Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 51.0 in August, down from July’s final of 52.1.
The 50-point mark separates growth from contraction.
Manufacturers reported a second successive contraction in output levels — the steepest in 11 months, the survey showed. New order growth fell at the sharpest pace since September 2020.
The au Jibun Bank Flash Services PMI Index also slipped to a seasonally adjusted 49.2 in August from July’s final of 50.3, contracting for the first time since March.
“Of concern was the amount of new business received by private sector firms, which reduced for the first time in six months and pointed to further weaknesses to come,” said Usamah Bhatti, an economist at S&P Global Market Intelligence.
— Jihye Lee