The economy needs a full-throated digital transformation and continued service sector growth, as other emerging Asian economies compete for its industrial business.
THE STANDARD
FINANCIAL STANDARD
Declining chart of crude oil barrels.
Oil advanced in Asian trading with the market focused on the Organisation of the Petroleum Exporting Countries (OPEC+) supply policy meeting early this week and any commentary around the prospect for returning Iranian supply.
Futures in New York rose toward $67 (Sh7,169) a barrel after falling 0.8 per cent on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week.
While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook.
Asian Shares Mixed As Manufacturing Continues Expansion
CANBERA (dpa-AFX) - Asian stocks ended mixed on Tuesday even as surveys showed factory activity continued to expand in key Asian economies in May, thanks to an ongoing recovery in global demand.
Chinese shares eked out modest gains after data showed the country s manufacturing sector expanded at a faster pace in May on robust new orders and production. The Caixin manufacturing Purchasing Managers Index rose to 52.0 in May, the highest level since December and inching up from 51.9 in April.
The benchmark Shanghai Composite index rose 9.24 points, or 0.26 percent, to 3,624.71 while Hong Kong s Hang Seng index climbed 316.20 points or 1.08 percent, to 29,468.
Asian Markets Mostly Higher Amid Cautious Trade
CANBERA (dpa-AFX) - Asian stock markets are mostly higher on Tuesday, despite the absence of fresh cues from Wall Street, which was closed overnight for a holiday. The coronavirus infection rate in the region is keeping the underlying mood cautious as it is bound to impact the pace of global economic recovery from the pandemic. Asian stocks ended mixed on Monday.
The Australian stock market is modestly lower on Tuesday, extending the losses of the previous session, with the benchmark S&P/ASX 200 staying just above the 7,100 level, with the absence of fresh cues from Wall Street. Gold miners and banks are weighing down the market with mining giants and energy stocks offering resistance.