The eurozone's manufacturing activity decelerated in May, as demand for eurozone goods stalled amid rising prices.
The final S&P Global Eurozone Manufacturing PMI fell to 51.6 from 52.2 a month ago, according to data from S&P Global published Monday. The reading, which marks a two-month low, is above the flash estimate of 51.4.
Japan deployed a record 11.73 trillion yen in market intervention over the four weeks through May 27 to prop up the yen after the currency tumbled past 160 per dollar, Bloomberg News reported on Saturday, citing Finance Ministry data.The total exceeded market expectations based on central bank flow data, and marked the government's first such action since 2024, said the news wire.A strategist at SMBC Nikko Securities noted that even with undisclosed action, the yen's continued weakness may strengthen arguments about the limitations of unilateral intervention, the publication said.More precise details on the timing and size of each operation are expected in early August when the ministry releases second-quarter figures, the report said.Next week's reserves data could reveal whether Japan sold US Treasury holdings to fund the purchases, a move that might concern US Treasury Secretary Scott Bessent due to potential upward pressure on American yields, it added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Westpac Banking (ASX:WBC, NZE:WBC) said its customers are spending a total average of AU$5.6 million per month on artificial intelligence (AI) tools, citing card transactions data, according to a Monday statement.Individually, customers are spending an average of AU$37 per month on AI subscriptions as of March. Overall, customers spend around AU$6.7 billion annually on subscriptions.Over 150,000 retail customers are paying for at least one AI subscription each month as of March, up from 11,000 customers who were paying for AI services as of March 2023. This represents an increase of 1,284%.
South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus, the Ministry of Trade, Industry and Energy said in a Monday release.It came as exports increased 53.2% to $87.8 billion from the year-ago period, the sharpest pace of growth since 1984. Imports rose 20.8% to $60.8 billion.Semiconductor exports surged 169.4% to a record $37.16 billion, while non-semiconductor exports increased by 16%. Rising memory chip prices amid increased capital spending by major U.S. technology companies pushed chip exports higher, the release said.