Energy stocks in South Korea have surged after the government approved plans for exploratory drilling in search of oil and gas resources in the country’s east coast. Korea Gas Corporation saw a 29.87% jump, Daesung Energy rose by 28.25%, while SK Innovation and SK Gas climbed by 7.9% and 15.97% respectively. President Yoon Suk Yeol stated that there is a potential for up to 14 billion barrels of oil and gas in the area.
In India, exit polls indicate that Prime Minister Narendra Modi and his BJP-led alliance are likely to win a third consecutive term in power, boosting the stock market to record highs. The Nifty 50 index rose by about 3% and the S&P BSE Sensex Total Return index increased by 2.6%.
China’s manufacturing activity expanded at its fastest pace in nearly two years, with a private survey showing a rise in the manufacturing PMI to 51.7 in May. This positive sentiment among Chinese manufacturers is attributed to hopes of increased market demand both locally and abroad.
In the financial world, Goldman Sachs has recommended a trading strategy for European markets to navigate near-term volatility. Despite an expected interest rate cut, profits of major European banks are predicted to remain robust.
Looking ahead, key economic reports this week include construction spending, ISM manufacturing, JOLTS job openings, ISM services PMI, and the May jobs report. Market watchers will keep a close eye on these developments for insights into the global economic landscape.
Vocabulary List:
- Surged (verb): Increased suddenly and powerfully.
- Exploratory (adjective): Intended to search or investigate.
- Alliance (noun): A union or association formed for mutual benefitespecially between countries or organizations.
- Robust (adjective): Strong and healthy vigorous.
- Sentiment (noun): A view of or attitude towards a situation or event an opinion.
- Insights (noun): The capacity to gain an accurate and deep understanding of someone or something.
