Tidbits
Caixin Media is China's most influential financial media group. The Caixin newsroom is recognized as an unrivaled producer of independent, investigative journalism in China, and an indispensable source of information for investors, business leaders, policy-makers, and academics. Supposedly, the Chinese government has no input into their conclusions and predictions.
Caixin Global is Caixin’s English language outlet and it will report the results of its Purchasing Managers’ Index survey Monday morning China time. It is expected to be 55.2 versus 56.4 last month. That and the US weather forecast will set the tone for tonight’s trade.
Note: Purchasing Managers’ Index (PMI) is the percent of money to be spent on supplies by businesses for the next month versus the previous month. A PMI of 50 means the same amount of money is expected to be spent. A PMI of more than 50 means more money will be spent because the business is increasing production.
Baker Hughes gas and oil drilling rig count for the US last week was down by 15 to 696, making it the fifth straight week of decline. A year ago, there were 31 more drilling rigs in operation. Canada has 97 rigs drilling, 10 more than a week ago but 23 less than a year ago. Worldwide, 965 rigs were drilling at the end of May, 18 more than April and 148 more than a year ago.