Ringgit opens higher against US dollar
==========

The ringgit strengthened against the US dollar on November 28, 2024, trading at 4.4325/4450 compared to 4.4440/4465 the previous day; this increase was supported by a 0.91% drop in the US Dollar Index (DXY) to 106.036 points; US core Personal Consumption Expenditures (PCE) inflation rose to 2.8% in October from 2.7% in September, indicating persistent inflation in the US.

#Ringgit #UsDollar #Inflation #CurrencyExchange #Economy #Malaysia

https://www.nst.com.my/business/economy/2024/11/1140742/ringgit-opens-higher-against-us-dollar 

 China's yuan eases as industrial profits extend decline
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China's yuan weakened against the U.S. dollar on November 27, 2024, nearing a 4-month low; industrial profits fell 10% in October 2024, following a 27.1% decline in September; spot yuan opened at 7.2460 per dollar and traded at 7.2561 per dollar; U.S. President-elect Donald Trump announced plans for tariffs of 25% on products from Mexico and Canada and 10% on Chinese goods starting January 2025; during Trump's first term, the yuan weakened about 5% against the dollar due to tariffs; the People's Bank of China set the midpoint rate at 7.1982 per dollar.

#China #Yuan #Economy #Tariffs #DonaldTrump #IndustrialProfits #UsDollar #Finance #MarketTrends #Trade

https://www.nst.com.my/business/economy/2024/11/1140306/chinas-yuan-eases-industrial-profits-extend-decline 

 Malaysia's digital economy to reach US$31bil in 2024 - report
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Malaysia's digital economy is projected to reach US$31 billion (RM138.4 billion) in gross merchandise value (GMV) in 2024, marking a 16% increase from 2023; The report is part of the e-Conomy Southeast Asia (SEA) 2024 study by Google, Temasek, and Bain & Company; Google Malaysia country director Farhan Qureshi highlighted the consistent growth of Malaysia's digital economy and the prioritization of AI and semiconductors by the country's leaders; The report was released on November 26, 2024.

#DigitalEconomy #Malaysia #GrowthForecast #Ai #Semiconductors #Google #Temasek #Bain&Company #Economy #2024

https://www.nst.com.my/business/corporate/2024/11/1139810/malaysias-digital-economy-reach-us31bil-2024-report 

 Malaysia's digital economy to reach US$31bil in 2024 - report
==========

Malaysia's digital economy is projected to reach US$31 billion (RM138.4 billion) in gross merchandise value (GMV) in 2024, marking a 16% increase from 2023; The report is part of the e-Conomy Southeast Asia (SEA) 2024 study by Google, Temasek, and Bain & Company; Google Malaysia country director Farhan Qureshi highlighted the consistent growth of Malaysia's digital economy and the prioritization of AI and semiconductors by the country's leaders; The report was released on November 26, 2024.

#DigitalEconomy #Malaysia #GrowthForecast #Ai #Semiconductors #Google #Temasek #Bain&Company #Economy #2024

https://www.nst.com.my/business/corporate/2024/11/1139810/malaysias-digital-economy-reach-us31bil-2024-report 

 Ringgit to trade in tight range of 4.46-4.48 versus US Dollar next week
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The ringgit is expected to trade between RM4.46 and RM4.48 against the US dollar next week, according to Dr. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd. Traders will monitor the US personal consumption expenditures (PCE) data for October, which is the Federal Reserve's preferred inflation gauge. The 10-year US Treasury yield rose from 4.27% to 4.41%-4.42%, indicating market expectations of inflation. For the week ending November 22, 2024, the ringgit appreciated against the US dollar, closing at 4.4660/4720, up from 4.4715/4770 the previous week. It also gained against the euro and British pound but fell against the Japanese yen. The ringgit improved against ASEAN currencies, gaining against the Philippine peso, Singapore dollar, and Indonesian rupiah, while depreciating against the Thai baht.

#Ringgit #UsDollar #Economy #BankMuamalat #Inflation #TreasuryYield #Asean #CurrencyExchange #PceData #FinancialForecast

https://www.nst.com.my/business/economy/2024/11/1138438/ringgit-trade-tight-range-446-448-versus-us-dollar-next-week 

 Malaysian IPOs raised US$1.5b capital so far this year, highest in Southeast Asia
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Malaysian IPOs raised US$1.5 billion in 2024, the highest in 18 years; this accounts for over 50% of the US$3 billion raised in Southeast Asia; the region saw 122 IPOs, a decline from 163 in 2023; high interest rates, currency fluctuations, and geopolitical tensions affected investor confidence; Malaysia recorded 46 IPOs in the first 10.5 months of 2024; 99 Speed Mart Retail Holdings Bhd had the largest IPO at US$574 million; IPO market capitalisation reached US$6.6 billion; Deloitte's Wong Kar Choon predicts over 30 IPOs in 2025; the ACE Market saw 34 listings, the highest since 2009.

#Ipo #Malaysia #SoutheastAsia #99SpeedMart #CapitalRaising #FinancialMarket #Deloitte #Investment #EconomicOutlook #AceMarket

https://www.nst.com.my/business/economy/2024/11/1136622/malaysian-ipos-raised-us15b-capital-so-far-year-highest-southeast 

 Markets swing after Wall St losses as traders weigh US rates outlook
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Asian markets were mixed on November 18, 2024, following a sell-off on Wall Street, where all three main indexes ended deep in the red, with the Nasdaq down over two percent. Investors are concerned about Federal Reserve interest rate cuts amid fears that Donald Trump could reignite inflation. Jerome Powell, the US central bank boss, warned that reductions in borrowing costs were not predetermined. Trump's recent victory has led to reduced expectations for rate cuts next year. Philipp E. Bärtschi, chief investment officer at Bank J. Safra Sarasin, expressed optimism about equities, suggesting that the election outcome has improved investors' appetite for risk. In early Asian trade, Hong Kong and Sydney saw gains of over one percent, while Tokyo, Taipei, and Jakarta experienced declines. The dollar maintained gains against major peers, and bitcoin traded above US$90,000, following a record high of US$93,462 last week.

#Markets #WallStreet #DonaldTrump #FederalReserve #InterestRates #Asia #Economy #Investors #Equities #Bitcoin

https://www.nst.com.my/business/economy/2024/11/1135975/markets-swing-after-wall-st-losses-traders-weigh-us-rates-outlook 

 Narrowing US-Malaysia rates gap to support ringgit: Bank Negara governor
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Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour stated that the ringgit is expected to remain resilient due to narrowing interest rate differentials between Malaysia and the US; the ringgit dropped to 4.487 against the US dollar; the ringgit rose 14.9% in Q3 2024 and 3.1% year-to-date as of November 13, 2024; the US Federal Reserve's cumulative 75-basis points rate cut in September and November contributed to the ringgit's performance; the Qualified Resident Investor (QRI) programme will be expanded to include corporates with RM500 million in foreign investments, with applications open until June 30, 2025.

#BankNegara #Ringgit #UsDollar #InterestRates #EconomicGrowth #Malaysia #AbdulRasheedGhaffour #QriProgramme #FinancialMarkets #UsFederalReserve

https://www.nst.com.my/business/economy/2024/11/1135146/narrowing-us-malaysia-rates-gap-support-ringgit-bank-negara 

 Malaysia's economy grows 5.3pc in Q3
==========

Malaysia's GDP growth moderated to 5.3% in Q3 2024, matching Reuters' forecast; growth down from 5.9% in Q2; economist Doris Liew predicts continued growth driven by semiconductor recovery and consumer spending; cumulative growth averages 5.2% for the first three quarters; potential risks from US economic policy shifts under Donald Trump; inflation remains stable at 1.9%; diesel and vehicle insurance prices increased, offset by lower food prices.

#Malaysia #Economy #Gdp #Inflation #DonaldTrump #Semiconductors #ConsumerSpending #Reuters #DorisLiew #AimiZulhazmiAbdulRashid

https://www.nst.com.my/business/economy/2024/11/1135144/malaysias-economy-grows-53pc-q3 

 U.S. Treasury removes Malaysia from currency manipulation watch in final Biden report
==========

On November 15, 2024, the U.S. Treasury Department announced that Malaysia has been removed from the currency manipulation watch list in its final semi-annual report under President Biden, which covers the year ending June 30. South Korea was added to the list due to its large global current account surplus and significant trade deficit with the U.S. No major U.S. trading partner was found to have manipulated its currency during this period. The report highlighted ongoing concerns about China's foreign exchange practices, keeping it on the monitoring list along with Japan, South Korea, Taiwan, Singapore, Vietnam, and Germany. The report noted Japan's US$65 billion trade surplus with the U.S. and its interventions to support the yen's value. The Biden administration's approach contrasts with Trump's previous declarations of currency manipulation against Vietnam and Switzerland.

#UsTreasury #CurrencyManipulation #Biden #Malaysia #SouthKorea #China #Japan #Trade #Economy #ForeignExchange

https://www.nst.com.my/business/economy/2024/11/1134654/us-treasury-removes-malaysia-currency-manipulation-watch-final 

 Ringgit opens flat against US dollar
==========

The ringgit opened flat at 4.4450/4750 against the US dollar on November 14, 2024, despite a higher US dollar index (DXY) at 106.58 points following the US Consumer Price Index report. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted a drop in two-year US Treasury yields to 4.28% amid expectations of interest rate cuts in December. The ringgit appreciated against the British pound, Japanese yen, and euro, while it rose against the Thai baht and Singapore dollar but weakened against the Philippine peso and Indonesian rupiah.

#Ringgit #UsDollar #Economy #Currency #ExchangeRate #BankMuamalat #Dxy #TreasuryYields #InterestRates #Malaysia

https://www.nst.com.my/business/economy/2024/11/1134168/ringgit-opens-flat-against-us-dollar 

 Ringgit continues to end lower vs US dollar
==========

On November 13, 2024, the Malaysian ringgit fell to 4.4450/4495 against the US dollar, down from 4.4365/4400 the previous day; this marks the third consecutive day of decline; Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted the rise in the US Dollar Index (DXY) ahead of US inflation data; market sentiment shifted due to diminished expectations for a US rate cut in 2025 following recent election outcomes; the ringgit appreciated against the British pound and Japanese yen but weakened against the euro and ASEAN currencies; it fell against the Thai baht, Singapore dollar, Philippine peso, and Indonesian rupiah.

#Ringgit #UsDollar #Economy #CurrencyExchange #BankMuamalat #Inflation #Dxy #Asean #MonetaryPolicy #Malaysia

https://www.nst.com.my/business/economy/2024/11/1134031/ringgit-continues-end-lower-vs-us-dollar 

 Bitcoin vaults to all-time peak as Trump election raises crypto excitement
==========

Bitcoin reached a record high of US$87,460 on November 11, 2024, following Donald Trump's election as U.S. president; it has more than doubled from a low of US$38,505 earlier in the year; U.S.-listed crypto stocks surged, with Coinbase Global up 22%, iShares Bitcoin Trust up 13%, and Riot Platforms up 19%; Trump promised to make the U.S. the 'crypto capital of the planet' and replace SEC Chair Gary Gensler; the crypto industry backed pro-crypto candidates with over US$119 million, leading to significant electoral wins; short sellers faced US$1.2 billion in losses; Deutsche Bank analyst Marion Laboure noted potential for expedited regulatory clarity under Trump; Bitcoin ETFs saw record inflows of US$1.38 billion post-election; Ether and Dogecoin also experienced gains.

#Bitcoin #DonaldTrump #Cryptocurrency #Sec #Investments #MarketTrends #Elections #Finance #Stocks #Etfs

https://www.nst.com.my/business/economy/2024/11/1133151/bitcoin-vaults-all-time-peak-trump-election-raises-crypto 

 EXPLAINER-Who are the key voices at the COP29 climate summit in Baku?
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COP29 climate summit begins on November 11, 2024, in Baku, Azerbaijan; nearly 200 countries participating; China is the largest greenhouse gas emitter, accounting for 30% of global emissions; Liu Zhenmin replaces Xie Zhenhua as China's climate envoy; U.S. negotiators led by John Podesta from the Biden Administration; President-Elect Trump plans to withdraw from the Paris Agreement; EU contributed 28.6 billion euros (US$30.8 billion) in climate finance in 2023; UK's Labour government emphasizes climate leadership; 'BASIC' countries (Brazil, South Africa, India, China) demand more climate financing; G77 + China alliance advocates for richer countries to take more responsibility; African countries seek more climate finance and challenge fund's technical assistance location; AOSIS focuses on securing climate financing and phasing out fossil fuels; Least developed countries group pushes for significant funding from developed nations.

#Cop29 #ClimateSummit #Baku #China #Usa #Eu #ClimateFinance #ClimateChange #Negotiations #Environment

https://www.nst.com.my/business/economy/2024/11/1132619/explainer-who-are-key-voices-cop29-climate-summit-baku 

 Gold futures likely to be on cautious trading next week
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Gold futures on Bursa Malaysia Derivatives expected to see cautious trading next week; Investors await clearer details on US President Donald Trump's policies; Stephen Innes of SPI Asset Management predicts continued gold purchases by emerging market central banks; Asian investors hedging against trade tensions and currency depreciation; Gold prices could positively react to clarity on fiscal expansion and trade strategies; Gold projected to trade between US$2,670 and US$2,730 per troy ounce; November 2024 contract ended lower at US$2,692.70 per troy ounce from US$2,777.20; December 2024 fell to US$2,705.60; January 2025, February 2025, and April 2025 notes also settled lower; Volume increased to 82 lots from 32 lots; Open interest rose to 31 contracts from 8; Physical gold price on Nov 7 was US$2,692 per troy ounce.

#Gold #Futures #Trading #Market #Economy #Investment #BursaMalaysia #StephenInnes #UsDollar #EmergingMarkets

https://www.nst.com.my/business/economy/2024/11/1132235/gold-futures-likely%C2%A0-be-cautious-trading-next-week 

 Ready or not? How China scrambled to counter the second Trump shock
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After Donald Trump's election in 2016, China faced a trade war that severely strained U.S.-China relations; in preparation for Trump's potential return, China is strengthening alliances and boosting tech self-reliance; experts suggest China will respond more cautiously this time, focusing on cooperation; Xi Jinping emphasized 'cooperation' over 'confrontation' in a recent message to Trump; China's economy is currently weaker, struggling for 5% growth compared to 6.7% in 2016; Trump has threatened to impose tariffs over 60% on Chinese imports, raising concerns for China's $400 billion annual exports to the U.S.; analysts predict China may need a larger stimulus package than the expected $1.4 trillion; China is actively engaging with global partners, resolving disputes with India and Japan, and strengthening ties with the Global South; during the first trade war, China shifted towards self-reliance in tech, increasing government procurement projects from 4 to 169; experts warn of a significant expansion of U.S. export controls under Trump, impacting China's tech sector.

#China #Trump #TradeWar #Economy #Tariffs #Technology #Diplomacy #GlobalSouth #Selfreliance #InternationalRelations

https://www.nst.com.my/business/economy/2024/11/1131530/ready-or-not-how-china-scrambled-counter-second-trump-shock 

 Ringgit opens higher at 4.386 against US Dollar
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The ringgit opened at 4.3860 against the US dollar on November 8, 2024, after the US Federal Reserve cut interest rates by 25 basis points during its FOMC meeting on November 7. The Fed Funds Rate now ranges between 4.50% and 4.75%. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted the Fed's decision amid uncertainties regarding President-elect Donald Trump's policies. The ringgit appreciated from the previous close of 4.4020/4065. The 10-year US Treasury yield dropped to 4.31%, and the US Dollar Index eased to 104.508 points. The ringgit weakened against the British pound, Japanese yen, and euro but rose against the Philippine peso and Indonesian rupiah.

#Ringgit #UsDollar #FederalReserve #InterestRates #Economy #Malaysia #CurrencyExchange #FinancialNews #KualaLumpur #DrMohdAfzanizamAbdulRashid

https://www.nst.com.my/business/economy/2024/11/1131344/ringgit-opens-higher-4386-against-us-dollar 

 Most markets rise ahead of US vote, China stimulus meeting
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Most markets rose on November 4, 2024, as investors prepared for the closely contested US presidential election between Democratic Vice President Kamala Harris and Republican Donald Trump, scheduled for November 5, 2024. Traders are monitoring polls, with a recent Iowa poll showing Harris leading. The Federal Reserve is expected to announce a 25-basis-point interest rate cut following disappointing job creation data. The outcome of the election could influence China's economic stimulus package, with Beijing expected to announce measures on November 8, 2024. Analysts predict a potential trillion yuan (US$140 billion) budget increase for local governments and a one-off trillion yuan for banks to address non-performing loans. Markets in Asia saw gains, with Shanghai up over 1%, while oil prices rose around 2% amid OPEC+ supply cuts and geopolitical tensions involving Iran.

#Markets #UsElections #China #Stimulus #Economy #InterestRates #KamalaHarris #DonaldTrump #Opec #Geopolitics

https://www.nst.com.my/business/economy/2024/11/1129469/most-markets-rise-ahead-us-vote-china-stimulus-meeting 

 Ringgit opens higher after fall in US job openings
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The ringgit opened at 4.3675/3800 against the US dollar on October 30, 2024, after US job openings fell to 7.443 million in September, the lowest since January 2021. This drop of 418,000 job openings was below market expectations of 7.98 million. Bank Muamalat Malaysia's chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted the potential support for the ringgit following a depreciation trend. Stephen Innes from SPI Asset Management indicated that easing US data could lead to an interest rate cut by the US Federal Reserve in December. The ringgit also showed mixed performance against other currencies, gaining against the yen and euro but dropping against the British pound.

#Ringgit #UsJobOpenings #Economy #Currency #InterestRates #Malaysia #ForeignExchange #BankMuamalat #StephenInnes #DrMohdAfzanizamAbdulRashid

https://www.nst.com.my/business/economy/2024/10/1127362/ringgit-opens-higher-after-fall-us-job-openings 

 Gold prices hover near record peak on US election jitters
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Gold prices remain near record highs due to uncertainty surrounding the upcoming U.S. presidential election; Spot gold at US$2,753.00 per ounce, close to record high of US$2,758.37; U.S. gold futures at US$2,765.20; IG market strategist Yeap Jun Rong notes gold's status as a hedge against market turbulence; Investors await critical economic data including U.S. job openings, ADP employment, and payrolls report; Fed's rate decision on Nov. 5 expected to influence gold prices; 97% chance of a 25 basis points rate cut anticipated; Spot silver at US$33.86, platinum at US$1,043.20, and palladium at US$1,227.84.

#Gold #UsElections #FederalReserve #MarketTurbulence #EconomicData #Investors #InterestRates #SpotPrices #PreciousMetals #FinancialNews

https://www.nst.com.my/business/economy/2024/10/1127036/gold-prices-hover-near-record-peak-us-election-jitters 

 Indonesian rupiah, Malaysian ringgit fall most among tepid Asia FX
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On October 28, 2024, the Indonesian rupiah fell 0.6% to its lowest level since mid-August, while the Malaysian ringgit declined 0.5% to its lowest since early-September. The rupiah is on track for its biggest monthly fall since March 2020, and the ringgit is expected to log its worst monthly performance since late-2016. Strong U.S. economic data has diminished expectations for Federal Reserve rate cuts, leading to a rise in the dollar, which is set for its sharpest monthly rise in about 2.5 years. Analysts note that U.S. assets remain attractive, impacting emerging market currencies. The Philippine peso and South Korean won saw slight gains, while China's yuan fell to a two-month low. Upcoming U.S. employment data on October 31 is highly anticipated.

#IndonesianRupiah #MalaysianRinggit #UsEconomy #FederalReserve #CurrencyMarkets #AsiaFx #DonaldTrump #EconomicData #EmergingMarkets #FinancialAnalysis

https://www.nst.com.my/business/economy/2024/10/1126570/indonesian-rupiah-malaysian-ringgit-fall-most-among-tepid-asia-fx 

 Oil prices likely to fall after Israel shows restraint in strikes on Iran
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Oil prices are expected to fall when trading resumes on October 28, 2024, as Israel's recent strikes on Iran did not disrupt oil and nuclear infrastructure. Brent and U.S. West Texas Intermediate crude futures rose 4% last week amid uncertainty following Iran's missile attack on October 1. Israeli jets conducted three waves of strikes on October 26, targeting missile factories near Tehran. Analysts, including Harry Tchilinguirian from Onyx and Tony Sycamore from IG, noted that the restrained response from Israel and Iran's limited damage assessment could lead to a decrease in oil prices, with WTI potentially returning to $70 per barrel and Brent heading towards $74-$75. UBS analyst Giovanni Staunovo cautioned that any price drop may be temporary as the market did not price in a large risk premium.

#OilPrices #Israel #Iran #Geopolitics #Brent #Wti #MarketAnalysis #EnergySupply #MiddleEast #October2024

https://www.nst.com.my/business/economy/2024/10/1126116/oil-prices-likely-fall-after-israel-shows-restraint-strikes-iran 

 Malaysia's BRICS partner status will boost rubber exports to Russia
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Malaysia recognized as a BRICS partner country; expected to enhance rubber exports to Russia; direct payments in ringgit enabled; previously, exports were routed through China; statement by Datuk Seri Mohamad Suparadi Md Noor; Prime Minister Datuk Seri Anwar Ibrahim's visit to Russia facilitated this recognition; Malaysia joins 12 other partner countries; BRICS accounts for 20% of global trade; BRICS includes Brazil, India, China, and others; established in 2009; BRICS represents 40% of global population and 26.2% of global GDP.

#Brics #Malaysia #RubberExports #Russia #Trade #Economy #AnwarIbrahim #MohamadSuparadiMdNoor #GlobalTrade #Partnership

https://www.nst.com.my/news/nation/2024/10/1126112/malaysias-brics-partner-status-will-boost-rubber-exports%C2%A0%C2%A0russia 

 Malaysia needs to prepare and have all the buffers to face the changing global economic environment - BNM governor
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Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour emphasizes the need for Malaysia to prepare for a changing global economic environment; he highlights the importance of economic diversification as a buffer against challenges; the US Presidential election is a key factor being monitored for its potential impact on Malaysia's growth; Abdul Rasheed notes that the US election rhetoric could lead to inflationary policies affecting global growth; he expresses optimism about China's economic stimulus package aiming for a growth rate of 5.0%, despite recent downgrades; Malaysia's exports are well-diversified, with 14% to China, 12% to the US, and 27% to ASEAN; he discusses Malaysia's integration into the global supply chain and opportunities in the electrical and electronics sector; interest rate decisions will depend on economic data, with the current policy rate at 3.0%; the recent US Federal Reserve rate cut is seen as beneficial for Malaysia, reducing the interest rate differential.

#Malaysia #Economy #BankNegara #GlobalEconomy #Diversification #UsElection #China #InterestRates #Exports #SupplyChain

https://www.nst.com.my/business/economy/2024/10/1126026/malaysia-needs-prepare-and-have-all-buffers-face-changing-global 

 World Bank, IDB grant Argentina $8.8 bln in financing for economic development
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The World Bank and Inter-American Development Bank (IDB) are granting Argentina US$8.8 billion for economic development; announcement made on October 24, 2024; financing includes US$2 billion for social spending, education, transportation, and electricity; US$3 billion for private sector initiatives in mining, renewable energy, health, steel, and aviation; IDB funding includes over US$2.4 billion for social spending and US$1.4 billion for private sector support; Economy Minister Luis Caputo participated in meetings with international lenders in Washington.

#WorldBank #Idb #Argentina #EconomicDevelopment #LuisCaputo #Financing #SocialSpending #PrivateSector #RenewableEnergy #Mining

https://www.nst.com.my/business/economy/2024/10/1124550/world-bank-idb-grant-argentina-88-bln-financing-economic 

 Global uncertainties push safe-haven gold to record high
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Gold prices reached a record high of US$2,755.30 on October 23, 2024, driven by Middle East conflicts and U.S. election uncertainties; spot gold was trading at US$2,754.25 per ounce at 0748 GMT; U.S. gold futures rose to US$2,768.40; Michael Langford of Scorpion Minerals noted inflationary policies from presidential candidates support gold prices; a Reuters/Ipsos poll showed Kamala Harris leading Trump 46% to 43%; Israel confirmed the killing of Hashem Safieddine, a Hezbollah heir; the U.S. Federal Reserve initiated a rate-easing cycle with a 50-basis-point cut; Standard Chartered analysts commented on gold's resilience despite rising yields and a strong dollar; spot silver fell to US$34.68 per ounce.

#Gold #Economy #MiddleEast #UsElection #Investments #Inflation #Safehaven #MarketTrends #FederalReserve #Silver

https://www.nst.com.my/business/economy/2024/10/1123951/global-uncertainties-push-safe-haven-gold-record-high 

 Oil prices trim Middle East war risk-gains, China demand remains a worry
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Oil prices fell on October 22, 2024, with Brent crude down 26 cents to US$74.03 per barrel and WTI down 2 cents to US$70.54 per barrel; this follows a nearly 2.0% rise the previous day; U.S. Secretary of State Antony Blinken is in the Middle East to push for a ceasefire amid ongoing conflict; China's economic growth slowed to its lowest since early 2023, raising concerns about oil demand; Saudi Aramco remains optimistic about China's oil demand despite these concerns; the market is influenced by geopolitical tensions and economic indicators.

#OilPrices #MiddleEast #China #Economy #Geopolitics #BrentCrude #Wti #Demand #Blinken #SaudiAramco

https://www.nst.com.my/business/corporate/2024/10/1123467/oil-prices-trim-middle-east-war-risk-gains-china-demand-remains 

 Oil prices steady after 7.0 pct weekly drop
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Oil prices steadied on October 21, 2024, after a 7.0% drop the previous week due to concerns about demand in China and easing supply disruption fears in the Middle East; Brent crude rose 8 cents to $73.14 per barrel, while WTI gained 10 cents to $69.32 per barrel; the previous week's decline was the largest since September 2, attributed to slowing economic growth in China and reduced risk premiums in the Middle East; U.S. President Joe Biden mentioned opportunities to address the Israel-Iran conflict; China's economy grew at its slowest pace since early 2023, prompting a cut in benchmark lending rates; U.S. energy firms reduced oil and gas rigs for the fourth time in five weeks, with the rig count dropping to 585.

#OilPrices #BrentCrude #Wti #China #MiddleEast #Economy #Biden #Supply #Demand #Energy

https://www.nst.com.my/business/economy/2024/10/1122949/oil-prices-steady-after-70-pct-weekly-drop 

 Central bank digital currency (CBDC), de-dollarisation & BRICS
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The mBridge project, a CBDC pilot initiative, involves the Bank for International Settlements and central banks of Hong Kong, Thailand, China, and UAE; aims to modernize cross-border payments using multiple CBDCs; offers a secure, cost-effective alternative to traditional banking; CBDCs are digital versions of national currencies, issued by central banks; mBridge could reduce reliance on the U.S. dollar but won't replace it soon; U.S. dollar remains dominant due to trust and liquidity; de-dollarisation is a gradual process influenced by geopolitical tensions; Malaysia and Thailand's potential alignment with BRICS could complicate foreign relations; Malaysia's political shifts may impact its stance on BRICS; Malaysia aims to amplify the Global South's voice as it chairs ASEAN in 2025.

#Cbdc #Dedollarisation #Brics #CrossborderPayments #Malaysia #Thailand #UsDollar #Geopolitics #DigitalCurrency #Asean

https://www.nst.com.my/business/insight/2024/10/1122904/central-bank-digital-currency-cbdc-de-dollarisation-brics 

 Ringgit seen softer next week on bullish greenback
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The ringgit is expected to face downward pressure next week due to a bullish US dollar; Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid notes the US dollar's favorable position; US Fed governor Christopher Waller advocates for cautious interest rate cuts; the European Central Bank has recently cut rates, with potential further reductions; Malaysia's Budget 2025 aims to narrow the budget deficit to 3.8% of GDP; the ringgit fell against the US dollar to 4.3045/3075 from 4.2865/2910; it appreciated against the euro to 4.6674/6706 from 4.6886/6935; mixed performance against ASEAN currencies; the ringgit was higher against the Singapore dollar at 3.2791/2817 but weaker against the Thai baht at 12.9579/9916.

#Ringgit #UsDollar #Economy #BankMuamalat #InterestRates #Malaysia #Budget2025 #CurrencyExchange #Asean #FinancialOutlook

https://www.nst.com.my/business/economy/2024/10/1122528/ringgit-seen-softer-next-week-bullish-greenback 

 Oil prices set for biggest weekly loss in over a month on demand worries
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Oil futures are set for a weekly drop of over 6% due to concerns about demand from China's slowing economy and easing supply risks from the Middle East conflict; Brent crude futures fell 33 cents to $74.12 a barrel, while U.S. West Texas Intermediate crude dropped 26 cents to $70.41 a barrel; OPEC and the International Energy Agency cut forecasts for global oil demand in 2024 and 2025; China's economy grew at its slowest pace since early 2023 in Q3; U.S. retail sales increased slightly more than expected in September; market participants are monitoring potential demand recovery in China following stimulus measures; tensions in the Middle East remain a concern, particularly with Hezbollah's escalation against Israel.

#Oil #Economy #China #BrentCrude #Wti #Opec #MiddleEast #RetailSales #Demand #Forecast

https://www.nst.com.my/business/economy/2024/10/1121956/oil-prices-set-biggest-weekly-loss-over-month-demand-worries 

 Investor optimism sees biggest jump since June 2020, survey shows
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Global investor optimism increased significantly in October 2024, marking the largest rise since June 2020, driven by Federal Reserve rate cuts, Chinese stimulus pledges, and expectations of a soft landing for the U.S. economy; Cash allocations fell to 3.9% from 4.2% in September, while equity allocations rose to a net 31% overweight; Bond allocations dropped to a net 15% underweight; The sentiment measure rose from 3.8 to 5.6; 47% of investors believe the upcoming U.S. election will impact trade policy; The survey was conducted from October 4 to October 10, 2024, with 231 participants managing $574 billion in assets.

#InvestorOptimism #FederalReserve #China #Economy #Survey #Bofa #Equity #Bond #UsElection #TradePolicy

https://www.nst.com.my/business/corporate/2024/10/1120093/investor-optimism-sees-biggest-jump-june-2020-survey-shows 

 US mulls capping Nvidia AI chips exports to some countries, Bloomberg News reports
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U.S. officials are considering limiting sales of advanced AI chips from Nvidia and other American companies on a country-specific basis; focus is on Persian Gulf countries; new approach aims to set a ceiling on export licenses for national security; discussions are in early stages; U.S. Commerce Department and Nvidia declined to comment; Intel and AMD did not respond; last month, a rule was unveiled easing shipments of AI chips to Middle Eastern data centers; under the rule, data centers can apply for Validated End User status for easier chip access; Biden administration expanded licensing requirements for exports to over 40 countries last year due to risks of diversion to China.

#Nvidia #AiChips #UsExports #NationalSecurity #CommerceDepartment #Intel #Amd #BidenAdministration #MiddleEast #ExportLicenses

https://www.nst.com.my/business/economy/2024/10/1119877/us-mulls-capping-nvidia-ai-chips-exports-some-countries-bloomberg 

 Ringgit strengthens against US dollar ahead of Budget 2025
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The ringgit opened higher at 4.2850/3010 against the US dollar on October 14, 2024, up from 4.2865/2910, driven by optimism regarding the government's fiscal discipline and a projected fiscal deficit below 4% of GDP for next year; Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that the upcoming budget announcement would influence market sentiment; China's economy is under scrutiny, with inflation at 0.4% in September; the US Dollar Index (DXY) is at 103.021 points, indicating cautious trading for the ringgit; the ringgit also strengthened against the euro, Japanese yen, and British pound, while trading mixed against ASEAN currencies.

#Ringgit #UsDollar #Budget2025 #Malaysia #Economy #Inflation #FiscalPolicy #BankMuamalat #DrMohdAfzanizamAbdulRashid #Asean

https://www.nst.com.my/business/economy/2024/10/1119314/ringgit-strengthens-against-us-dollar-ahead-budget-2025 

 Building long-term resilience
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The Malaysian ringgit's strengthening reflects deeper structural dynamics; attributed to Bank Negara Malaysia's effective inflation management; National Energy Transition Roadmap (NETR) positions Malaysia for energy-demanding sectors; global financial landscape impacts ringgit's appreciation; U.S. Federal Reserve's interest rate decisions influence capital flow; Gross Fixed Capital Formation (GFCF) is crucial for sustainable economic growth; portfolio investments are volatile and transient; Malaysia must balance short-term financial inflows with long-term investments; geopolitical tensions in the Middle East could affect oil prices and global markets.

#MalaysianEconomy #Ringgit #BankNegaraMalaysia #Gfcf #Investment #FederalReserve #Netr #Geopolitics #Inflation #FinancialMarkets

https://www.nst.com.my/business/insight/2024/10/1119298/building-long-term-resilience%C2%A0