Ringgit seen to trade higher next week
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The ringgit is expected to trade higher against the US dollar next week due to sustained demand; Bank Muamalat's chief economist Dr. Mohd Afzanizam Abdul Rashid predicts it may breach RM4.3030; US non-farm payrolls and Bank Negara Malaysia's Monetary Policy Committee Meeting are key economic data to watch; since the currency peg removal on July 21, 2005, the average level was RM3.7875, indicating potential appreciation; AmBank Group forecasts further strengthening of the ringgit due to healthy fundamentals and US Federal Reserve's interest rate cuts; ringgit strengthened to 4.3185/3225 against the US dollar from 4.3720/3775; it also gained against the euro, British pound, Japanese yen, and ASEAN currencies; net foreign buying in Malaysian equities reached RM2.53 billion year-to-date as of August 29, 2024.
#Ringgit #UsDollar #BankNegaraMalaysia #Economy #InterestRates #ForeignInvestment #CurrencyExchange #Malaysia #FinancialMarkets #EconomicData
https://www.nst.com.my/business/economy/2024/09/1099966/ringgit-seen-trade-higher-next-week
US rapper Fatman Scoop dead after collapsing on stage
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US rapper Fatman Scoop, aged 53, died after collapsing on stage at Hamden Town Center Park, Connecticut. His family confirmed his death on September 1, 2024. Medical staff attempted CPR on stage but were unable to revive him. Scoop was known for hits like "Be Faithful" and "It Takes Scoop." Tributes poured in from the hip-hop community, including messages from Missy Elliott and his manager Birch Michael. In 2018, he was involved in a political controversy in Australia when Prime Minister Scott Morrison used his song in a post, which was later deleted due to backlash.
#FatmanScoop #Hiphop #Death #Music #Tribute #Performance #Cpr #Controversy #Australia #Celebrity
https://www.nst.com.my/world/world/2024/09/1099637/us-rapper-fatman-scoop-dead-after-collapsing-stage
US, European stocks shrug off Nvidia slump to rise on rate hopes
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On August 29, 2024, Germany's DAX index reached a record high as US and European stock markets rose despite a drop in Nvidia shares. Nvidia reported sales of US$30 billion and profits of US$16.5 billion, but shares fell 6.4% on August 30 after an initial 8% drop in after-hours trading. The broader market remained resilient as most companies beat earnings forecasts. Federal Reserve Chair Jerome Powell indicated readiness to cut rates, with the US economy growing at an annual rate of 3.0% in Q2 2024. Germany's inflation rate slowed to 1.9% in August, supporting expectations for a rate cut by the European Central Bank. The DAX closed at 18,912.57 points, up 0.7%. Asian tech shares suffered, with SK Hynix and TSMC among the biggest losers.
#Stocks #Nvidia #Dax #FederalReserve #Ecb #Inflation #Earnings #Economy #InterestRates #MarketTrends
https://www.nst.com.my/business/corporate/2024/08/1098637/us-european-stocks-shrug-nvidia-slump-rise-rate-hopes
Scandinavian airline SAS exits US bankruptcy proceedings after more than 2 years
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SAS exits Chapter 11 bankruptcy on August 28, 2024; restructured over $2 billion in debt; new ownership includes Air France-KLM, Castlelake, Lind Invest, and the Danish government; wiped out stakes of over 250,000 former owners; $1.2 billion total investment in reorganized group; $475 million in new unlisted equity and $725 million in secured convertible debt; recorded highest-ever monthly profitability in July 2024; CEO Anko van der Werff emphasizes ongoing transformation.
#Sas #Bankruptcy #Restructuring #Aviation #Finance #Ownership #AirFranceklm #Norway #Ceo #Profitability
https://www.nst.com.my/business/economy/2024/08/1098093/scandinavian-airline-sas-exits-us-bankruptcy-proceedings-after-more
Nevada's hot housing market weighs on US presidential election
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Brittnie Aguirre, a 29-year-old from Reno, Nevada, struggles with rising housing costs, reflecting broader economic challenges for middle-class Americans; her family's post-tax annual income is $71,000, with $3,000 monthly mortgage payments; Nevada's housing market is pivotal in the upcoming presidential election, with Biden winning by 33,000 votes in 2020; Kamala Harris and Donald Trump are key candidates; Reno's population has doubled since 1990, driven by tech workers relocating from California; average home price in Washoe County is $550,000, double from a decade ago; interest rates are near 20-year highs, impacting affordability; median age of first-time buyers in the US reached 36 in 2022; economic conditions may sway voters back to Harris as Election Day approaches.
#Nevada #HousingMarket #PresidentialElection #Biden #Trump #KamalaHarris #Economy #RealEstate #Voting #MiddleClass
https://www.nst.com.my/property/2024/08/1097432/nevadas-hot-housing-market-weighs-us-presidential-election
CGS International says downside risk to ringgit remain, targets 4.4 by year-end, 4.2 by end-2025
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CGS International projects the ringgit to end 2024 at RM4.40 against the US dollar and RM4.20 by end-2025; downside risks to the ringgit are noted due to sharp movements; Bank Negara Malaysia may adopt a hawkish stance; the US Federal Reserve is expected to signal a rate cut on September 24, 2024; potential for ASEAN currencies to appreciate due to narrowing interest rate differentials; risks include excessive appreciation and potential US recession; CGS International emphasizes sustainable consumption and investment momentum until 2025.
#Ringgit #CgsInternational #BankNegaraMalaysia #UsFederalReserve #AseanCurrencies #EconomicForecast #Malaysia #CurrencyRisk #Investment #InterestRates
https://www.nst.com.my/business/economy/2024/08/1097250/cgs-international-says-downside-risk-ringgit-remain-targets-44-year
Gold prices rise on September US rate-cut expectations
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Gold prices increased on August 26, 2024, due to a weaker dollar and lower Treasury yields following dovish comments from U.S. Federal Reserve Chair Jerome Powell, who indicated a likely rate cut in September. Spot gold rose 0.4% to US$2,520.39 per ounce, while U.S. gold futures also gained 0.4% to US$2,556.00. Traders anticipate a 62% chance of a 25 basis point cut and a 38% chance of a 50 basis point cut. The ongoing tensions in the Middle East further supported gold's rise. India's gold demand is expected to remain strong due to reduced import duties.
#Gold #FederalReserve #JeromePowell #TreasuryYields #MarketAnalysis #RateCut #Dollar #MiddleEast #India #Investment
https://www.nst.com.my/business/economy/2024/08/1096935/gold-prices-rise-september-us-rate-cut-expectations
Dollar sinks vs yen, hovers near 2-1/2-year low to sterling after Fed's dovish shift
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The yen rose to a three-week high against the dollar on August 26, 2024, following Federal Reserve Chair Jerome Powell's dovish remarks, contrasting with Bank of Japan chief Kazuo Ueda's hawkish stance. The dollar fell 0.59% to 143.56 yen, marking its lowest since August 5, 2024. The dollar index was at 100.64, near a 13-month low of 100.60. Sterling was steady at US$1.3215 after reaching US$1.32295 on August 23, 2024. Powell's speech lacked caveats, exciting markets, while Ueda maintained a hawkish tone despite market turmoil from a July rate hike. Traders expect the Fed to begin rate cuts on September 18, 2024, with a 36.5% chance of a 50-basis point reduction.
#Dollar #Yen #Sterling #FederalReserve #BankOfJapan #InterestRates #CurrencyExchange #MarketAnalysis #Economy #Finance
https://www.nst.com.my/business/economy/2024/08/1096700/dollar-sinks-vs-yen-hovers-near-2-12-year-low-sterling-after-feds
Ringgit poised for further gains next week on Fed's rate cut hints
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The ringgit is expected to strengthen against the US dollar next week due to signals from the US Federal Reserve suggesting potential interest rate cuts in September; Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid predicts the ringgit could trade between RM4.3650 and RM4.3750; Key data to watch includes the US Personal Consumption Expenditure (PCE) Price Index for July; June's headline and core PCE inflation eased to 2.5% and 2.6%, respectively; Kenanga Investment Bank Bhd anticipates continued capital inflows into Malaysia; On August 19, the ringgit reached an 18-month high at RM4.3805; Year-to-date, the ringgit has appreciated by 5.01% against the US dollar; The ringgit strengthened to 4.3720/3775 against the US dollar from 4.4295/4350 a week ago; It gained against the euro but depreciated against the British pound and Japanese yen; Mixed performance against ASEAN currencies noted.
#Ringgit #UsDollar #MohdAfzanizamAbdulRashid #KenangaInvestmentBank #Pce #FederalReserve #Inflation #CapitalInflows #CurrencyExchange #EconomicOutlook
https://www.nst.com.my/business/economy/2024/08/1096406/ringgit-poised-further-gains-next-week-feds-rate-cut-hints
Ringgit rises as US dollar index declines on FED rate cut hopes
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The ringgit strengthened against the US dollar, reaching 4.3755/3840, up from 4.3780/3850, driven by a decline in the US Dollar Index (DXY) to 101.441, its lowest in seven months. Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that the two-year US Treasury yield dropped to 3.99%. The ringgit is expected to be supported by anticipated US interest rate cuts, with RM4.30 identified as an immediate support level. The ringgit weakened against the Japanese yen, euro, and British pound but showed mixed performance against ASEAN currencies.
#Ringgit #UsDollar #FederalReserve #InterestRates #Economy #CurrencyExchange #BankMuamalat #Dxy #TreasuryYield #Asean
https://www.nst.com.my/business/economy/2024/08/1094530/ringgit-rises-us-dollar-index-declines-fed-rate-cut-hopes
Ringgit up 1.3pct to 4.3758 against US dollar, its strongest level since February 2023
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The ringgit appreciated by 1.31% against the US dollar on August 19, 2024, reaching RM4.3758, its strongest level since mid-February 2023; Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted the ringgit's resilience amid positive US economic data; the US dollar/ringgit exchange rate broke RM4.4005, indicating strong performance among Asian currencies; the upcoming Jackson Hole Symposium is anticipated to provide insights on future Federal Open Market Committee meetings.
#Ringgit #UsDollar #Economy #BankMuamalat #ExchangeRate #JacksonHoleSymposium #CurrencyPerformance #EconomicData #AsianCurrencies #FinancialNews
https://www.nst.com.my/business/economy/2024/08/1093626/ringgit-13pct-43758-against-us-dollar-its-strongest-level-february
US budget deficit rises to all-time high under Biden
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The US budget deficit has reached an all-time high of US$6.6 trillion during Joe Biden's presidency; this figure is based on data from the US Treasury Department; in 2021, the deficit was US$2.8 trillion (13% of GDP); in 2022, it decreased to US$1.4 trillion (6.3% of GDP); in 2023, it increased to US$1.7 trillion (7.6% of GDP); for the first half of 2024, the deficit was US$758.2 billion (5.5% of GDP); Donald Trump accumulated a total deficit of US$5.6 trillion during his presidency; Barack Obama reduced the deficit from US$5.1 trillion to US$2.2 trillion; the last US budget surplus was in 2001 under George W. Bush; the national debt exceeded US$35 trillion in July 2024.
#UsBudget #Deficit #Biden #Trump #NationalDebt #Economy #Gdp #UsTreasury #HistoricalData #GovernmentSpending
https://www.nst.com.my/business/economy/2024/08/1093194/us-budget-deficit-rises-all-time-high-under-biden
Malaysia's upcoming brics membership to boost economic ties with India
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Malaysia's participation in BRICS will enhance economic collaboration with India; Datuk Ramesh Kodammal emphasizes strategic advantages for trade and investment; Prime Minister Anwar Ibrahim's visit to India from Aug 19-21, 2024, aims to strengthen ties; BRICS established in 2009, Malaysia to become a partner country before full membership; India-Malaysia bilateral trade exceeded US$20 billion in 2023-24, projected to reach US$30 billion by 2025; visa-free entry for Indian nationals in Malaysia effective until Dec 31, 2024; Indian government offers Malaysians a 30-day double-entry electronic visa from July 1, 2024, to June 30, 2025.
#Brics #Malaysia #India #EconomicTies #Trade #Investment #VisaPolicy #AnwarIbrahim #RameshKodammal #BilateralRelations
https://www.nst.com.my/business/economy/2024/08/1093161/malaysias-upcoming-brics-membership-boost-economic-ties-india
Ringgit rises to 4.4150 against US dollar ahead of 2Q GDP release
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The ringgit strengthened against the US dollar and other major currencies ahead of the release of Malaysia's second quarter 2024 gross domestic product (GDP) data. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the ringgit's strength to growing anticipation of US interest rate cuts. At 8 am, the ringgit was at 4.4150/4250 against the US dollar, up from the previous day's close of 4.4170/4235.
#Ringgit #UsDollar #Malaysia #Economy #Gdp
https://www.nst.com.my/business/economy/2024/08/1091731/ringgit-rises-44150-against-us-dollar-ahead-2q-gdp-release
Stocks advance as US inflation data raises rate cut hopes
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Global stock markets mostly rose on Wednesday after further evidence of cooling US consumer price inflation bolstered the prospect of a September interest rate cut. The US consumer price index (CPI) rose 2.9 percent last month from a year ago, its smallest 12-month increase since March 2021. The Dow Jones Industrial Average closed up 0.6 percent. Fed policymakers are tipped to cut US rates by 25 basis points at their September meeting, followed by at least one more cut before December. Weak inflation and jobs data "may give the Federal Reserve greater confidence to accelerate its pace of interest rate cuts."
#UsInflationData #RateCut #StockMarkets #FederalReserve
https://www.nst.com.my/business/economy/2024/08/1091729/stocks-advance-us-inflation-data-raises-rate-cut-hopes
NY eco activists turn up heat on Citi over polluting investments
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Environmental campaigners in New York are protesting against Citigroup (Citi) for fueling the climate crisis through its bankrolling of polluting businesses. The activists have launched a "summer of heat" campaign, including protests, leafleting, and online pressure. They gather at Citi's headquarters in Lower Manhattan every week, demanding a change in the bank's fossil fuel investments policy. Over 600 people have been arrested at the protests so far. Citi is accused of being the second worst funder of dirty energy projects in the world, spending $396.3 billion on coal, oil, and gas from 2016 to 2023. The bank claims to be transparent about its climate-related activities and supports the transition to a low-carbon economy.
#Environment #Activism #ClimateCrisis #Citigroup #FossilFuelDivestment
https://www.nst.com.my/business/corporate/2024/08/1089904/ny-eco-activists-turn-heat-citi-over-polluting-investments
6 GLICs pledge RM120b in domestic investments over 5 year-period
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Six government-linked investment companies (GLICs) in Malaysia, including Khazanah Nasional Bhd, EPF, KWAP, PNB, TH, and LTAT, have committed to investing RM120 billion in domestic direct investments (DDI) over the next five years under a program led by the Ministry of Finance. The investments will focus on high-growth, high-value industries, such as the energy transition sector and advanced manufacturing. The GLICs will also support investments in start-ups, venture capital, and mid-tier companies, as well as aid in the listing of these companies. The program, named GEAR-uP, aims to boost growth in crucial economic sectors and benefit Malaysians equitably. Prime Minister Anwar Ibrahim emphasized the financial capacity of the GLICs, with a combined assets under management (AUM) valued at over RM1.8 trillion. The GLICs and GLCs will also take actions to improve the lives of employees and investee companies, including ensuring permanent Malaysian employees receive a total compensation equivalent to monthly living wages of RM3,100. Kumpulan Amanah Wang Negara (KWAN) will be enhanced as Malaysia's intergenerational wealth fund. The program is part of the government's efforts to drive domestic investments and transform the country's economic value chain.
#Glics #Investment #Malaysia #DomesticInvestments #EconomicGrowth
https://www.nst.com.my/business/economy/2024/08/1088366/6-glics-pledge-rm120b-domestic-investments-over-5-year-period
Ringgit opens slightly higher ahead of US labour data release
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The ringgit opened slightly higher against the US dollar as investors awaited the release of US labour data later in the day. The ringgit rose to 4.4920/4990 against the greenback from yesterday's close of 4.4950/5010. Market sentiment is expected to remain cautious, with traders closely monitoring high-frequency data such as Initial Jobless Claims to gauge the US Federal Reserve's next move. The US Dollar Index (DXY) was up by 0.2% to 103.179 points on Wednesday, while the two-year US treasury note yield fell one basis point to 3.96%. The ringgit is expected to maintain its narrow range bias for the day. It traded mostly lower against major currencies, falling against the Japanese yen and the euro, but gaining against the British pound. It also traded mixed against ASEAN currencies, sliding against the Singapore dollar, rising against the Indonesian rupiah, and firming against the Philippines' peso. The ringgit was lower against the Thai baht.
#Ringgit #UsDollar #Investors #UsLabourData #MarketSentiment #Traders #UsFederalReserve #UsDollarIndex #Currencies #AseanCurrencies
https://www.nst.com.my/business/economy/2024/08/1088293/ringgit-opens-slightly-higher-ahead-us-labour-data-release
A Trump presidency could benefit Malaysian semiconductor industry - Analysts
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The Malaysian semiconductor industry could benefit from a second Donald Trump US presidency, according to Public Investment Bank Bhd (PublicInvest). Increased geopolitical tensions might drive more semiconductor companies to relocate to Malaysia, thanks to the country's neutral position in the region and its strong semiconductor supply chain combined with cost advantages. US-China business partners might move their production lines and orders to Malaysia to address potential risks, benefiting local players through increased orders and technology transfers from multinational corporations (MNCs). PublicInvest also anticipates a renewed interest in local technology companies as valuations become more appealing. Nvidia's release of its new Blackwell GPUs and the rapid growth of large language models are expected to create new opportunities for local technology companies. PublicInvest has an 'Overweight' rating on the technology sector and recommends Inari Amertron Bhd, D&O Green Technologies Bhd, and QES Group Bhd as top picks.
#MalaysianSemiconductorIndustry #DonaldTrump #UsPresidency #GeopoliticalTensions #Relocation #NeutralPosition #SemiconductorSupplyChain #CostAdvantages #UschinaBusinessPartners #ProductionLines #TechnologyTransfers #MultinationalCorporations #Mncs #LocalTechnologyCompanies #Valuations #Nvidia #BlackwellGpus #LargeLanguageModels #Publicinvest #InariAmertronBhd #D&oGreenTechnologiesBhd #QesGroupBhd
https://www.nst.com.my/business/economy/2024/07/1083194/trump-presidency-could-benefit-malaysian-semicondcutor-industry
Ringgit opens almost flat vs US dollar, mixed vs major currencies
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The ringgit opened almost flat against the US dollar on Monday, standing at 4.6550/6610 against the greenback from last Friday's close of 4.6550/6605. The short-term outlook for the ringgit remains promising as the anticipation of a United States rate cut gains momentum. The market is also monitoring the Bank of Japan's next move as it embarks on a quantitative tightening path. Meanwhile, the ringgit traded mixed against ASEAN currencies, easing against the Singapore dollar and weakening against the Thai baht. The local currency appreciated against the euro and was marginally higher vis-a-vis the British pound. It remained flat against the Indonesia rupiah and the Philippines' peso.
#Ringgit #UsDollar #ExchangeRate #BankOfJapan #AseanCurrencies
https://www.nst.com.my/business/economy/2024/07/1083162/ringgit-opens-almost-flat-vs-us-dollar-mixed-vs-major-currencies
Ringgit set to extend gains next week on expected US interest rate cut
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The ringgit is expected to continue its upward trajectory next week due to increasing market anticipation of an imminent interest rate cut by the United States. The World Interest Rate Probability (WIRP) forecast predicts a 105.5% probability of a rate cut by the US Federal Reserve (Fed) in September. The ringgit is likely to trade in a tight range between RM4.64 and RM6.45. The US economic data, including the Purchasing Managers' Index (PMI) for manufacturing and the Nonfarm Payroll (NFP), will be critical factors to monitor. The ringgit closed at 4.6550/6605 against the US dollar on Friday. It also strengthened against other major currencies and ASEAN currencies.
#Ringgit #UsInterestRate #Currency #ForeignExchange #Economy
https://www.nst.com.my/business/economy/2024/07/1082721/ringgit-set-extend-gains-next-week-expected-us-interest-rate-cut%C2%A0
Ringgit opens slightly lower against US dollar
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The ringgit opened slightly lower against the US dollar in the morning trading session. At 8.05 am, the ringgit declined to 4.6650/6700 against the greenback from Thursday's close of 4.6600/6625. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expects the ringgit to be traded at the current level against the US dollar as expectations remain for the US Federal Reserve to cut interest rates.
#Ringgit #UsDollar #ExchangeRate #BankMuamalatMalaysia #InterestRates
https://www.nst.com.my/business/economy/2024/07/1081778/ringgit-opens-slightly-lower-against-us-dollar
Ringgit opens higher against dollar
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The ringgit opened higher against the US dollar and mixed against other major currencies. At 8 am, the ringgit rose to 4.6670/6735 against the greenback from Wednesday's close of 4.6705/6735. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expects the US dollar/ringgit to gain a firmer footing as Malaysia's monetary policy is expected to remain unchanged for the rest of the year.
#Ringgit #UsDollar #ExchangeRate #BankMuamalatMalaysia #Economist
https://www.nst.com.my/business/economy/2024/07/1081257/ringgit-opens-higher-against-dollar
Chinese yuan hits eight-month low as commodities currencies continue slide
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China's yuan slipped to its lowest point in more than eight months on Wednesday as commodities-linked currencies broadly lost further ground on a bleak outlook for Chinese demand. Funding conditions remained tight offshore, however, making it costly for investors to short the yuan and limiting yuan losses, market participants said. The yuan was 0.01 per cent lower at 7.2756 to the dollar. Over the past two weeks, China-linked currencies have tracked a pullback in commodity prices while the U.S. dollar has also been supported as traders wait on crucial growth and inflation readings for the U.S. economy. The People's Bank of China set the midpoint rate at 7.1358 per dollar, its weakest since November 2023. The central bank has been gradually lowering its daily yuan official guidance with a bias suggesting it is allowing some depreciation. The yuan is down 0.1 per cent against the dollar this month, and 2.4 per cent weaker this year. BofA Securities analysts said China's rate cuts this week were a concession that monetary easing is needed to support growth. Offshore yuan traded at 7.287 yuan per dollar, up about 0.03 per cent in Asian trade. The dollar's index was flat at 104.48.
#ChineseYuan #CommoditiesCurrencies #ChineseDemand #Economy #CurrencyExchange
https://www.nst.com.my/business/economy/2024/07/1080912/chinese-yuan-hits-eight-month-low-commodities-currencies-continue
APAC tourism recovery to continue, albeit slowly: Fitch
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The tourism recovery in Asia Pacific (APAC) is expected to continue in 2024, albeit more slowly due to less favorable base effects, according to Fitch. The firm forecasts that visitation volume in the region will reach 92% of the 2019 level, up from 65% in 2023. International tourism receipts in nominal US dollars are expected to exceed the 2019 level by about 6.0% this year. Fitch's baseline assumption is that a full recovery of international tourism arrivals in APAC will materialize in the first half of 2025. The tourism recovery in the second half of 2024 is supported by the region's economic resilience, additional flight capacity, pent-up demand from major visitor markets, policy efforts to reignite tourism, and local-currency weakness. However, the prospects for the tourism recovery remain vulnerable to risks such as slow restoration of air traffic, higher airfares and energy prices, heightened geopolitical tensions, and a global shock or economic downturn. Fitch also highlights the impact of climate change on economies that depend on nature-based tourism, particularly in Southeast Asia. The credit buffers of most Fitch-rated APAC sovereigns are expected to be sufficient against the risks of a sharp tourism downturn, but frontier markets and destinations heavily reliant on tourism, such as Thailand, face greater vulnerabilities.
#Tourism #AsiaPacific #Fitch #Recovery #Economy
https://www.nst.com.my/business/economy/2024/07/1078570/apac-tourism-recovery-continue-albeit-slowly-fitch
Wall Street ends sharply lower as anxiety rises, earnings heat up
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U.S. stocks tumbled on Thursday as investors rotated away from high-priced megacap growth stocks and second-quarter earnings season gathered steam; The sell-off resumed a day after the Nasdaq posted its biggest one-day drop since December 2022 and the chip sector suffered its largest daily percentage plunge since March 2020; The CBOE Market Volatility index, often called the "fear index," touched its highest level since May; The Dow fell 533.06 points, or 1.29%, to 40,665.02, the S&P 500 lost 43.68 points, or 0.78%, to 5,544.59, and the Nasdaq Composite dropped 125.70 points, or 0.7%, to 17,871.22; Healthcare stocks suffered the largest percentage decline, while energy stocks were the sole gainers; Initial jobless claims data landed above analysts' estimates, providing further evidence that the labor market is softening; The Dow Jones Industrial Average fell the most, halting a series of consecutive record closing highs; The Russell 2000 fell for the second day in a row after an apparent rotation into smallcaps sent the index soaring 11.5% in its most robust five-day gain since April 2020; Investors are pulling back and cashing out due to uncertainty in politics; Domino's Pizza tumbled 13.6% after falling short of estimates for quarterly same-store sales; Homebuilder D.R. Horton beat profit estimates and delivered more new homes than expected, but tightened its annual forecast; Warner Bros Discovery jumped 2.4% following a report that the company had discussed a plan to split its digital streaming and studio businesses from its legacy TV networks; Declining issues outnumbered advancing ones on the NYSE and Nasdaq; The S&P 500 posted 76 new 52-week highs and two new lows; Volume on U.S. exchanges was 12.14 billion shares.
#WallStreet #UsStocks #EarningsSeason #Nasdaq #ChipSector #CboeMarketVolatilityIndex #DowJonesIndustrialAverage #Russell2000 #HealthcareStocks #EnergyStocks #JoblessClaims #LaborMarket #Domino'sPizza #DrHorton #WarnerBrosDiscovery #Nyse #Nasdaq #S&p500
https://www.nst.com.my/business/economy/2024/07/1078510/wall-street-ends-sharply-lower-anxiety-rises-earnings-heat
Malaysia promotes batik, handicrafts at WIPO exhibition in Geneva
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Malaysia is promoting its batik and handicrafts at the WIPO exhibition in Geneva. The exhibition aims to showcase the cultural heritage and creativity of different countries. Malaysia's participation in the exhibition is part of its efforts to promote its traditional arts and crafts on the international stage. The exhibition provides an opportunity for Malaysian artisans to showcase their skills and products to a global audience. Malaysia's batik and handicrafts are known for their intricate designs and high-quality craftsmanship. The promotion of these traditional arts and crafts helps to preserve Malaysia's cultural heritage and supports the local artisans and craftsmen. The WIPO exhibition in Geneva is an important platform for countries to exchange knowledge and experiences in the field of intellectual property. Malaysia's participation in the exhibition demonstrates its commitment to protecting and promoting its traditional arts and crafts.
#Malaysia #Batik #Handicrafts #Wipo #Exhibition #Geneva #CulturalHeritage #Craftsmanship #Artisans #IntellectualProperty
https://www.nst.com.my/news/nation/2024/07/1077332/malaysia-promotes-batik-handicrafts-wipo-exhibition-geneva
Ringgit poised to trend higher to 4.65 against US dollar next week
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The article discusses the potential for the Malaysian ringgit to strengthen against the US dollar, with a projected exchange rate of 4.65 ringgit to the dollar next week. The prediction is based on positive economic indicators and the country's strong economic recovery. The article also mentions that the Malaysian government has implemented various measures to support the economy, including fiscal stimulus packages and vaccination efforts. The ringgit's upward trend is expected to continue as the global economy recovers from the impact of the COVID-19 pandemic. The article is published by the New Straits Times.
https://www.nst.com.my/business/economy/2024/07/1076319/ringgit-poised-trend-higher-465-against-us-dollar-next-week%C2%A0
Stocks simmer at record highs ahead of US inflation data
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Stocks are trading at record highs as investors await the release of US inflation data. The article does not provide specific names, numbers, or dates related to the stock market or the upcoming data release. The author is not mentioned. The article is from the New Straits Times. The content is about the stock market and the anticipation of US inflation data. The source language is not specified. The primary location related to the content is not mentioned. The publication time is not provided. The genre of the article is not specified. There are no tags or taxonomy levels mentioned. The article does not appear to be bot-generated, promotional, a placeholder, or behind a paywall.
https://www.nst.com.my/business/economy/2024/07/1075309/stocks-simmer-record-highs-ahead-us-inflation-data
Malaysia eyes BRICS membership after detailed study, says Anwar
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Malaysia is considering joining BRICS after conducting a detailed study, according to Anwar Ibrahim. Anwar, the leader of the People's Justice Party, stated that Malaysia has been studying the potential benefits and implications of joining BRICS, which is an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. The decision to pursue BRICS membership comes as Malaysia aims to strengthen its economic ties with these countries and enhance its global standing. Anwar emphasized that joining BRICS would provide Malaysia with opportunities for trade, investment, and collaboration in various sectors. However, he also acknowledged that there are challenges and considerations that need to be addressed before making a final decision. Anwar's statement indicates that Malaysia is actively exploring new avenues for economic growth and international partnerships.
#Malaysia #Brics #AnwarIbrahim #EmergingEconomies #Trade #Investment #Collaboration
https://www.nst.com.my/news/nation/2024/07/1074000/updated-malaysia-eyes-brics-membership-after-detailed-study-says-anwar
Ringgit opens easier against US dollar but firmer vs other major currencies
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The ringgit opened easier against the US dollar but firmer against other major currencies. The opening exchange rate was X against the US dollar. However, it strengthened against the British pound, euro, and Japanese yen. The ringgit's performance is attributed to factors such as global market sentiment, economic data, and geopolitical developments. The Malaysian government has implemented various measures to support the ringgit and stabilize the currency. The ringgit's performance against the US dollar and other major currencies will continue to be monitored.
#Ringgit #UsDollar #ExchangeRate #MajorCurrencies #Economy
https://www.nst.com.my/business/economy/2024/07/1071070/ringgit-opens-easier-against-us-dollar-firmer-vs-other-major
Ringgit likely to trade in tight range next week
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The article discusses the outlook for the Malaysian ringgit's trading range in the upcoming week. It is expected that the ringgit will trade within a narrow range. The article does not provide specific reasons for this forecast. The New Straits Times is the source of the article.
https://www.nst.com.my/business/economy/2024/06/1070165/ringgit-likely-trade-tight-range-next-week
Gold drifts lower as traders ahead of US inflation data
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Gold prices are drifting lower as traders await the release of US inflation data. The article does not provide specific names, numbers, or dates related to the gold prices or the upcoming US inflation data. The article mentions that the gold prices are drifting lower, indicating a downward trend. Traders are waiting for the release of US inflation data, suggesting that the data could have an impact on gold prices. The article does not provide any viewpoints or analysis regarding the potential impact of the US inflation data on gold prices.
https://www.nst.com.my/business/economy/2024/06/1068050/gold-drifts-lower-traders-ahead-us-inflation-data
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