Saturday, July 1st, 2017

 

Japan-EU trade deal ‘almost there’, official says

TOKYO, July 1 — The European Union’s top trade official said today that a Japan-EU free trade deal was “almost there”, as the two sides look to ink an agreement seen as a push back against rising protectionism. EU Trade Commissioner…


Malaysia’s GDP growth fuels market optimism

KUALA LUMPUR (July 1): Malaysian stock market optimism is apparent on economic and corporate earnings growth expectations. The Edge Malaysia business and investment weekly in its latest…


Buffett about to reap US$12b profit on Bank of America bet

NEW YORK, June 30 — Warren Buffett’s bet on Bank of America Corp is about to pay off with a roughly US$12 billion windfall. The billionaire plans to exercise warrants obtained six years ago in a vote of confidence in Bank of America while…


Goldis revises options for IGB takeover

KUALA LUMPUR (June 30): Goldis Bhd is revising the options for its takeover offer for IGB Corp Bhd. Originally, Goldis offered three options available to IGB…


India launches tax revolution amid business doubts

NEW DELHI, July 1 — India today launched its biggest ever fiscal reform with the government promising that a new nationwide tax would make the economy stronger and less corrupt, but businesses are nervous about the revolution. The new goods…


Wall Street ends bumpy week, strong first half with modest gain

NEW YORK, July 1 — Major US stock indexes ended a volatile week on a modestly high note yesterday, led by a surge in Nike shares, and the S&P 500 scored its biggest gain for the first half of the year since 2013 while the Nasdaq Composite’s…


Bursa to rebound next week on improved demand

KUALA LUMPUR, July 1 — Bursa Malaysia is expected to start the first week of the second half of the year on a firmer note as it rebounds from its recent downtrend on anticipation of improved demand as investors return after the long Hari Raya…


Companies in Focus [03 July 2017]

KUALA LUMPUR (June 30): Based on corporate announcements and news flow today, companies that may be in focus on Monday (July 3) may include the…


Ringgit closes flat against the US dollar

KUALA LUMPUR: The ringgit closed flat against the US dollar amid mixed sentiment in the market, a dealer said.

At 6pm, the local note was unchanged at 4.2920/2950 against the greenback.

Research Analyst at FXTM Lukman Otunuga said improved macro-economics conditions in the country should complement the current upside for the ringgit while the US dollar was heavily pressured after a delayed healthcare bill vote on Thursday which heavily weighed on the prospects for tax cuts and infrastructure spending.

“Traders may shift some of their attention towards the US gross domestic product (GDP) first quarter results today, which could break the greenback further,” said Lukman.

On the local front, Bank Negara Malaysia said continued non-resident inflows, totalling RM12.1 billion into the Malaysian financial market, resulted in the ringgit remaining the best performer in the region in May, appreciating 1.7% against the US dollar.

The central bank said the equity market also continued to receive RM2 billion in non-resident inflow in May.

“Sentiment was supported by the stronger-than-expected GDP growth in the first quarter of 2017 and improved outlook for the ringgit,” it said in a statement today.

At close, the ringgit traded mostly lower against other major currencies, except the euro.

It eased against the Singapore dollar to 3.1181/1220 from 3.1115/1148 on Thursday, fell against the British pound to 5.5757/5801 from 5.5654/5710 and dipped against the yen to 3.8328/8365 from 3.8175/8205.

The ringgit, however, appreciated against the euro to 4.8963/8015 from 4.8980/8032 on Thursday. — Bernama


US crude oil production may not be growing quite so fast

WASHINGTON, July 1 — US crude production fell for the first time this year in April, reining in exuberance over rapidly growing domestic output. April output fell slightly to 9.08 million barrels a day, and was 190,000 barrels lower than the…