Saturday, June 2nd, 2018

 

Ross to push China on trade as US risks isolation over tariffs

WASHINGTON, June 2 — Commerce Secretary Wilbur Ross arrived in Beijing today as he seeks to persuade Chinese officials to import significantly more American goods and remove structural barriers even as the US faces pushback over new tariff threats…


Russian oil output again tops Opec target ahead of Vienna talks

MOSCOW, June 2 — Russia breached its oil-output quota agreed with Opec for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies. Oil output averaged 10.97 million barrels a day in May,…


Visa resolves technical issue that blocked Europe card payments

NEW YORK, June 2 — Visa Inc said it had resolved a technical issue that prevented some European customers from using their cards for payments. The problem was the result of a hardware failure with one of its European systems and is not associated…


Bursa M’sia to trend higher towards 1,770 level next week

KUALA LUMPUR: Bursa Malaysia is expected to trend higher with the key index moving towards the 1,750-1,770 level next week.

Putra Business School Business Development Senior Lecturer and Manager Dr Ahmed Razman Abdul Latiff told Bernama today that the market could reach that level after it retreated to the 1,750 level this week on heavy selling in heavyweight stocks.

“The heavy selling was due to overreaction to the RM1 trillion debt level announcement by the government earlier in the week,” he said.

There would be an accommodative monetary policy and improvement in consumer sentiment, Ahmed Razman said.

“Investors will also be concerned over global market developments as there is a possibility of another round of trade wars between the US and various countries with regards to stiff tariffs imposed on steel and aluminium, as well as the update on the Federal Reserve interest rate policy,” he added.

For the week just-ended, Bursa Malaysia closed mostly mixed on sustained selling momentum in selected heavyweights, as well as situational counters.

Bursa Malaysia started off the first day of trading easier, in line with regional trends, and closed lower on Wednesday on foreign selling, a day after the Wesak Day public holiday.

Meanwhile, on Thursday and Friday, the bourse rebounded to the positive territory after the Prime Minister Tun Dr Mahathir Mohamad and Finance Minister Lim Guan Eng painted a clearer picture on measures to improve the economy through government policies, among them, creating a business friendly environment for investors from all backgrounds and promote investment influx from India.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 41.02 points lower at 1,756.38 from 1,797.4.

The FBM Emas Index increased 304.88 points to 12,235.9, the FBMT100 Index rose 294.72 points to 12,053.96, the FBM 70 gained 398.46 points to 14,442.16, and the FBM Emas Shariah Index improved 388.09 points to 12,220.21.

The FBM Ace advanced 140.06 points to 5,049.55.

On a sectoral basis, the Finance Index rose 262.53 points to 17,617.03, the Industrial Index went up 48.59 points to 3,164.82 and the Plantation Index improved 143.85 points to 7,700.26.

Weekly turnover widened to 13.32 billion units worth RM18.79 billion from 12.90 billion units worth RM15.95 billion.

Main market volume increased to 9.08 billion shares worth RM18.13 billion from 8.17 billion shares worth RM15.19 billion.

Warrants turnover declined to 2.85 billion units valued at RM464.73 million versus 3.07 billion units valued at RM519.62 million.

The ACE market volume reduced to 1.38 billion shares worth RM200.66 million from 1.55 billion shares worth RM233.17 million.

Gold futures contract on Bursa Malaysia Derivatives is expected to consolidate between the range of RM165 and RM170 a gramme next week, said Phillip Futures Sdn Bhd dealer Tee Guy Eon.

“The local futures will be tracking the movement of gold on the US Commodity Exchange, which is expected to trade at between RM1,295 and RM1,307 per ounce, as market watchers continue to monitor the political tensions in Italy,” he told Bernama.

On a Friday-to-Friday basis, May 2018 was at RM167.05 a gramme, June 2018 declined 10 ticks to RM167.15 a gramme, July 2018 and August 2018 both erased 11 ticks each to RM167.5 and RM167.6 a gramme, respectively, while new spot month September 2018 stood at RM167.65 a gramme.

Weekly turnover inched up to 10 lots worth RM167,170 from nine lots worth RM150,270 from the previous week, while open interest was lower at 36 contracts from 49 contracts registered last week. — Bernama


US jobs report brightens prospects for stocks, dollar

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Fed's Williams says rates may start to brake growth by next year

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US isolated at G7 meeting as tariffs prompt retaliation

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US tariffs make China trade issues more difficult to resolve, EU says

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