Saturday, April 27th, 2019

 

US oil embargo will see Venezuela turn to China, Russia for salvation

CARACAS, April 27 — The US oil embargo on Venezuela that comes into effect tomorrow will deepen the South American country’s economic crisis without necessarily forcing President Nicolas Maduro from power and force Caracas to turn to China and…


China’s Xi touts more than US$64b in Belt and Road deals

BEIJING, April 27 — President Xi Jinping today hailed deals worth more than US$64 billion (RM264 billion) signed during China’s Belt and Road Initiative (BRI) this week as he sought to reassure sceptics the project will deliver sustainable…


Russia won’t immediately raise oil output after Iran waivers end

BEIJING, April 27 — Russia will not immediately raise oil output after the United States ends sanctions waivers for buyers of Iranian crude in May, President Vladimir Putin said today. The United States announced this week that, in a bid to reduce…


Xi says to reject protectionism, open up Belt and Road

BEIJING, April 27 — Chinese President Xi Jinping urged dozens of world leaders today to reject protectionism and invited more countries to participate in his global infrastructure project after seeking to ease concerns surrounding the programme….


Opening up of electricity market will dampen inflation this year, Singapore’s central bank says

SINGAPORE, April 27 — The opening up of the retail electricity market will dampen inflation this year as it has substantially lowered electricity prices, Singapore’s central bank said. As a result, the Monetary Authority Singapore (MAS) has…


Singapore’s central bank cites three main reasons economists often get their forecasts wrong

SINGAPORE, April 27 — Economists are paid to predict how the economy will perform — whether it will grow or shrink, and by how much. But these professional forecasters do not always get it right. In fact, they can miss the mark by a wide margin….


Ringgit to remain range-bound next week, testing 4.10 – 4.15 mark

KUALA LUMPUR: The better-than-expected US economic growth may see the dollar climb higher from next week onwards, perhaps leaving the ringgit to test the upper limits of the 4.10-4.15 range, says FXTM analyst Han Tan.

The US Department of Commerce yesterday announced that the US economy grew by 3.2 per cent in the first quarter of 2019, the fastest pace of first-quarter growth since 2015.

“This underscores expectations that the trading of the local note versus the greenback will remain range-bound, barring any headline or event risks that may trigger sharp movements either way,” he said.

He also said that Malaysia’s March consumer price index of 0.2 per cent announced on Wednesday also dispelled concerns surrounding the disinflation that was registered in January and February, suggesting that inflation should remain manageable for the year.

The analyst noted that come Monday, most Asian currencies will react to the US first quarter gross domestic product data.

“As for the domestic economic calendar in the week ahead, the March external trade data due on Friday, May 3 will be a key measure of the Malaysian economy, and investors will be keen to find out whether imports and exports for the month rebounded from February’s year-on-year declines, amidst US-China trade tensions and moderating global growth.

“Even as the ringgit remains primarily driven by external factors, economic indicators that strengthen the narrative about Malaysia’s resilience in the face of external headwinds should solidify support around the ringgit,” he added.

For the week just ended, the ringgit traded mixed to easier tracking among others the global crude oil prices, consumer price index as well as Bank Negara’s dovish bets.

On a Friday-to-Friday basis, the ringgit eased to 4.1310/1340 against the US dollar from 4.1300/1350 previously.

It rose against the Singapore dollar to 3.0306/0332 from 3.0473/0514 previously, but versus the Japanese yen it dropped to 3.6966/6997 from 3.6898/6949.

However, the ringgit climbed against the British pound to 5.3302/3362 from 5.3707/3792, and strengthened vis-a-vis the euro to 4.6007/6044 from 4.6446/6506 previously. — Bernama


FBM KLCI to trend higher next week, to retest 1,650 level

KUALA LUMPUR, April 27 — Bursa Malaysia is likely to move higher and retest the 1,650 level next week, as investors anticipate more positive announcement from Prime Minister Tun Dr Mahathir Mohamad’s working visit to China. Rakuten Trade Sdn Bhd…


Trump says sees possibility of US-Japan trade deal by May

WASHINGTON, April 27 — President Donald Trump said yesterday it is possible that the United States and Japan could reach a new bilateral trade deal by the time he visits Tokyo in May, but he and Japanese Prime Minister Shinzo Abe cited areas where…


Wall Street nudges up after weak Intel results, mixed GDP report

NEW YORK, April 27 — Wall Street’s three major indexes rose slightly yesterday as Intel’s weak results put the techology sector under pressure and the energy index tumbled along with the price of oil and mixed first-quarter GDP data gave…