Friday, June 14th, 2019

 

Wall Street drops as Broadcom warning hits chip sector

JUNE 14 — Wall Street’s main indexes dropped today, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years….


EU heads towards full-blown fight with Italy over debt

LUXEMBOURG, June 14 — The European Union looks increasingly likely to impose disciplinary procedures on Italy over the management of its huge public debt, after inconclusive meetings today between the Italian finance minister and his EU partners….


Pound heads for sixth week of losses against the euro

LONDON, June 14 — The British pound fell again today as investors trimmed their positions after Brexiteer Boris Johnson moved closer to becoming the next prime minister, with sterling on track for its sixth week of losses versus the euro. Sterling…


Oil rises again on tension fuelled by tanker attacks

LONDON, June 14 — Oil prices rose again today in reaction to geopolitical tension, building on the previous day’s surge sparked by suspected attacks on two tankers in the Gulf of Oman. The US government blamed Iran for mysterious explosions on…


US retail sector posts healthy gains in May

WASHINGTON, June 14 — American consumers spent freely on automobiles and electronics last month, giving the retail sector a boost even as worries mount that the US economy is slowing, government data showed today. News of the upswing in spending…


IEA sees ample oil supplies and weak demand

PARIS, June 14 — Tepid growth in demand for oil along with ample supplies from non-Opec countries will complicate efforts by the cartel and its allies to boost prices, the IEA said in a report today. The focus in oil markets in recent months and…


Trump says ‘it doesn’t matter’ if China’s Xi attends G20, reports Fox News

WASHINGTON, June 14 — US President Donald Trump said today “it doesn’t matter” if Chinese leader Xi Jinping attends the Group of 20 summit later this month, predicting a trade deal with Beijing would occur at some point anyway. “We’re…


India set to levy higher tariffs on some US goods next week, say sources

NEW DELHI, June 14 — India is preparing to impose higher tariffs on some US goods including almonds, walnuts and apples next week after a delay of about a year, two sources said, following Washington’s withdrawal of key trade privileges for New…


Ringgit likely to trade in 4.15-4.18 range next week

KUALA LUMPUR: The ringgit is expected to trade between 4.15 and 4.18 against the US dollar following guidance from the fluctuations in the greenback along with the Federal Reserve’s (Fed) decision on US interest rates, said an analyst.

FXTM market analyst Han Tan said the Fed’s upcoming policy decision is set to be a key driver of global markets in the week ahead, as markets expect at least one US interest rate cut to be a near-certainty this year.

“Although the Fed isn’t expected to make any monetary policy moves this month, any hints of an eventual lowering of interest rates could see the US dollar weaken, while allowing Asian currencies to climb higher.

“The US dollar has been rather subdued with markets pricing in an interest rate cut over the coming months,” he told Bernama.

He said so far this month, regional assets have mostly benefited from the relative pause in the escalating tensions between the US and China, although market sentiment remains fragile and could quickly give way on further signs of heightened tensions between the world’s two largest economies.

Tan, however, said the Fed’s US economic forecasts in the week ahead could also influence risk sentiment, whereby heightened downside risks for the world’s largest economy could fuel concerns over the broader global slowdown and prompt Asian assets to unwind recent gains.

Meanwhile, throughout this week, the ringgit mostly traded within the range of 4.16 to 4.17, anchored by Malaysia’s better-than-expected April industrial production figures as well as growing expectations of a US interest rate cut, Tan said.

On a Friday-to-Friday basis, the ringgit weakened to 4.1650/1690 against the US dollar from 4.1570/1620 previously.

It traded mostly lower against other major currencies.

The local unit depreciated against the Singapore dollar to 3.0457/0491 from 3.0396/0444 at last Friday’s close, declined to 3.8490/8534 from 3.8275/8331 versus the yen, and fell versus the euro to 4.6940/6989 from 4.6787/6860 previously.

However, vis-a-vis the pound it appreciated to 5.2691/2759 from 5.2844/2924. – Bernama


Analyst: Ringgit likely to trade in 4.15-4.18 range next week

KUALA LUMPUR, June 15 — The ringgit is expected to trade between 4.15 and 4.18 against the US dollar following guidance from the fluctuations in the greenback along with the Federal Reserve’s (Fed) decision on US interest rates, said an analyst….