chinese

 
 

Safe-haven currencies under pressure as stimulus hopes grow

TOKYO, Aug 19 — Safe-haven currencies such as the yen and Swiss franc were under pressure today as expectations policymakers would unleash new stimulus eased immediate concerns about a slowing global economy. Such hopes found support from the…


Apple CEO warns Trump about China tariffs, Samsung competition

WASHINGTON, Aug 19 — President Donald Trump said yesterday that he had spoken with Apple Inc’s Chief Executive Tim Cook about the impact of US tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co…


US President Trump does not want to do business with China’s Huawei

WASHINGTON, Aug 19 — US President Donald Trump yesterday said he did not want the United States to do business with China’s Huawei even as the administration weighs whether to extend a grace period for the company. Reuters and other media…


Trump advisor: US and China seeking to revive trade talks

WASHINGTON, Aug 19 — Washington and Beijing are working to revive pivotal talks aimed at ending the trade war that has roiled world markets, Donald Trump’s chief economic advisor said yesterday. If calls between both sides’ deputies pan out in…


Alibaba and the US$15b question: Amid Hong Kong’s protests, when to list?

HONG KONG, Aug 17 — Hong Kong’s political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned US$15 billion (RM62.6 billion) listing in the city, with sources saying China’s biggest e-commerce company is now…


Cathay Pacific’s torrid week ends with shock CEO resignation

HONG KONG, Aug 17 — Cathay Pacific announced the shock resignation yesterday of its CEO Rupert Hogg, compounding a torrid week for the Hong Kong carrier after it was excoriated by Beijing because some staff supported pro-democracy protests. The…


US set to give Huawei another 90 days to buy from American suppliers, say sources

SINGAPORE, Aug 17 — The US Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from US companies so that it can service existing customers, two sources familiar with the…


FBM KLCI to stay range-bound amid global volatility

KUALA LIMPUR: Bursa Malaysia is expected to trade range bound next week against the backdrop of global volatility and despite a stronger than expected second quarter gross domestic product (GDP) announcement.

Phillip Capital Management Senior Vice President (Investment) Datuk Dr Nazri Khan Adam Khan said the market barometer is expected to decline towards the 1580 points support level next week, driven by global weakness.

“The benchmark FTSE Bursa Malaysia (FBM KLCI) joined the global equities rout as recession fears begin to appear. This is due to inverted US treasury yields and concerns over the US economic health.

“Following the mixed performance across the globe, we expect the FBM KLCI to hold up at the 1,600 points level against a healthy domestic economic outlook,” he told Bernama.

He said on the technical front, the FBM KLCI showed a resilient break below the meaningful 1,600 points support.

“The local bourse charted a small “Bearish Harami” candlestick pattern near the aforementioned support mark, an indication that the bears are pushing against the bulls,” Nazri Khan said.

He also said the immediate support for the local bourse would stay near 1,580 points and conversely, the immediate resistance is located at 1,600 points, while the next resistance is seen at 1,630 points

For the holiday-shortened week, the FBM KLCI slid from its support level of 1,600 in tracking the performance of Wall Street with the Dow Jones Industrial Average falling more than three per cent in two days, while dubbed the worst fall of the year.

On Wednesday, the market temporarily rebounded, as US President Donald Trump delayed the extra tariffs that were expected to hit Chinese export goods to December 15.

However, the local bourse market faced contraction on Thursday again, in line with regional peers, due to heightened global uncertainty.

On Friday, the local market ended mixed backed by the better than expected second-quarter GDP which is expected to be a temporary catalyst for the FBM KLCI next week.

On a Friday to Friday basis, the FBM KLCI fell 15.83 points to 1,599.22 from 1,615.05.

Trading in the week was heavily influenced by Wall Street’s performance, the tariff delay by the US on Chinese goods, as well as Malaysia’s GDP announcement.

The FBM Emas Index declined 132.22 points to 11,308.11, the FBMT 100 Index slipped 127.22 points to 11,145.65 and the FBM Emas Shariah Index fell 83.35 points to 11,843.22.

The FBM 70 weakened 230.25 points to 14,074.12 and the FBM Ace Index declined 109.92 points to 4,587.72.

Sector-wise, the Financial Services Index slid 317.48 points to 15,524.51, the Plantation Index advanced 30.94 points to 6,758.37 and the Industrial Products and Services Index eased 2.92 points to 149.72.

Weekly turnover declined to 8.33 billion units with a value of RM6.6 billion compared with 12.45 billion units valued at RM10.11 billion.

Main Market volume contracted to 5.38 billion shares worth RM5.99 billion compared with 7.64 billion shares worth RM9.19 billion.

Warrants turnover also slid to 1.75 billion units worth RM499.52 million from 2.41 billion units valued at RM596.71 million.

The ACE Market volume also declined to 1.17 billion shares worth RM187.90 million compared with 2.40 billion shares valued at RM318.84 million. — Bernama


US removes some Chinese furniture, modems from planned 10pc tariffs

WASHINGTON, Aug 17 — The Trump administration is sparing some Chinese-made household furniture, baby items and internet modems and routers from its next rounds of 10 per cent tariffs, it said yesterday. The US Trade Representative’s office…


Wall Street opens higher on hopes for trade war relief

NEW YORK, Aug 16 — US stocks muscled higher at the open today as investors found relief in hope for progress in the US-China trade war, and housing data offered enough good news not to ruin the party. After a wild week in which the Dow posted its…