factory data

 
 

Foreign outflow declines to rm290.6 mln

KUALA LUMPUR: Foreign investors have been net sellers for a third week in a row, with net sales of RM290.6 million between Monday and Thursday compared with the previous week’s RM319 million. Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said external headwinds appeared to have made a strong come back, affecting […]


Foreign outflow reduces to RM290.6m

KUALA LUMPUR, March 3 — Foreign investors have been net sellers for a third week in a row, with net sales of RM290.6 million between Monday and Thursday this week compared with the previous week’s RM319 million. Bank Islam Malaysia Bhd chief…


Global shares rise on trade optimism, tame inflation

NEW YORK, March 2 ― World equity markets rose yesterday to end an otherwise slow week on optimism around trade and benign US inflation, while crude oil retreated on news of weaker US factory activity. On Thursday, White House economic adviser…


US stocks flat after solid 4Q growth data

NEW YORK, Feb 28 — Wall Street stocks were little changed in early trading today following a solid US economic growth report and tepid Chinese factory data. About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 per cent to…


Markets mostly drop on Kim-Trump summit failure

LONDON, Feb 28 — World stock markets mostly sank today as a summit between Donald Trump and Kim Jong-un ended abruptly without an agreement. Asian equities had been fluctuating throughout the day on tempered optimism over China-US trade talks,…


Asian markets down as Kim-Trump summit ends abruptly

HONG KONG: Asian markets mostly fell Thursday, led by Seoul, as a summit between Donald Trump and Kim Jong Un ended abruptly without an agreement.

Equities had been fluctuating through the day on tempered optimism over China-US trade talks, weak factory data from Beijing and fresh geopolitical tensions in Kashmir.

But they took a decisive turn south after an expected lunch and signing ceremony between the US and North Korean leaders was called off at the last minute.

The shock news came just hours after Kim raised the prospect of a permanent US diplomatic presence in Pyongyang and Trump said he was in “no rush” for a speedy deal over North Korea’s nuclear programme.

Both men left the summit venue in Hanoi without a public signing ceremony and Trump moved up his news conference by two hours, sparking doubts about the progress made at the meeting.

“The two leaders discussed various ways to advance denuclearisation and economic driven concepts,“ White House press secretary Sarah Sanders said. “No agreement was reached at this time, but their respective teams look forward to meeting in the future.”

Seoul dived 1.8% and Tokyo ended 0.8% lower, while Shanghai shed 0.4% and Hong Kong was off 0.3% in the afternoon. Singapore shed 0.7%.

Manila and Jakarta were more than one percent down each while Bangkok slipped 0.4%, though there were gains in Sydney and Wellington.

The global rally that has characterised most of this year had already taken a knock after US Trade Representative Robert Lighthizer told lawmakers that “real progress” had been made in trade talks with China, but a lot of work was still needed before a pact is signed.

While his comments did not derail expectations of an agreement at some point – with both sides reporting good progress and Trump delaying a deadline for a deal – it did give traders pause for thought, observers said.

‘Better sense’

Lighthizer said a “trade deal hasn’t been agreed yet, bringing some reality back to euphoric markets post-Trump’s tariff extension, despite the fact Lighthizer also announced both sides had agreed on an enforcement process”, said OANDA senior market analyst Jeffrey Halley.

Also fuelling selling pressure was figures showing Chinese manufacturing activity contracted for a third straight month in February, with factories hit by the long Lunar New Year break, concerns about slowing growth and uncertainty from the trade row.

However, Zhou Hao, a senior emerging markets economist at Commerzbank AG, said the results were likely not as bad as they seemed and the outlook could be positive.

“I think we still want to wait for the next month’s reading as this month’s is distorted by the holiday,“ he said.

“Also the economy could stabilise this month. Rising input prices suggest that there is no need to worry about deflation, so the question now rests on whether the economy has enough impetus.”

Nervousness continues to stalk trading floors after Pakistan and India said they had shot down each other’s fighter jets on Wednesday, fuelling worries of a conflict between the nuclear-armed neighbours.

The developments followed the Feb 14 suicide bombing by militants in the disputed Kashmir region that that killed 40 Indian troops.

Pakistan Prime Minister Imran Khan called for “better sense” to prevail.

On currency markets the pound held gains after touching a near eight-month high earlier Thursday after MPs gave Prime Minister Theresa May more time to work on her EU withdrawal deal after she promised they could delay Brexit if necessary.

Sterling was also given a boost after the opposition Labour Party said it would back a second referendum, having lost a vote on its own Brexit plan Wednesday. — AFP


Asian markets swing on tempered trade hopes, weak data

HONG KONG: Asian markets fluctuated Thursday as optimism over China-US trade talks was tempered by Donald Trump’s top negotiator, while investors also digested weak factory data from Beijing and fresh geopolitical tensions in Kashmir.

The global rally that has characterised most of this year took a knock after US Trade Representative Robert Lighthizer told lawmakers that “real progress” had been made with China, but a lot of work was still needed before a pact is signed.

While his comments did not derail expectations of an agreement at some point – with both sides reporting good progress and Trump delaying a deadline for a deal – it did give traders pause for thought, observers said.

Lighthizer said a “trade deal hasn’t been agreed yet, bringing some reality back to euphoric markets post-Trump’s tariff extension, despite the fact Lighthizer also announced both sides had agreed on an enforcement process”, said Oanda senior market analyst Jeffrey Halley.

After a negative lead from Wall Street, Asian markets swung Thursday and Tokyo went into the break 0.4% lower.

Hong Kong was up 0.4% mid-morning, Shanghai gained 0.3%, Sydney put on 0.2% and Wellington was up 0.4%.

But Singapore slipped 0.5% and Seoul shed 0.2%, while Jakarta retreated 0.5% and Manila lost 0.7%.

Also fuelling selling pressure was figures showing Chinese manufacturing activity contracted for a third straight month in February, with factories hit by the long Lunar New Year break, concerns about slowing growth and uncertainty from the trade row.

‘Better sense’

However, Zhou Hao, a senior emerging markets economist at Commerzbank AG, said the results were likely not as bad as they seemed and the outlook could be positive.

“I think we still want to wait for the next month’s reading as this month’s is distorted by the holiday,“ he said.

“Also the economy could stabilise this month. Rising input prices suggest that there is no need to worry about deflation, so the question now rests on whether the economy has enough impetus.”

Nervousness continues to stalk trading floors after Pakistan and India said they had shot down each other’s fighter jets on Wednesday, fuelling worries of a conflict between the nuclear-armed neighbours.

The developments followed the Feb 14 suicide bombing by militants in the disputed Kashmir region that that killed 40 Indian troops.

Pakistan Prime Minister Imran Khan called for “better sense” to prevail.

“With politicians on both nuclear-armed sides making soothing comments overnight, the trick will be finding a mutually face-saving path to de-escalate the situation. Of course, this will be much easier said than done, and the potential for hostilities to ratchet higher remains very high,“ Halley added.

On currency markets the pound held gains after touching a near eight-month high earlier Thursday after MPs gave Prime Minister Theresa May more time to work on her EU withdrawal deal after she promised they could delay Brexit if necessary.

Sterling was also given a boost after the opposition Labour Party said it would back a second referendum, having lost a vote on its own Brexit plan Wednesday. — AFP


Italian bond yields hover near highs ahead of services sector survey

LONDON, Feb 5 — Italian government bond yields hovered near recent highs today ahead of the release of a services sector survey that investors believe could indicate the depth of the country's economic downturn. Italy went into a recession in the…


Ringgit opens slightly lower in early trade

KUALA LUMPUR, Feb 4 — The ringgit opened slightly lower against the US dollar on lack of catalysts, said a dealer. At 9.05am, the ringgit was pegged at 4.0980/1050 against the greenback from Friday’s close of 4.0930/0980. OANDA Senior Market…


Dollar finds support on US jobs data; Aussie dollar weaker

SINGAPORE, Feb 4 — The dollar held near a one-week high against the yen today, supported by a stronger-than-expected US jobs and factory data, although gains are likely to be capped on caution about Federal Reserve policy and amid thinned holiday…