rate hikes


FBM KLCI likely to hit 1,760 pts this year

PETALING JAYA: The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to hit 1,760 points this year due to a reversal in the foreign funds outflow on the back of positive external developments, coupled with a cheaper ringgit and better corporate earnings growth, said Rakuten Trade Sdn Bhd. Head of research Kenny Yee said […]

FBM KLCI likely to hit 1,760 this year, says Rakuten

PETALING JAYA, Feb 22 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to hit 1,760 points this year due to a reversal in the foreign funds outflow on the back of positive external developments, coupled with a cheaper ringgit and…

Wall Street ends up slightly as Fed minutes support cautious stance

NEW YORK, Feb 21 — US stocks ended higher yesterday after minutes from the Federal Reserve's last meeting reaffirmed for investors that the US central bank would be “patient” with respect to further interest rate hikes. But policymakers gave…

US stocks edge up ahead of Fed minutes

NEW YORK, Feb 20 — Wall Street stocks edged higher early today ahead of Federal Reserve meeting minutes that will shed light on last month’s dovish tilt by the central bank. About 10 minutes into trading, the Dow Jones Industrial Average was up…

Asia shares scale 4.5-month peak on hopes of US-China trade deal

TOKYO, Feb 20 — Asian stocks advanced to 4.5-month highs today as investors bet that Chinese and US trade negotiators would be able to secure a deal to de-escalate their year-long tariff war. MSCI's broadest index of Asia-Pacific shares outside…

Asia stocks up slightly, eyes on US-China talks, Fed minutes

TOKYO, Feb 20 — Asian stocks gained a tad yesterday after US-China trade talks resumed while investors awaited minutes from the US Federal Reserve for clues on policymakers' thinking on interest rates and its balance sheet reduction policy. MSCI's…

Wall Street rises modestly on Walmart bump

NEW YORK, Feb 20 — US stocks gained ground yesterday as upbeat results from Walmart boosted investor sentiment and high-level US-China trade talks resumed in Washington. All three major US equity indexes closed higher, with the Nasdaq ending its…

Shares slip from four-month high, Swedish crown slumps

LONDON, Feb 19 — European and Asian shares hovered near four-month highs today as investors took heart from some progress in Sino-US trade talks, while the yen dribbled lower as Japan’s central bank said it could ease policy again. World markets…

Asian shares hover near four-month high, buoyed by trade optimism

TOKYO, Feb 19 — Asian shares hovered near a four-month peak today, supported by hopes that Sino-US trade talks were making positive progress and expectations of policy stimulus from central banks. While investors were without any firm directional…

Gold at 2-wk high on trade deal hopes; palladium peaks

GOLD PRICES rose to their strongest level in more than two weeks on Monday as the dollar weakened on hopes the United States and China are nearing a trade deal, while palladium hit a record high.

Spot gold had gained 0.1% to US$1,322.41 (RM5,397) per ounce as of 0747 GMT. The metal touched US$1,325.30 (RM5,409) earlier, just below a 9-month peak of US$1,326.30 (RM5,414) an ounce marked on Jan. 31.

U.S. gold futures rose 0.3% to US$1,326.1 an ounce.

“Alleviation of risks around the trade talks has certainly benefited the markets,“ said ANZ analyst Daniel Hynes, adding that signs of progress in the discussions had reduced appetite for the dollar, which has been supporting gold.

The dollar was marginally weaker on Monday, as increasing expectations of a U.S.-Sino trade deal led investors to shift away from the safety of the greenback, which had been the preferred safe-haven during the trade dispute.

The United States and China will resume trade talks this week in Washington with time running short to ease their bruising trade war, but U.S. President Donald Trump repeated on Friday that he may extend a March 1 deadline for a deal and keep tariffs on Chinese goods from rising.

Spot gold prices have risen about 3.3% so far this year on hopes that the world’s two largest economies will hammer out a truce and on expectations the U.S. Federal Reserve will pause its cycle of interest rate hikes.

Minutes of the Fed’s January policy meeting are due on Wednesday and should provide more guidance on the likelihood or not for rate hikes this year.

“Looser monetary policies are generally favourable to gold, which has benefited since the Fed paused its tightening path,“ said Nicholas Frappell, global general manager, ABC Bullion.

“The market will be looking closely at U.S. and China data and I think gold will target a retest of the US$1,326 level again.”

However, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to its lowest level this year at 793.03 tonnes on Friday.

Meanwhile, palladium hit a record high of US$1,449 (RM5,916) an ounce and stayed in a broad US$20 range in early trade. The metal was currently trading at $1,442 (RM5,887) an ounce, up 0.7%.

“In combination with supply-side issues, the (palladium) market is going to be in a sizeable deficit this year … potential for better-than-expected demand from China will exacerbate that tightness,“ ANZ’s Hynes added.

Platinum inched 0.2% higher to US$803.18 per ounce, having touched a near two-week high of US$807 earlier in the session. Silver was little changed at US$15.78. — Reuters