HONG KONG, Jan 19 — Why are official warnings of the threat that rising interest rates pose to Hong Kong’s red-hot housing market falling on deaf ears? The Hong Kong Monetary Authority and the International Monetary Fund have both…
(Jan 19): Why are official warnings of the threat that rising interest rates pose to Hong Kong’s red-hot housing market falling on deaf ears? The Hong Kong Monetary Authority and the International Monetary Fund have both highlighted the risks. But three Federal Reserve rate increases forecast for this year won’t stop prices from climbing, according to analysts at firms including JPMorgan Chase & Co. and Union Bancaire Privee. Prices already jumped 22 percent as the Fed raised rates five times from December 2015. On the face of it, the warnings make sense. HouseholdRead More
NEW YORK, Jan 18 — Bank of America Corp’s quarterly profit was nearly chopped in half by tax-related charges but the lender’s management promised the new US tax system would eventually benefit shareholders. The tax overhaul, signed by US…
OTTAWA, Jan 18 — The Bank of Canada raised its benchmark interest rate by 25 basis points to 1.25 per cent yesterday, pointing to sustained growth in the G7 economy and inflation that is closer to the country’s target. The central bank…
“Macro US dollar weakness seems sustained at the beginning of 2018, and ringgit strength should sustain until the general election. But we may see a retracement of the ringgit against the US dollar in the second quarter,’’ according to Hor Kwok Wai(pic), chief operating officer, global markets, Hong Leong Bank. THE ringgit, which hit a level not seen since July 2016, is expected to trade on a stronger note but may retrace slightly to above 4.00 to the US dollar in the second quarter. “Overall, the ringgit is expected toRead More
KUCHING: An interest rate hike will likely be a mild booster for earnings in Malaysia’s banking sector. Based on its calculations, the research arm of AmInvestment Bank Bhd (AmInvestment) noted that an interest rate increase could boost banks’ net profits by 0.9 per cent to 2.4 per cent. “An interest rate hike will have a […]
KUALA LUMPUR, Jan 12 — AmInvestment Research is projecting one to two rate hikes with 25 basis points (bps) each for this year which will be mildly positive on bank earnings. The research firm, in a Aminvestment Bank report, said Bank…
KUCHING: The reversal of quantitative easing (QE), rate hikes and rising inflation pressures in the US are among the most impactful factors for the movement of the global financial markets in 2018, an executive at Templeton Global Macro (Templeton) observed. “As we look ahead in 2018, we expect the reversal of QE, rate hikes and […]
HONG KONG, Jan 11 — Don’t expect interest rates to spike anytime soon in Hong Kong, where abundant liquidity has fuelled spectacular rallies in the stock and property markets. That’s according to Hong Kong’s biggest lender HSBC Holdings…
KUALA LUMPUR: The ringgit was higher against the US dollar in early trading today on the back of an optimistic outlook of foreign fund inflows into the domestic debt market, supported by sound economic fundamentals.
At 9.13am, the local unit stood at 3.9980/0020 against the greenback from 4.0020/0070 at the close yesterday.
In a note, Kenanga Research said the ringgit would remain on a strong footing and gradually appreciate against the US dollar and other major currencies, given the economy's solid current account surplus, benign inflation outlook and prudent fiscal position.
“Nevertheless, we may also see a more volatile ringgit, mainly affected by the anticipated three rate hikes by the US Federal Reserve this year.
“Hence, we may see the USD-MYR pair trading in a wider range between 3.95 and 4.10 in the first quarter this year,” it added.
Meanwhile, the ringgit traded mixed against a basket of major currencies.
It was flat against the Singapore dollar at 2.9975/0018 from 2.9975/9024 at the close yesterday, but rose against the British pound to 5.4013/4075 from 5.4019/4090.
The ringgit declined against the yen to 3.5860/5899 from 3.5806/5857 and fell against the euro to 4.7804/7864 from 4.7776/7844. — Bernama