Posts by Mark Darwin
Bank Negara holds key rate as subsidy cuts pose inflation risks
Malaysia’s central bank kept its benchmark interest rate steady on Thursday (Jul 11), in line with market expectations, as it flagged an expected pickup in inflation over the second half of 2024 following changes in diesel subsidies. All 32 economists surveyed by Reuters had expected Bank Negara Malaysia (BNM) to keep its overnight policy rate…
Read MoreJapan’s Nikkei hits all-time high, tops 42,000 on Wall Street gains
Japan’s Nikkei share average surged to an all-time high on Thursday (Jul 11), crossing 42,000 points for the first time as an overnight rally in US stocks boosted investor sentiment. The Nikkei ended 0.94 per cent higher at 42,224.02, securing a third consecutive record high close this week. The benchmark index had hit a record…
Read MoreAsia: Markets track Wall Street records after Powell hints at rate cut
ASIAN stocks on Thursday tagged along with a Wall Street rally that saw another round of record highs as bets on a September interest rate hike surged following comments by Federal Reserve boss Jerome Powell. The advances also saw Hong Kong and Shanghai push higher after struggling in recent weeks over worries about the Chinese…
Read MoreChina forbids new coal-based steelmaking for first time in years
CHINA did not permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released on Thursday (Jul 11). All 7.1 million tonnes a year of steelmaking capacity permitted by provincial governments in the first half used…
Read MoreGold holds ground as traders brace for US inflation data
GOLD prices held steady on Thursday (Jul 11), with investors awaiting US inflation data due later in the day for more insights on the Federal Reserve’s interest rate path. Spot gold was nearly unchanged at US$2,372.99 per ounce, as at 0042 GMT. US gold futures were flat at US$2,378.40. Fed chair Jerome Powell said on…
Read MoreRaffles Family Office hires Terence Chow as group chief operating officer
He will be based in Hong Kong, reporting to the company’s group chief and co-founder Kwan Chi-man RAFFLES Family Office has named Terence Chow, formerly a wealth management chief executive at the Royal Bank of Canada (RBC), as its group chief operating officer (COO). The appointment was effective Jul 2, said the commercial multi-family office…
Read MoreHot stock: Second Chance up 40% on potential privatisation by founder’s family
Mohamed Salleh and his family are looking to take the company private at S$0.30 per share SHARES of Second Chance Properties rose as much as 39.5 per cent at Thursday’s (Jul 11) open after the counter resumed trading, as investors digested the founder’s bid to take the company private. On Wednesday, Mohamed Salleh, the founder…
Read MoreBritain fast-tracks biggest company listings shake-up in decades
BRITAIN’S markets watchdog on Thursday set out final rules for the biggest shake-up in how companies list on the London Stock Exchange in three decades as it seeks to compete harder with New York and the European Union post-Brexit. The Financial Conduct Authority (FCA) said the rules are largely unchanged from proposals made last December,…
Read MoreStocks to watch: Keppel, Keppel DC Reit, Sats
THE following companies saw new developments that may affect trading of their securities on Thursday (Jul 11): Keppel, Keppel DC Reit: The data centre real estate investment trust (Reit) and its sponsor are jointly acquiring a 100 per cent interest in a shell and core data centre based in Tokyo, Japan. The total purchase consideration…
Read MoreOil settles higher on hopeful demand outlook as US oil stocks sink
OIL prices settled higher on Wednesday after a jump in US refining activity last week drove a larger-than-expected decline in petrol and crude inventories, but gains were capped due to minimal supply disruptions from Hurricane Beryl. Brent futures settled up 42 cents, or 0.5 per cent at US$85.08 a barrel. US West Texas Intermediate (WTI) crude…
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