The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
KUALA LUMPUR (Nov 2): The FBM KLCI pared losses for a 2.88-point or 0.2% drop as investors bargain hunted for blue-chip stocks in the afternoon. The month of November is when Malaysia's July-September quarter corporate financial reporting starts in earnest.
At 5pm today, the KLCI closed at 1,741.05 points after hitting its intraday low at 1,739.80 points.
“Better third quarter results can provide a catalyst for the local market, which has lagged behind regional peers,” Areca Capital Sdn Bhd chief executive Danny Wong Teck Meng told theedgemarkets.com.
Across Bursa Malaysia, 2.91 billion shares valued at RM2.09 billion exchanged hands. Decliners led gainers by 474 to 329 respectively.
Elsewhere, Asian share markets closed mixed as strong earnings prospects lifted Japan’s Nikkei 225 by 0.53%. Hong Kong’s Hang Seng dipped 0.26% while South Korea’s Kospi slipped 0.4%.
Reuters reported that Japan's Nikkei share average extended its strong rally to top a new 21-year peak on Thursday, ahead of a long weekend, with investors piling into miners and companies such as Honda Motor and Sony on robust earnings prospects. Japanese markets will be closed for a national holiday on Friday.
Source: The Edge
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