Wall Street's optimism vanished late Wednesday as President Trump’s sweeping new tariffs triggered a sharp selloff in U.S. equity futures and a flight to safe-haven assets, casting a shadow over global trade outlook and corporate margins. Key Market Moves Instrument Move S&P 500 Futures -3.5% Nasdaq 100 Futures -4.5% Treasury Futures Surged (Yields fell sharply) Japanese Yen Gained as safe haven AUD & NZD Bonds Rallied Tariff Summary A 10% baseline tariff on all U.S. imports. Additional tariffs on ~60 countries, with higher duties targeting China, EU, and Vietnam . Steel and aluminum imports spared from the new round but remain under existing 25% duties. “Eye-watering tariffs scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future.” — Adam Hetts, Janus Henderson Investors Sector Impact Major declines hit consumer, tech, and industrial names: Company Sector Move Nike, Gap, Lululemon Retail (Vietnam-based) -...
KUALA LUMPUR (Jan 5): The FBM KLCI closed 14.52 points or 0.8% higher as anticipation of Malaysia's 14th general election (GE14) in 2018 and a stronger ringgit drove investors’ sentiment.
At 5pm, the KLCI closed at its intraday high of 1,817.97 points.
In currency markets, the ringgit appreciated to 3.9975 against the US dollar at 5:50pm after trading between 3.9887 and 4.0055 today.
“The (stock market) rally is expected to firm up towards GE14 and people are buying on stronger ringgit," Hong Leong Investment Bank Bhd retail research analyst Loui Low Ley Yee told theedgemarkets.com.
Low said Malaysian shares' "near-term performance depends on corporate results (announcements) in February." He said "if earnings are weak, there might be a (stock market) consolidation.”
Across Bursa Malaysia today, trading volume was 5.84 billion shares worth RM3.94 billion.
Notable gainers included Fraser & Neave Holdings Bhd, UMW Holdings Bhd and Axiata Group Bhd.
Sapura Energy Bhd was the most-actively traded counte with some 332 million shares transacted. Sapura Energy rose 9.5 sen to 81 sen.
Source: The Edge
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