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 (Dec 3): The FBM KLCI declined 8.28 points or 0.53% to close at 1,562.27 with Asian shares, after US President Donald Trump restored tariffs on steel and aluminum imports from Brazil and Argentina and as investors evaluated US factory data.
Trump's latest move on Brazil and Argentina added fresh global trade war concerns, amid the existing US-China dispute.
In Malaysia, fund managers said the KLCI declined today, possibly on foreign selling, as institutional investors rebalanced their Malaysian equity portfolios.
“It is the year-end, so may be foreign funds want to unwind certain positions. However, this might change later, once they have looked at the portfolios,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.
The KLCI pared losses at 1,562.27 at 5pm market close, after falling to its intraday low at 1,556.17.
Across Bursa Malaysia at 5pm, 2.34 billion shares worth RM1.74 billion were traded. Top decliners included Nestle (M) Bhd, Fraser and Neave Holdings Bhd and Hong Leong Financial Group Bhd.
Top gainers included Carlsberg Brewery Malaysia Bhd, VSTECS Bhd and IGB Bhd. Leading active stocks included Ekovest Bhd, PUC Bhd and Khee San Bhd.
Globally, Reuters reported most Southeast Asian stock markets on Tuesday tracked global equities lower, on concerns about weak US manufacturing data and signs of new fronts in the tariff scenario, posing an additional risk to the global economic outlook.
It was reported that a report from the Institute for Supply Management (ISM) showed US manufacturing activity contracted in November for the fourth consecutive month, stoking concerns that the longest period of economic expansion in US history could be losing steam.
It was reported that Trump said on Monday that he would restore tariffs on US steel and aluminium imports from Brazil and Argentina. "Trump's tariff threat overshadowed encouraging data from euro zone economies and China — Southeast Asia's biggest trading partner," Reuters reported.
Source: The Edge
Across Bursa Malaysia at 5pm, 2.34 billion shares worth RM1.74 billion were traded. Top decliners included Nestle (M) Bhd, Fraser and Neave Holdings Bhd and Hong Leong Financial Group Bhd.
Top gainers included Carlsberg Brewery Malaysia Bhd, VSTECS Bhd and IGB Bhd. Leading active stocks included Ekovest Bhd, PUC Bhd and Khee San Bhd.
Globally, Reuters reported most Southeast Asian stock markets on Tuesday tracked global equities lower, on concerns about weak US manufacturing data and signs of new fronts in the tariff scenario, posing an additional risk to the global economic outlook.
It was reported that a report from the Institute for Supply Management (ISM) showed US manufacturing activity contracted in November for the fourth consecutive month, stoking concerns that the longest period of economic expansion in US history could be losing steam.
It was reported that Trump said on Monday that he would restore tariffs on US steel and aluminium imports from Brazil and Argentina. "Trump's tariff threat overshadowed encouraging data from euro zone economies and China — Southeast Asia's biggest trading partner," Reuters reported.
Source: The Edge
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