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 (Feb 25): The FBM KLCI closed 10.82 points or 0.73% higher today at 1,500.88, on bargain hunting, after Malaysian stocks' substantial drop yesterday into a bear market, as investors weighed factors including Malaysian political uncertainties, besides the global Covid-19 outbreak and crude oil price slump.
It was reported that Malaysia is facing an unprecedented politicial situation following Tun Dr Mahathir Mohamad's surprise resignation as its seventh prime minister yesterday, and the exit of his political party, Parti Pribumi Bersatu Malaysia, from the Pakatan Harapan coalition. It was reported that the Yang di-Pertuan Agong has appointed Dr Mahathir as interim prime minister, following the resignation.
Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI rebounded as the "political situation appeared to have slightly stabilised" after Dr Mahathir was appointed as the interim prime minister shortly after he resigned as prime minister.
The KLCI closed up at 1,500.88 on bargain hunting today, after finishing down 41.14 points or 2.69% yesterday at 1,490.06, as Malaysian stocks were seen entering into a bear market, where stock prices record a 20% decline from their recent peak.
Today, Bursa Malaysia saw 3.13 billion shares worth RM2.76 billion
traded across the exchange. Top gainers included Carlsberg Brewery
Malaysia Bhd, Fraser & Neave Holdings Bhd and British American
Tobacco (M) Bhd, as investors appeared to take a defensive approach as
they weighed the impact of the global Covid-19 outbreak and crude oil
price slump, besides Malaysian political uncertainties on equities.
Crude oil prices rose today, after falling some 4% in overnight trades, amid Covid-19 outbreak concerns.
Reuters reported Brent crude rose 19 cents or 0.3% to US$56.49 a barrel by 0436 GMT today, after slipping 3.8% on Monday, the largest single-day price fall since Feb 3. It was reported that the US crude futures gained 17 cents or 0.3% to US$$51.60, recovering from a 3.7% drop in the previous session.
Source: The Edge
Crude oil prices rose today, after falling some 4% in overnight trades, amid Covid-19 outbreak concerns.
Reuters reported Brent crude rose 19 cents or 0.3% to US$56.49 a barrel by 0436 GMT today, after slipping 3.8% on Monday, the largest single-day price fall since Feb 3. It was reported that the US crude futures gained 17 cents or 0.3% to US$$51.60, recovering from a 3.7% drop in the previous session.
Source: The Edge
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