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 (July 27): The FBM KLCI closed 1.87 points or 0.12% higher today, thanks to a rush for glovemakers in the final minutes of trading, after declining on the back of losses in banking counters.
The benchmark index dipped to a low of 1,588.98 amid profit-taking in Top Glove Corp Bhd, but the late buying in that stock and other glovemakers lifted the index to 1591.48 at the close.
Public Bank led the banking stocks' decline, while Malayan Banking Bhd shares also slipped.
This follows news that the banking sector is estimated to see losses of RM6.4 billion during the loan moratorium period, and that the government and Bank Negara Malaysia are in talks with banks on whether the six-month moratorium will be extended beyond September.
“Looking ahead the focus now will be on 2Q results, which many
already see to be weaker,” Areca Capital Sdn Bhd chief executive officer
Danny Wong told theedgemarkets.com when contacted. “Investors are now
gauging whether the results will further miss expectations.”
The wider Bursa Malaysia remained a trading market with 11.61 billion shares, valued at RM6.24 billion exchanging hands. A total of 582 counters posted gains as opposed to 505 decliners, while 378 counters traded unchanged.
Topping the gainers’ list was glovemaker Kossan Rubber Industries Bhd, followed by plantation group Kuala Lumpur Kepong Bhd, Bursa Malaysia Bhd and Hartalega Holdings Bhd.
Decliners were led by Nestle (M) Bhd, Ajinomoto M Bhd, Petronas Dagangan Bhd and Allianz M Bhd.
Elsewhere in Asia, the markets were mixed. Japan’s Nikkei 225 slipped 0.16%, South Korea’s Kospi climbed 0.79% while Hong Kong’s HSI eased 0.41%.
Overall, analysts said markets were jittery due to concerns over US-China relations, which in turn raised concerns over global economic outlook and pushed the US dollar lower and precious metal gold to rocket beyond its previous high in 2011-2012.
Reuters reported Washington ordered China’s consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.
At the time of writing, the US dollar opened lower against the ringgit, trading down 0.26% at 4.2505/4.2625.
Spot gold rose 2.05% to US$1940.30 per ounce, after touching US$1945.30 earlier — its highest ever. Silver followed, rising 5.88% to US$24.04 per ounce.
Source: The Edge
The wider Bursa Malaysia remained a trading market with 11.61 billion shares, valued at RM6.24 billion exchanging hands. A total of 582 counters posted gains as opposed to 505 decliners, while 378 counters traded unchanged.
Topping the gainers’ list was glovemaker Kossan Rubber Industries Bhd, followed by plantation group Kuala Lumpur Kepong Bhd, Bursa Malaysia Bhd and Hartalega Holdings Bhd.
Decliners were led by Nestle (M) Bhd, Ajinomoto M Bhd, Petronas Dagangan Bhd and Allianz M Bhd.
Elsewhere in Asia, the markets were mixed. Japan’s Nikkei 225 slipped 0.16%, South Korea’s Kospi climbed 0.79% while Hong Kong’s HSI eased 0.41%.
Overall, analysts said markets were jittery due to concerns over US-China relations, which in turn raised concerns over global economic outlook and pushed the US dollar lower and precious metal gold to rocket beyond its previous high in 2011-2012.
Reuters reported Washington ordered China’s consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.
At the time of writing, the US dollar opened lower against the ringgit, trading down 0.26% at 4.2505/4.2625.
Spot gold rose 2.05% to US$1940.30 per ounce, after touching US$1945.30 earlier — its highest ever. Silver followed, rising 5.88% to US$24.04 per ounce.
Source: The Edge
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