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 (March 29): After remaining range bound in cautious trading, the FBM KLCI recovered to close at the day's high following the announcement of Malaysia's higher trade surplus in February.
The index finished 9.86 points or 0.62% higher at 1,611.28, boosted by gains in Axiata Group Bhd, Petronas Gas Bhd and Hong Leong Financial Group Bhd.
Areca Capital CEO Danny Wong said the index was generally on the uptrend, despite the bumps earlier in the session.
“What could have also impacted the sentiment today is the better year-on-year trading data," he said, adding that the local market was also taking a cue from the higher opening in Europe.Top actives were Berjaya Corp Bhd, Macpie Bhd and Widad Group Bhd, while top gainers today were Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd and Hong Leong Financial Group Bhd. Meanwhile, the top losers were Nestle (Malaysia) Bhd, Cheetah Holdings Bhd and Heineken Malaysia Bhd.
The government announced that Malaysia’s February exports jumped 17.6% year on year to RM87.57 billion, which is the strongest growth since October 2018. This growth was underpinned by higher shipments of electrical and electronic (E&E) products, rubber products and commodity-based products
The country’s trade in February expanded 15.4% year on year to RM157.27 billion, while imports grew 12.7% to RM69.7 billion.
Elsewhere in Asia, markets were mostly up today. The Nikkei 225 in Tokyo rose 0.71% to 29,384.52, Hong Kong's Hang Seng Index gained 0.01% or 1.87 points to 29,338.3, and the Shanghai Composite was up 0.5% or 16.97 points at 2,435.3.
Seoul's Kospi however finished 0.16% or 4.97 points lower at 3,036.04.
Reuters said Asian emerging stock markets’ gains were clipped by US futures falling late into the trading day.
Source: The Edge
Comments
Post a Comment