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 (June 4): The FBM KLCI extended its losses today in line with declines in regional markets, and as market sentiment continued to be affected by the high number of Covid-19 infections in the country.
The benchmark index closed 12.12 points or 0.76% lower at 1,578.45.
The top decliners among the index’s components were Hap Seng Consolidated Bhd, Digi.Com Bhd and MISC Bhd.
On the broader market, losers led gainers by 605 to 451, with 430 other stocks closing unchanged.Areca Capital CEO Danny Wong said there was an absence of fresh factors to influence investor sentiment.
Active stocks included Zelan Bhd, Serba Dinamik Holdings Bhd and Focus Dynamics Group Bhd.
The day's top value losers were led by Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd and Pharmaniaga Bhd. The top value gainers were MMC Corp Bhd’s C24, C29 and C20 structured warrants.
Reuters reported that most emerging Asian equities declined today while currencies weakened after upbeat economic data from the United States boosted the US dollar.
Japan's Nikkei 225 fell 0.4%, Hong Kong's Hang Seng lost 0.17%, and Singapore's Straits Times Index closed 0.5% lower at 3,149.31.
Source: The Edge
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