Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
The UK's Competition and Markets Authority (CMA) has decided to close its ongoing investigations into the app stores of Apple and Google, as it awaits the implementation of the forthcoming Digital Markets, Competition and Consumers Act (DMCCA). This decision follows the CMA's 2022 market study, which identified Apple and Google as having a near-monopoly over app distribution in Britain, leading to concerns about potential anti-competitive practices.
Key Points:
Investigation Closure: The CMA initially launched parallel investigations into Apple and Google following its findings on the companies' dominant positions in the mobile ecosystem. However, these probes have now been halted, pending the introduction of the DMCCA, which is expected to provide the CMA with enhanced powers to address digital market issues.
Anticipation of New Powers: Will Hayter, the CMA's Executive Director for Digital Markets, indicated that the new legislation would enable the regulator to apply stronger, more targeted measures to the concerns identified during its previous investigations. The DMCCA is anticipated to significantly strengthen the UK's regulatory framework for digital markets, particularly concerning large tech companies.
Awaiting Legislative Rollout: The DMCCA is expected to be enforced later this year, at which point the CMA may revisit the concerns related to Apple and Google's app store practices under the new legal regime. Both tech giants have yet to comment on the closure of the investigations.
In conclusion, while the current probes into Apple and Google's app store practices have been paused, the CMA is poised to take further action once the DMCCA is in effect, potentially reshaping the regulatory landscape for digital markets in the UK.
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