MONEY MASTER

Taiwan Semiconductor Manufacturing Co (TSMC) , the world’s largest contract chipmaker, reported a 54% jump in quarterly profit , surpassing forecasts, thanks to soaring demand for AI-related chips . This robust performance underscores TSMC’s dominance in producing advanced chips for AI applications, with key customers like Apple and Nvidia . TSMC's net profit for 3Q2024 reached T$325.3 billion (US$10.11 billion) , exceeding the T$300.2 billion forecasted by analysts. The company's revenue rose 36% year-on-year to US$23.5 billion , driven by strong demand for smartphone and AI chips utilizing its cutting-edge 3nm and 5nm technologies . The AI boom has been a major growth driver, with AI processors expected to account for a mid-teens percentage of TSMC's overall revenue for 2024. TSMC's capital spending for the current quarter is set to more than double to US$11.5 billion , and it expects capital expenditure to increase further in 2025 as demand remains robust. Chai

European stocks made modest gains on Thursday, while the euro remained pinned near an 11-week low, as investors anticipated a likely rate cut from the European Central Bank (ECB) . Meanwhile, the US dollar strengthened, buoyed by expectations surrounding Donald Trump’s trade policies ahead of the 2024 US election. The ECB is widely expected to make its first back-to-back rate cut in 13 years. With markets also pricing in another cut in December, attention will be on ECB President Christine Lagarde's guidance during the press conference, despite analysts noting that her remarks often don’t provide clear indications. The recent dip in the euro, which was down 0.1% at US$1.0851 , stems from weak purchasing manager index (PMI) data in September that fueled expectations for a rate cut. Germany’s 10-year Bund yield rose slightly to 2.21% , following a two-week low the day prior. Jordan Rochester, head of fixed income and currency strategy at Mizuho EMEA, noted that the euro coul

Malaysia Airports Holdings Berhad (MAHB) reported a strong 10% year-on-year increase in passenger movement for the third quarter of 2024, with a total of 36.1 million passengers , nearing pre-pandemic numbers. The growth was primarily driven by international passenger movement , which exceeded 3Q2019 levels by 7.4% , reaching 18.9 million passengers . Domestic travel, although recovering at a slower pace, reached 88.9% of pre-pandemic levels, accounting for 17.2 million passengers . Factors contributing to this growth include the introduction of new airlines and routes , visa exemptions for travelers from China and India , and the steady rise in air travel demand . MAHB's local airport network also showed strong performance, with over four million international passenger movements each month in 3Q2024 , reaching 99.3% of 2019 levels in September. Overall, passenger movement at Malaysian airports totaled 24.8 million for the quarter, representing 92.3% of 2019 levels . The a

HPP Holdings Bhd reported a 54.5% decline in net profit for the first quarter ended Aug 31, 2024 (1QFY2025), with profit falling to RM1.04 million from RM2.29 million in the same period a year ago. The drop was attributed to lower sales and a foreign exchange loss driven by a strengthening ringgit. Revenue for the quarter also fell by 12.4% to RM16.65 million , down from RM19.01 million , primarily due to weaker sales in the electronic and electrical (E&E) and sheath contraceptive sectors. Moving forward, HPP Holdings plans to focus on enhancing its production capabilities , improving product quality , and pursuing cost optimisation . Additionally, the company is actively seeking new business opportunities to expand its client base both domestically and internationally. With the rising global demand for sustainable packaging , HPP sees potential growth in its paper pulp moulded packaging products. HPP Holdings’ shares closed 1.1% lower at 43 sen , with a market capitaliz

Moody’s Ratings highlighted Temasek Holdings of Singapore and Saudi Arabia’s Public Investment Fund (PIF) as the top performers among 11 government-owned investment holding companies (IHCs), citing their strong intrinsic credit metrics , excellent liquidity , and diversified investment portfolios . These qualities contribute to their standalone credit strength without the need for extraordinary government support. Moody’s also noted Khazanah Nasional Bhd (A3 stable) of Malaysia as having strong intrinsic credit quality , supported by stable earnings from its key investee companies with leading market positions. Since adopting an active investment strategy in 2004, Khazanah has grown its net asset value at a compound annual growth rate of 5%, while maintaining prudent financial policies, including a leverage target of 30-35%. However, Khazanah, along with four other IHCs, was flagged for weak liquidity , having insufficient internal cash sources to meet cash needs over the next

Blackstone exceeded Wall Street's profit expectations for the third quarter as its assets under management (AUM) hit a record $1.1 trillion , buoyed by a strong rise in the value of its funds and renewed dealmaking activity. The world's largest alternative investment firm reported $41 billion in inflows during the quarter, while committing and deploying $54 billion in capital , the highest in over two years. The uptick in activity followed the U.S. Federal Reserve's decision to cut interest rates , improving the economic outlook and lifting a prior drag on Blackstone's business. The company's private equity funds appreciated by 6.2% , and its infrastructure funds grew by 5.5% , marking the firm's strongest fund performance in three years . Distributable earnings , representing cash available for dividends, rose to $1.3 billion , up 6% year-over-year. This equated to earnings per share of $1.01 , surpassing the $0.92 analysts had predicted, according to LSEG

Singapore's market regulator has lifted a nearly two-year ban on UOB Kay Hian Private Ltd , allowing the brokerage firm to resume its role as an issue manager and full sponsor for initial public offerings (IPOs) and reverse takeovers . The ban, initially imposed in December 2022 , was linked to non-compliance with anti-money laundering and counter-terrorism financing laws . The Monetary Authority of Singapore (MAS) had previously penalized UOB Kay Hian S$375,000 in August 2022 for its failure to meet regulatory standards. Since then, the brokerage has taken remedial actions to address the issues raised by the regulator. Following the announcement, shares of UOB Kay Hian closed 0.6% higher at S$1.59 on Thursday, ahead of the regulator's decision.

KUALA LUMPUR, Oct 17 (Bernama) -- Bursa Malaysia closed higher today as bargain hunting stepped in after yesterday's decline, while investors shrugged off the overall regional market weakness, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.54 per cent or 8.81 points to 1,641.44 from Wednesday’s close of 1,632.63. The benchmark index, which opened 1.84 points higher at 1,634.47, fluctuated between 1,633.72 and 1,642.93 during the trading session. Market breadth was positive, with advancers outpacing decliners by 634 to 391. A total of 492 counters remained unchanged, 976 were untraded, and 18 were suspended. Turnover narrowed to 2.68 billion units valued at RM2.45 billion versus 2.79 billion units worth RM3.16 billion on Wednesday.    Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the regional markets ended the day lower with heavy selling of property stocks in C

A survey conducted by Manulife revealed that 70% of Malaysians believe their current employee benefits, particularly in health and retirement, are insufficient to meet future financial and medical needs. This reflects growing concerns over the ability to cover rising healthcare costs and achieve adequate retirement savings . The Manulife Asia Care Survey 2024 , which surveyed 1,038 local consumers , highlighted that a significant portion of Malaysians feels financially unprepared for the future, with 66% of respondents indicating plans to delay retirement due to ongoing financial responsibilities. Additionally, 40% of respondents said they do not expect their children to support them financially in old age, while 49% of Malaysian couples surveyed do not plan to have children. In response to these concerns, Manulife Malaysia introduced the Manulife Future Shield , a comprehensive health protection plan aimed at Malaysians aged 45 to 55 years old . This plan provides whole life

Maybank, Malaysia's largest banking group, continues to show potential upside in its stock performance, with most analysts maintaining positive ratings. After reporting a net profit of RM9.35 billion for FY2023, surpassing pre-pandemic levels, analysts are optimistic about Maybank’s overall trajectory. However, concerns remain regarding its net interest margin (NIM) and dividend sustainability. While 12 analysts recommend a “buy” on Maybank shares, seven suggest a “hold” , and one advises a “sell” , according to Bloomberg data as of Oct 3. The average target price of RM11.42 indicates potential for growth, with Maybank shares closing at RM10.54 on that date, giving the bank a market value of RM127.19 billion . Maybank's NIM growth remains a focus after six consecutive quarters of decline, but it rose by 2 basis points (bps) in Q2 FY2024 . Analysts are monitoring its ability to maintain this improvement, especially given rising costs and competitive pressures. Loan growth

Taiwan Semiconductor Manufacturing Co (TSMC) , the world's largest contract chipmaker, reported a forecast-beating 54% jump in Q3 profit , driven by booming demand for AI-related chips . The company expects sustained strong growth, forecasting fourth-quarter revenue of US$26.1 billion to US$26.9 billion , up from US$19.62 billion a year earlier. In Q3, TSMC's net profit hit a record T$325.3 billion (RM43.39 billion) , surpassing analyst predictions of T$300.2 billion . Revenue for the quarter rose 36% year-on-year to US$23.5 billion , above the company's previous estimates. TSMC, a key supplier for Apple and Nvidia , has been significantly investing in production capacity, forecasting capital expenditure for 2024 at over US$30 billion . The company is building three factories in Arizona , with the first expected to start production in 2025 and the second by 2028 . Despite challenges from rivals Intel and Samsung , TSMC remains a dominant player, and its shares have

Bitcoin has surged by about 13% over the past week, outperforming global stocks and gold, with some investors interpreting this rally as a sign that markets anticipate a win for pro-crypto Republican candidate Donald Trump in the upcoming US presidential election. Billionaire Stan Druckenmiller pointed to crypto as one of the indicators signaling a Trump victory. Trump has pledged to make the US the global hub for crypto , which has led to Bitcoin being labeled a "Trump trade" . On prediction markets like Polymarket and PredictIt , Trump’s odds have risen to 58% and 54% respectively, while Vice President Kamala Harris ' odds have declined. The rise in Bitcoin exchange-traded fund (ETF) inflows , with over $1.6 billion since Oct 11, has also contributed to the rally. Bitcoin was trading at around $67,260 in Singapore, still below its March record of $73,798 . While prediction markets show momentum for Trump, national polls are close, with Harris leading by 1.6 p

Nestlé SA has lowered its sales and profit expectations for the year as the Swiss food giant struggles to regain market share after higher prices led consumers to shy away from branded products. The company now expects organic sales to rise by around 2% in 2024, down from its previous forecast of at least 3%, marking the lowest annual growth rate since at least 2000. Shares of Nestlé fell by as much as 2.3% in early Swiss trading, contributing to a year-to-date decline of about 16% . The company’s newly appointed CEO, Laurent Freixe , who took over from Mark Schneider in September, has introduced several organizational changes, including a streamlined executive board and fewer geographical zones to improve decision-making. However, analysts at Bernstein expressed concern, noting that it is unclear how these changes will boost market share or performance. Nestlé's sales in North America contracted by 0.3% in the first nine months of the year, while Latin America was impa

LKL International Bhd has announced a joint venture (JV) with PT Fasilitas Teknologi Nusantara (Fastech) to enter the Indonesian healthcare market , according to a filing with Bursa Malaysia . The JV, named PT LKL Indonesia Makmur , will focus on the manufacturing, selling, and distribution of medical equipment, devices, and furniture in Indonesia. LKL will hold a 51% stake , while Fastech will take up 49% . Fastech specializes in workforce solutions in Indonesia, and LKL aims to reduce costs, improve efficiency, and meet rising demand for healthcare solutions in the country by establishing a local manufacturing presence. Separately , LKL also signed an MOU with Andorra Healthcare Bhd to explore potential medical equipment leasing for a new hospital in Johor Bahru . The MOU will allow LKL Advance Metaltech Sdn Bhd , a subsidiary of LKL, to investigate tailored leasing solutions for the hospital, reducing upfront costs for medical equipment. Shares of LKL remained unchanged at 1

Nokia reported a 9% rise in third-quarter operating profit , driven by cost cuts , but missed net sales expectations due to weak demand from India , leading to an 8% drop in sales to €4.33 billion ($4.70 billion) , below analyst estimates of €4.76 billion . This caused Nokia's shares to fall by 3% . Despite the sales drop, Nokia, like rival Ericsson , noted signs of recovery in some areas, particularly in North America , which has shown growth after years of weakness. However, Nokia's market share in the region has declined due to the loss of contracts with Verizon and AT&T . CEO Pekka Lundmark stated that while growth is returning, it is slower than expected, and the telecom sector is unlikely to become a high-growth market again. Nokia is focusing on sectors like data centers and defense for future growth, including its $2.3 billion acquisition of Infinera to target data center operators . The company also expects India to recover in 2024, following a recent cont

Asian currencies were subdued on Thursday as the US dollar strengthened, driven by improving prospects of a Donald Trump presidency and solid US economic data, which suggested a smaller-than-expected rate cut. The Malaysian ringgit fell 0.4% , and the South Korean won dropped 0.3% . Meanwhile, Thai equities gained 0.7% , reaching a one-year high following the Bank of Thailand's (BOT) surprise 25-basis-point rate cut on Wednesday. However, the Thai baht edged 0.1% lower . BOT clarified that the rate cut did not signal the start of an easing cycle. Other regional currencies also saw mixed performance. The Indonesian rupiah rose slightly by 0.1% , while Philippine and Indonesian central banks took different approaches: the former cutting rates by 25 basis points , and the latter keeping rates unchanged. Despite fluctuations in regional currencies, stocks in Indonesia , Singapore , and Taiwan rose. In contrast, Chinese equities fell 0.7% as investors awaited China's

Pernod Ricard SA , the French spirits maker behind brands like Absolut Vodka and Martell Cognac , reported a 5.9% drop in organic sales for the fiscal first quarter, falling short of analyst estimates. Sales totaled €2.78 billion ($3 billion) , slightly below the forecast of €2.84 billion . The decline is attributed to persistently weak demand in the company’s top markets, China and the US , as consumers pull back on spending on premium spirits. Pernod Ricard's China sales plummeted 26% during the quarter, worsened by low consumer confidence driven by the country's real estate crisis . CEO Alexandre Ricard expects a further drop in Chinese sales this year, surpassing last year’s 10% decline . In addition, anti-dumping measures imposed by China on brandy imports from the European Union have also impacted sales. This action followed the EU’s decision to impose tariffs on Chinese electric vehicles. Meanwhile, US consumers remain cautious, curbing their purchases of high-en

Vietcombank and MBBank will take over Construction Bank and Ocean Bank respectively, as part of the State Bank of Vietnam’s effort to stabilize the financial sector and address non-performing loans , the central bank announced on Thursday. These compulsory takeovers are aimed at helping the smaller banks return to normal operations, manage their accumulated losses, and ensure the protection of depositors' rights, according to Nguyen Duc Long , deputy head of the central bank’s inspection department. The takeovers are part of a broader plan, submitted last year, to restructure four poorly-performing commercial banks by pairing them with stronger financial institutions. This restructuring aims to strengthen Vietnam’s financial sector and improve the performance of struggling banks.

Unemployment in Gaza has soared to nearly 80% since the Israel-Hamas war began, plunging the enclave's economy into near-total collapse, according to the International Labour Organization (ILO) . Economic output in Gaza has contracted by 85% , leaving almost the entire population of 2.3 million in poverty . The war has caused unprecedented devastation in Gaza and the West Bank , disrupting the labor market and economy. Before the crisis, Gaza’s unemployment rate was already high at 45.3% , but it has now skyrocketed as many residents have lost their jobs or been forced into irregular work. The West Bank has also been affected, with unemployment averaging 34.9% and the economy shrinking by 21.7% over the past year. The ongoing conflict, which began after a Hamas-led attack on October 7 , has caused widespread destruction in Gaza, damaging or flattening two-thirds of its pre-war structures, according to UN satellite data . The socio-economic impact of the war is expected to

Key US lawmakers are pushing the Biden administration to block suppliers to Huawei Technologies Co from purchasing American chipmaking equipment, intensifying efforts to prevent the Chinese tech giant from advancing in semiconductor manufacturing. John Moolenaar , a Republican, and Raja Krishnamoorthi , a Democrat, from the House China Select Committee, sent a letter to Commerce Secretary Gina Raimondo expressing concerns about Huawei’s alleged use of a “clandestine network” of companies to bypass sanctions. The letter pointed to Chinese firms such as Pengxinxu , SwaySure Technology , and Qingdao Si’En as likely collaborators in Huawei's attempts to access US technology. The lawmakers emphasized the need to deny Huawei and similar companies access to US tech, warning that failure to act would harm national security . While the US has broadly restricted sales of advanced chips and equipment to China from companies like Applied Materials Inc , Lam Research Corp , KLA Corp , and

Thailand's central bank delivered its first interest rate cut since 2020, intensifying pressure on Prime Minister Paetongtarn Shinawatra to revitalize the struggling economy. The Bank of Thailand (BOT) cut its key rate by 25 basis points, a move seen as a response to lackluster economic growth, but emphasized it was not the start of an easing cycle. Now, with no further excuses, Paetongtarn’s government must act to stimulate the economy, which is weighed down by household debt , weak consumer spending, and declining industrial sentiment . Thailand’s economy grew by 2.3% year-on-year in the second quarter, but analysts expect further headwinds, with GDP growth projected to slow to 2% in 2025 , according to Pantheon Macroeconomics . The BOT revised its 2025 growth forecast down to 2.9% , with 2024 growth expected at 2.7% , lagging behind other Asian economies. Thailand's critical industries, including the automobile sector , are struggling, and factory closures are adding to

Gold reached an all-time high on Thursday, fueled by growing uncertainty surrounding the US election and increasing bets on further interest rate cuts by major central banks. Spot gold climbed 0.3% to $2,680.19 per ounce , after hitting a record high of $2,685.60 earlier in the day. US gold futures also gained, rising 0.2% to $2,695.90 . Investors are turning to safe-haven gold to hedge against volatility tied to the US election, with market analysts suggesting a Donald Trump presidency could heighten trade tensions and expand the US budget deficit , factors that typically support gold prices. The US retail sales and weekly jobless claims data , due later today, will be closely watched to assess the economic outlook. Expectations of lower global interest rates are also pushing gold higher, as they reduce the cost of holding bullion. Traders anticipate a 92% chance of a 25-basis-point rate cut by the Federal Reserve next month, while the European Central Bank is expected t

The Malaysian Anti-Corruption Commission (MACC) is currently investigating 20 development projects initiated by Selangor Menteri Besar Incorporated (MBI) over suspicions of corrupt activities, according to Chief Commissioner Tan Sri Azam Baki . This investigation follows a corruption case related to a sand mining concession that implicates a prominent Selangor politician . While Azam did not specify which projects are under scrutiny, he clarified that the case is unrelated to the current Selangor administration. The MACC is also investigating five companies believed to be linked to two individuals recently arrested in connection with the case, including a former MBI chief operating officer and a businessman. Azam stated that over 18 individuals have already provided statements, and more arrests or summonses may follow. He emphasized that the investigation is not politically motivated and is based on public interest complaints. The investigation is ongoing, and further developm

TA Securities has urged the Malaysian government to explore the feasibility of establishing a second, larger-capacity renewable energy (RE) interconnection between Peninsular Malaysia and Singapore . This comes as the current 1GW interconnection is rapidly depleting , with only 100MW of capacity remaining for future use, according to the firm. Singapore plans to import up to 6GW of clean electricity over the next decade, and Malaysia’s current interconnection with Singapore reserves half of the capacity for grid balancing, while other portions are allocated for various projects, including Tenaga Nasional Bhd’s export and the Laos-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) . Given Singapore's increasing demand for clean energy , TA Securities sees a second interconnection as essential. The firm also highlighted YTL Power Bhd as a key beneficiary of potential RE exports to Singapore, given its existing operations in the market and a strong balance sheet

  Louis Dreyfus Co BV has secured control of Australia's largest cotton processor , Namoi Cotton Ltd , after an eight-month battle with Olam Agri Holdings Ltd . This victory gives Dreyfus a stronger foothold in the Pan-Pacific cotton market , enhancing access to high-quality fibre from Australia, a region pivotal for manufacturers in Bangladesh and Vietnam . The takeover, valued at A$160 million ($107 million) , was a hard-fought contest with multiple bids, forcing Dreyfus to increase its final offer by 51% . While Olam pushed the price higher, Dreyfus’s existing 17% stake in Namoi gave it a strategic advantage throughout the process. Namoi, which operates about a quarter of Australia's cotton processing plants , began the takeover process to safeguard its future after being severely affected by drought and operational challenges. Namoi’s chairman, Tim Watson , noted that the company’s balance sheet was not strong enough to withstand major growth opportunities on its own. Wi

Bernard Arnault , the controlling shareholder of LVMH , has lost $37 billion from his fortune over the past 18 months, as a slump in Chinese demand for luxury goods hits the company's performance. LVMH, the world’s largest luxury conglomerate, has seen its market capitalization drop by more than €150 billion ($163 billion) , pushing Arnault to fifth place on the Bloomberg Billionaires Index , down from his previous position as the world’s wealthiest person. The downturn in luxury demand, particularly in China, has led to LVMH’s fashion and leather goods unit posting its first quarterly sales decline since the early stages of the pandemic in 2020. The drop in demand has been driven by concerns over China’s weak property market and uncertain employment outlook , prompting a decline in consumer confidence . Despite a stimulus package launched by Chinese authorities, there has been little improvement in consumer spending. LVMH’s share price fell by 7.5% on Wednesday, reaching a

Japan’s ruling Liberal Democratic Party (LDP) may lose its outright majority in the lower house of Parliament for the first time since 2009, according to forecasts by major Japanese media outlets. While the LDP is expected to retain control of the chamber with the help of its coalition partner Komeito , predictions suggest the party will fall short of the 233 seats needed for a majority in the Oct 27 election . The Mainichi newspaper forecast that the LDP could win between 203 and 250 seats , while Komeito is expected to secure 24 to 29 seats , down from its current 32. The Yomiuri newspaper predicted the coalition would still achieve a majority, despite around 120 LDP candidates being involved in close races. Prime Minister Shigeru Ishiba , who took over as LDP leader last month, has set the goal of achieving a majority with Komeito’s support. Public support for the LDP has dwindled following scandals involving party members allegedly profiting from funds raised from supporter

FractureLabs , a video-game developer, has filed a lawsuit against Jump Trading , one of the largest cryptocurrency market makers, accusing the firm of fraud and manipulation during the initial offering of its DIO token . According to the lawsuit, filed in US Federal Court in Chicago , Jump allegedly engaged in a "pump and dump" scheme that caused the token's price to collapse. FractureLabs had planned to raise funds through the DIO token for its Decimated online game , retaining Jump as the market maker. As part of the agreement, FractureLabs loaned 10 million DIO tokens to a Jump subsidiary, while an additional 6 million DIO tokens were sent to the Huobi exchange (now HTX) for the token offering. The token’s price briefly surged to $0.98 , making Jump’s borrowed tokens worth nearly $9.8 million . However, the lawsuit claims that Jump liquidated its holdings , profiting millions while causing the token’s value to plummet to half a cent. After repurchasing the token

China has announced plans to expand its support for unfinished property projects to four trillion yuan ($562 billion) , a significant increase from the 2.23 trillion yuan already deployed. This move aims to stabilize the country’s struggling real estate sector, which has been a key concern for the world's second-largest economy. Housing Minister Ni Hong revealed the measure at a briefing on Thursday. This expansion comes as part of broader efforts by the Chinese government to achieve its 5% economic growth target for 2024. In September, China unveiled a series of initiatives to revive the property sector , including lowering borrowing costs on $5.3 trillion worth of mortgages and relaxing rules for second-home purchases . The "white-list" programme , designed to ensure unfinished homes are completed and delivered to buyers, has already deployed 2.23 trillion yuan to support these projects. Many homebuyers have protested over incomplete construction across the count

In Jakarta, Indonesia’s government has initiated a free school lunch program as part of President-elect Prabowo Subianto’s strategy to combat malnutrition and boost educational outcomes. The program, which aims to address high stunting rates and improve economic growth , is expected to cost $30 billion annually , equivalent to 14% of Indonesia’s 2024 budget and more than double the country's yearly health expenditure. Prabowo’s ambitious plan aims to raise Indonesia's economic growth to 8% , with a focus on improving soft infrastructure , contrasting with former President Joko Widodo’s focus on physical infrastructure projects like roads and railways. The government hopes to fund the program through a tax system overhaul , with plans to double the country’s tax revenue ratio from its current 10%. However, economists and investors have expressed concerns about the program's financial sustainability and risks of waste and corruption . Critics point to India's free l

Goldman Sachs predicts that the US Federal Reserve (Fed) will implement a series of consecutive 25-basis-point (bps) interest rate cuts starting from November 2024 through June 2025, bringing the terminal rate to a range of 3.25% to 3.5% . This comes after the Fed's recent half-point rate cut in September, which signaled growing confidence that inflation is on track to reach its 2% target . Currently, the overnight rate stands at 4.75%-5.00% , guiding interbank lending rates and affecting broader consumer interest rates. According to CME's Fedwatch Tool , markets are pricing in a 94.1% chance of a 25 bps cut at the Fed's next meeting. In addition to the Fed forecast, Goldman Sachs also expects the European Central Bank (ECB) to cut interest rates by 25 bps during its upcoming monetary policy meeting, with further cuts projected until the ECB's policy rate reaches 2% by June 2025.

Australian dollar debt sales , which have surged to record levels this year, are now slowing as markets brace for potential volatility ahead of the U.S. election , according to bankers in Sydney. Over A$267.6 billion ($180.4 billion) has been raised in the debt market up to Oct. 8, the largest figure since Dealogic began tracking in 1995, as pandemic-era borrowing was refinanced into eager investor demand. Financial institutions have issued A$95.6 billion in debt—also a record for the year-to-date—while mortgage-backed debt has reached A$61.4 billion . Corporate issuance, totaling A$26.4 billion , is up nearly 70% from the previous year. However, the pace of debt issuance has recently slowed as capital markets hunker down ahead of an unusually close U.S. vote , signaling a possible broader pause in global capital markets activity. Simon Ward, head of debt capital markets for Australasia at Mizuho Securities, noted that recent volatility concerns tied to the U.S. election have l

The European Central Bank (ECB) is expected to announce its second straight interest rate cut on Thursday, as inflation in the euro zone cools and economic growth remains stagnant. This marks the first back-to-back rate reduction in 13 years, shifting the ECB's focus from tackling inflation to supporting an economy that has underperformed the United States for the past two years. The latest economic data, including weaker business activity and inflation slightly below expectations in September, has tilted the ECB toward easing monetary policy. A quarter-point cut would bring the rate on bank deposits down to 3.25% , with three additional cuts anticipated through March 2025. While ECB President Christine Lagarde and her colleagues are unlikely to give clear signals about future rate cuts, many analysts believe further reductions are likely in December unless economic data significantly improves. Inflation, which grew by 1.8% last month, is now largely under control, but the

Millennium Management LLC , one of the world’s largest multi-strategy hedge funds, has agreed to allocate capital to Centerline Investment Management Ltd. , a Hong Kong-based hedge fund firm focused on the Chinese market. This move is part of Millennium's strategy to bolster returns by partnering with external hedge fund managers , according to people familiar with the matter. Centerline, which was founded by Ben Xu in 2018, manages a Greater China market-neutral equity strategy that balances long and short positions, using alternative data to make bullish and bearish bets. Before the deal with Millennium, Centerline managed around $200 million in assets. This partnership comes as multi-strategy hedge funds like Millennium, Balyasny Asset Management , and Point72 Asset Management seek to expand and improve performance by working with external managers. These collaborations have become a critical source of capital for fledgling hedge funds in Asia , particularly those focusing

The Dow Jones Industrial Average closed higher on Wednesday, recovering some ground, while both the S&P 500 and Nasdaq slipped due to declines in megacap technology stocks . At the same time, bank stocks surged, fueled by positive quarterly earnings, particularly from Morgan Stanley . Morgan Stanley’s stock rose 6.7% following strong third-quarter earnings, which echoed solid profits from peers like JPMorgan Chase , boosted by higher investment banking revenue . Similarly, First Horizon gained 3.3% , and US Bancorp climbed 5% after reporting third-quarter results. The Financials sector gained 0.7% , with the Banks index up 1.1% and regional banks rising 1.3% . In contrast, megacap tech stocks weighed on the market, with Meta Platforms dropping 1.5% , Apple declining 1.4% , and Microsoft slipping 1.3% . The Communication Services sector also fell 0.7% , further dragging the market. The Dow rose 133.14 points (0.31%) to 42,872.78 , while the S&P 500 lost 5.00

US import prices fell by the most in nine months in September, driven by a sharp drop in energy costs, signaling a benign inflation outlook that keeps the Federal Reserve on track to continue cutting interest rates. According to the Labor Department , import prices excluding fuel barely rose over the past three months, offering further evidence that inflationary pressures are muted. Import prices slipped 0.4% last month , the largest drop since December 2023, after a revised 0.2% decline in August. The 12-month decline was 0.1% , marking the first annual drop in seven months. The cost of imported fuels and lubricants plunged 7% , driven by a 7.1% fall in petroleum prices and a 14.5% drop in natural gas prices . Excluding fuel, import prices inched up 0.1% for the third consecutive month. Food prices also declined 1.5% , largely due to a 12.2% drop in vegetable prices . Excluding both fuel and food, core import prices rose 0.3% , signaling stable underlying costs. The data support

Asian equities are expected to open higher after Wall Street posted gains, driven by a shift from mega-cap tech stocks to economically sensitive small-cap shares . Early signs show Australia, Japan, and Hong Kong stock futures edging up. An index of U.S.-listed Chinese companies also climbed nearly 1%, signaling a potential recovery in Chinese equities following two days of declines. On Wednesday, the S&P 500 rose by 0.5% , while the Russell 2000 index of small-caps reached its highest level in nearly three years, signaling growing investor confidence in smaller companies. The Nasdaq 100 , home to mega-cap tech firms, lagged, rising just 0.1% , although Nvidia Corp. bucked the trend with a 3.1% gain , helping lift tech giants. This shift in focus marks a move away from large tech companies that surged during the AI boom , with investors now looking at stocks more directly tied to economic growth . According to David Russell of TradeStation, this could be the long-awaited ro

Traders pulled out of Nasdaq-100 futures at the fastest rate this year , driven by a significant selloff in chipmakers after ASML Holding NV unexpectedly lowered its 2025 guidance . This led to a massive contraction in futures holdings. Open interest in Nasdaq-100 futures fell by $5.7 billion , the biggest drop in 2024, according to Bloomberg data. Despite volume reaching 524,000 contracts , slightly above the 20-day average, traders moved out of the broader technology sector in response to ASML’s announcement, triggering declines across semiconductor shares . Globally, chipmakers lost $420 billion in value , with the Philadelphia Semiconductor Index dropping 5.3% , the steepest fall since September. Major players like Nvidia Corp were caught in the wave of selloffs, as uncertainty around the chip market outlook extended beyond 2025.

Petroliam Nasional Bhd (Petronas) is among several energy companies that have reached agreements with Guyana's government to explore offshore oil and gas blocks. Alongside TotalEnergies , Qatar Energy , Cybele Energy , Delcorp , and International Group Investment , these firms are finalizing production sharing deals for five offshore blocks. The agreements stem from a tender process launched in 2022 aimed at diversifying Guyana's energy industry, which is currently dominated by an Exxon Mobil-led consortium. The tender resulted in offers for eight blocks, and the government is still in talks with Exxon Mobil regarding the exploration of area S8, part of the tender. These discussions include the assessment of carbon capture and storage opportunities within the block. While the agreements for the shallow and deep water blocks have yet to be finalized, negotiations on non-fiscal terms began earlier this year. Petronas, TotalEnergies, and Qatar Energy had been approved to explore

  AirAsia X Bhd (AAX) : Shareholders approved the RM6.8 billion acquisition of AirAsia Bhd and AirAsia Aviation Group Ltd from Capital A Bhd . AAX also received approval for free warrants , private placement , and other financial adjustments, with the acquisition expected to be completed by the end of 2024. Crescendo Corp Bhd : The company is acquiring SGR Land Development Sdn Bhd for RM168.85 million , securing land in Johor for industrial development, with access to key infrastructure like the Second Link to Singapore and Senai International Airport . Infoline Tec Group Bhd & Pappajack Bhd : Both companies received approval from the Securities Commission Malaysia to transfer their listings from the ACE Market to the Main Market of Bursa Malaysia , after meeting requirements, including the Bumiputera equity requirement. Fajarbaru Builder Group Bhd : Secured a RM246.09 million contract for the second phase of the AdisonWest development in Johor Bahru, involving the construct

KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower in tandem with the weak performance across the region following a negative cue from global equities overnight with strong selling In technology stocks, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.34 points, or 0.56 per cent, to 1,632.63 compared with Tuesday’s close of 1,641.97. The benchmark index, which opened 1.83 points higher at 1,643.80, marking its intraday high, slipped to a low of 1,629.81 later in the day.  The broader market was negative, with decliners thumping gainers 701 to 340, while 505 counters remained unchanged, 947 untraded, and eight suspended. Turnover narrowed to 2.79 billion units worth RM3.16 billion versus 2.87 billion units valued at RM2.77 billion on Tuesday.    Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said many investors believed the selloffs such as in ASML Holding NV (A