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Asian Markets Tumble Amid Trump Win, Anticipated Fed Rate Cuts

Most Asian stocks slid on Thursday as investors weighed the economic impact of Trump’s second presidency , particularly his promise of increased tariffs . In response, the dollar climbed , adding over 1% on Wednesday. Major indices fell in China, Australia, and South Korea , while Japan showed mixed results. This followed a record surge in the S&P 500, which climbed 2.5% on Wednesday, marking its best post-election day ever, with the Nasdaq 100 up by 2.7% . Many expect the Federal Reserve (Fed) to cut interest rates today, a move closely watched by global markets. US stock gains largely reflect expectations of Trump’s pro-business agenda , centered on tax cuts and lighter regulations , which could potentially bolster corporate profits. However, Treasury yields jumped 16 basis points as Trump’s fiscal and tariff plans are predicted to fuel inflation, complicating the Fed’s efforts to reduce borrowing costs. In China, the CSI 300 Index fell by 1% , marking its second consecutive d
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Axis REIT Successfully Raises RM449.7 Million via Private Placement

Axis Real Estate Investment Trust (Axis REIT) has successfully raised RM449.73 million through a private placement exercise aimed at supporting its strategy to pursue high-quality, yield-accretive acquisitions and enhancing its existing portfolio.

The issue price was set at RM1.71 per unit, representing a 5.1% discount to the volume-weighted average market price of RM1.802 per unit. This private placement is Axis REIT's largest to date and highlights strong market confidence in its growth initiatives.

In line with the enlarged unit capital resulting from the placement, Axis REIT has declared an advance fourth interim distribution of 1.10 sen per unit for income earned from Oct 1 to Nov 12, payable on Nov 29.

Leong Kit May, CEO and executive director of Axis REIT Managers Bhd, expressed that the success of this placement underscores strong market confidence in the REIT's growth strategy and commitment to reducing its financing ratio to allow for future portfolio expansion.

Maybank Investment Bank Bhd and CIMB Investment Bank Bhd acted as placement agents for the exercise.

As of Oct 11, 2024, Axis REIT's portfolio included 69 properties across key locations such as the Klang Valley, Johor, Penang, and others, with a total asset value of RM4.87 billion.

Trading of Axis REIT units was temporarily halted due to the announcement. The stock last traded at RM1.80, giving the REIT a market capitalization of RM3.16 billion.

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