KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
China is on track to achieve a record $1 trillion trade surplus in 2024, a shift likely to increase tensions with major economies. As of October, China’s trade surplus reached $785 billion, marking a 16% increase from 2023, driven by robust export volumes as domestic demand remains weak.
The surplus has led to significant imbalances with key partners: up 4.4% with the US, 9.6% with the EU, and nearly 36% with ASEAN nations. With President-elect Trump set to take office, experts anticipate new tariffs on Chinese goods, echoing protective measures already implemented by countries in South America and Europe.
Additionally, foreign direct investment (FDI) outflows from China are rising, marking a potential net FDI decline for the first time since 1990. In response, Beijing is promising increased support for industries to stabilize trade and employment.
A potential currency war looms, as a weaker yuan could make Chinese exports cheaper. India has signaled readiness to let the rupee weaken if the yuan falls further, as China’s surplus with India has already hit $85 billion this year.
Comments
Post a Comment