KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
The US dollar rallied while European stocks tumbled on Tuesday after President-elect Donald Trump announced sweeping tariff plans targeting imports from Mexico, Canada, and China.
Market Impact
Currencies Under Fire
Trump’s Tariff Plan
Sweeping Tariffs Announced:
Other Market Moves
Market Impact
- The STOXX 600 fell 0.7%, led by automakers such as Volkswagen and Stellantis, which dropped between 2.6%-5%.
- The threat of tariffs on the European Union added pressure, with traders anticipating the EU could be next.
- S&P 500 futures eased 0.1%, following Monday’s 0.3% gain.
Currencies Under Fire
- The dollar surged 2.3% to 20.75 pesos and climbed 1% to C$1.4139, reflecting investor fears that Mexico would bear the brunt of Trump’s tariffs.
- Offshore yuan weakened to 7.2674 per dollar, its lowest since late July.
- The euro fell 0.1% to $1.04838, while the British pound eased 0.2% to $1.2548.
Trump’s Tariff Plan
Sweeping Tariffs Announced:
- 25% tariffs on all goods from Mexico and Canada.
- An additional 10% tariff on Chinese imports.
- The measures are aimed at combating illegal immigration and drug trafficking.
- “The dollar’s move higher makes sense as markets digest Trump’s timing,” said Sean Callow of ITC Markets.
- Analysts warn of increased uncertainty, with policy surprises likely to become routine.
Other Market Moves
- Slipped 1% to $92,781, cooling further from last week’s record high of $99,830.
- Fell to a one-week low of $2,604.99, pressured by the dollar’s strength.
- Brent crude rose 0.6% to $73.41, while WTI crude climbed 0.45% to $69.25, as investors monitored developments in a potential Israel-Hezbollah ceasefire.
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