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...
Canadian retail sales showed no growth in November, halting a four-month streak of gains, according to an advanced estimate by Statistics Canada. This follows a 0.6% increase in October, slightly below the 0.7% forecast by Bloomberg-polled economists.
Key Highlights
- Consumption Weakens: Retail sales stalling signals waning consumer momentum as the Bank of Canada continues to lower borrowing costs, albeit at a slower pace.
- Bank of Canada Rate Cuts: Since June, the central bank has reduced rates by 175 basis points, with another 50 basis points cut last week. Policymakers are expected to continue easing early next year.
- Subsector Performance:
- Automotive Sales Lead Gains: Sales increased at both new and used car dealerships in October.
- Core Retail Sales: Excluding gas stations and car dealers, core sales rose 0.2%, driven by furniture, electronics, and personal care.
- Gas Station Sales Decline: Receipts dropped for the sixth consecutive month in October.
- Regional Growth: Ontario and British Columbia saw significant increases in sales, particularly in car sales, while retail sales grew in seven out of ten provinces.
Wholesale Sales Drop
A separate advance data release showed wholesale sales fell by 0.7% in November, adding to signs of a cooling economy.
Looking Ahead
The stalling retail figures point to a slowdown in consumption, a key driver of economic growth. While the Bank of Canada’s easing cycle supports the economy, a slower pace of rate cuts and weaker consumer activity could weigh on economic momentum heading into 2025.
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