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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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Global Markets Drop Amid US Shutdown Risks, Trump’s EU Tariff Threats

Global markets slid on Friday as concerns over a potential US government shutdown mounted and Donald Trump’s trade threats against Europe heightened tensions. Investors also focused on upcoming US inflation data that could influence Federal Reserve policy for 2025.

Key Market Highlights

1. US Government Shutdown Risks

  • A spending bill failed in the House of Representatives on Thursday, highlighting political volatility under President-elect Donald Trump.
  • Trump’s proposed tariffs and spending policies have increased uncertainty, with credit default swaps (CDS) on six-month US bills rising to a four-week high of 11 basis points.

2. Trump’s Trade Threats

  • Trump warned the European Union to increase purchases of US oil and gas or face tariffs:
    • “Otherwise, it is TARIFFS all the way!!!” he stated on Truth Social.
  • European stocks fell 1%, marking a 3% weekly drop, as US stock futures slipped 0.7%-1.1%.

3. Inflation and Fed Policy Outlook

  • The Core Personal Consumption Expenditures (PCE), a key US inflation measure, is expected to rise 0.2% in November.
  • A higher reading could further reduce expectations for rate cuts next year, with markets now pricing in fewer than two cuts for 2025.

4. Treasury and Currency Market Impact

  • 10-year Treasury yields surpassed 4.5% for the first time since May, amid a cautious Fed stance.
  • Dollar Performance:
    • Down 0.3% at 108.12, but close to a two-year peak of 108.43.
    • Euro gained 0.2% to US$1.03925.
    • Yen recovered 0.4%, trading at 156.87, after plunging 1.7% the previous day due to the Bank of Japan's dovish stance.

5. Commodity Prices

  • Oil: US West Texas Intermediate fell 0.6% to US$68.96.
  • Gold: Gained 0.5% to US$2,605 per ounce, benefiting from safe-haven demand.
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