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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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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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