U.S. 10Y touches 5%, AI stocks tumble and oil stays above US$105 markets brace for tomorrow’s Fed decision Global markets enter Tuesday with three pressure points converging: U.S. borrowing costs briefly crossed 5%, oil remains above US$100, and the AI trade suffered a sharp reset overnight . The S&P 500, Dow and Nasdaq all closed lower Monday, while the Philadelphia semiconductor index plunged 5.9% . For Malaysian investors, there was one encouraging counterpoint: the FBM KLCI rebounded 0.66% to 1,698.01 , snapping four consecutive losing sessions despite the difficult global backdrop. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,619.98, -0.48% 🇺🇸 Dow Jones 52,421.20, -0.29% 🇺🇸 Nasdaq 26,186.41, -0.56% 🇲🇾 FBM KLCI 1,698.01, +0.66% 💵 USD/MYR ~4.04–4.05 🇺🇸 U.S. 10Y Treasury briefly >5%; ~4.98% later 🥇 Spot gold ~US$4,313/oz, -0.8% 🛢️ Brent US$105.68/bbl, +~1% ₿ Bitcoin ~US$79,150, +~2% Monday The dollar strengthened Mo...
Mass Termination of US-Funded Health Programs Under Trump’s Foreign Aid Review
- Over 90% of US-funded global health programs have been terminated, following a 90-day review ordered by President Donald Trump.
- Programs addressing HIV, malaria, maternal health, and tuberculosis (TB) have been significantly affected.
- USAID cites "America First" policy alignment as the basis for the cuts.
Major Health Projects Affected
- UNAIDS' contract with USAID has been cancelled.
- Khana, a key HIV and TB organisation in Cambodia, received termination notices.
- Several large HIV/AIDS programs in South Africa lost funding, impacting services for vulnerable groups, including LGBT+ people and sex workers.
US Secretary of State Marco Rubio’s Stance
- Dismissed concerns that Washington is ending foreign aid and emphasized that waivers were granted for life-saving programs.
- However, recent court documents indicate broad termination of health programs, including some initially covered by waivers.
Global Health Experts Raise Alarm
- International AIDS Society President Beatriz Grinsztejn: "The US funding cuts are dismantling the system. HIV treatment is crumbling. TB services are collapsing... Lives are on the line."
- Francois Venter, Executive Director of Ezintsha Research Centre, Johannesburg: "The programmes receiving termination letters were among the most efficient and effective health delivery initiatives in South Africa. This is a devastating blow."
Impact on South Africa’s HIV/AIDS Crisis
- South Africa has the world's largest HIV-positive population (approx. 8 million people).
- Programs providing HIV testing and treatment for vulnerable groups are now unfunded, threatening progress in controlling the epidemic.
Uncertain Future for Global Health Initiatives
- Reuters could not determine exact criteria for termination or the total number of affected organisations.
- USAID and the US State Department have not issued a response regarding the cuts.
- Many fear long-term damage to global health systems and an increase in preventable deaths due to funding withdrawal.
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