KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
Canada and the European Union have announced retaliatory tariffs in response to Donald Trump’s latest trade measures, intensifying the global trade war.
Key Developments:
Canada’s Response: Canada has imposed 25% tariffs on about C$30 billion ($20.8 billion) worth of U.S.-made goods, including steel, aluminum, and consumer products like computers and sporting goods. This measure directly counters Trump’s tariffs aimed at revitalizing America’s steel industry. Canada matched the tariffs “dollar for dollar” but delayed implementation, offering Trump a window to avoid further economic damage.
EU Retaliation: The European Union has also retaliated with its own duties on up to €26 billion ($28.3 billion) worth of American goods. While the U.K. remains a steadfast ally of the U.S. in trade talks, the growing global trade tensions are putting pressure on transatlantic relations.
U.S. Economic Impact: Trump downplayed the risk of a recession from the tariffs but acknowledged that businesses should brace for more levies. Meanwhile, inflation concerns continue to rise as economists fear that the tariffs will push up prices for a range of goods, including food and clothing.
Other Key Economic Updates:
Inflation: U.S. consumer prices rose at the slowest pace in four months in February, offering some relief amid inflationary concerns. However, economists warn that the ongoing trade war could drive prices higher in the months ahead, putting additional strain on consumers.
Corporate Concerns: Goldman Sachs CEO David Solomon noted that Trump’s tariffs are disrupting deal-making activity, with business leaders seeking more clarity on the White House’s economic strategy. Despite uncertainty, Solomon expects mergers and capital-markets activity to pick up as the year progresses.
Looking Ahead:
The global trade war continues to heat up, with Canada and the EU stepping up their responses to U.S. tariffs. As uncertainty grows, investors are bracing for more volatility, while consumers face rising prices and potential economic slowdowns.
Comments
Post a Comment