KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Global stock markets advanced on Monday, lifted by growing investor expectations that the US Federal Reserve may cut interest rates as early as September. The shift in sentiment followed a disappointing US jobs report and sharp downward revisions to prior months’ data, triggering concerns over the reliability of economic indicators and Fed policymaking.
Key Highlights:
US July nonfarm payrolls missed forecasts, with May and June figures also revised sharply lower. The three-month average job gain fell to just 35,000, compared to 231,000 at the start of 2025.
Wall Street reacted with a selloff Friday, but sentiment stabilized Monday, with STOXX 600 up 0.6% and US futures rebounding by 0.6–0.7%.
Market-implied probability of a Fed rate cut in September now stands at 85%.
The US dollar, after Friday’s 1.4% slump (its worst single-day fall since April), regained some ground Monday, although safe-haven currencies like the Swiss franc and yen remained volatile.
Political Tension Over Data Credibility:
President Donald Trump fired the head of the Bureau of Labor Statistics, raising concerns about the independence and reliability of government data. Additionally, Trump is expected to appoint a new Fed governor, intensifying fears of a politically influenced rate policy.
“Such a chunky net downward revision suggests a more pronounced weakening in labour market conditions,” said Michael Brown, strategist at Pepperstone.
“The credibility of Fed decisions and the statistics they rely on are now in the spotlight,” added NAB's Ray Attrill.
Bond & Commodity Markets:
2-year US Treasury yields plunged 25 bps Friday – the largest single-day drop in nearly a year.
Gold held steady at US$3,358/oz, after a 2% surge Friday.
Brent crude fell to US$69.58, as OPEC+ reversed 2024 production cuts with a large output increase for September.
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