KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
US Morning Wrap | Judge Blocks Trump From Firing Fed Governor; TSMC Sales Jump; Oracle Boosts Cloud Outlook
Market Snapshot (07:33 ET)
E-mini S&P 500 Futures (SEP5): 6,541.00 (+0.30%)
E-mini Nasdaq 100 Futures (SEP5): +0.24%
E-mini Dow Futures (SEP5): -0.17%
Traders are positioning ahead of US inflation data due later this week, with futures mixed after recent payroll revisions bolstered expectations for Federal Reserve rate cuts.
Key Headlines
Judge Blocks Trump From Removing Fed Governor Cook
A judge issued a temporary injunction preventing President Trump from firing Federal Reserve Governor Lisa Cook, who faces mortgage fraud allegations.
The decision enables Cook to potentially participate in the Sept. 16–17 FOMC meeting, a critical policy-setting session as markets price in rate cuts.
TSMC August Sales Surge 33.8% YoY
Taiwan Semiconductor (TSM.US) reported August revenue of NT$335.77B (~US$11.09B), a 33.8% increase YoY.
Strong demand for AI and high-performance computing chips continues to drive top-line momentum.
Apple Unveils iPhone 17 Lineup
Apple (AAPL.US) launched the iPhone 17, Pro, Pro Max, and new ultra-slim iPhone Air (5.6mm thick).
Pricing ranges US$799–1,999, with the 128GB entry model removed, effectively raising the starting price.
Upgrades include new health features, enhanced imaging, and improved performance.
Oracle Raises Cloud Growth Outlook
Oracle (ORCL.US) Q1 FY26 revenue: US$14.93B.
Cloud revenue: US$7.19B (+28% YoY).
Cloud revenue forecast to hit US$18B in FY26 (+77% YoY), fueled by AI-driven demand and new deals with Google & OpenAI.
Shares surged in after-hours trading on results.
Novo Nordisk Announces 9,000 Job Cuts
Novo Nordisk (NVO.US) to reduce 9,000 roles globally (5,000 in Denmark).
Cost: DKK 9B (~US$1.25B) in Q3 2025; annual savings projected at DKK 8B by end-2026.
Savings will be redirected to diabetes and obesity drug growth opportunities.
GameStop Swings Back to Profit
GameStop (GME.US) Q2 net sales: US$972.2M vs. US$798M YoY.
Net income: US$138.3M vs. US$5.2M YoY.
Results mark a sharp turnaround, aided by cost discipline and sales momentum.
Bottom Line
Markets remain data-dependent, with inflation reports this week set to drive Fed policy expectations. Corporate news is dominated by Apple’s iPhone launch, Oracle’s AI-driven cloud momentum, and Novo Nordisk’s restructuring. Meanwhile, legal and policy headlines from Trump’s administration continue to inject political risk into Fed independence and trade strategy.
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