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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 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.

Market Update: Recession Fears Impact Global Markets; NATGATE Sees a Sharp Drop Despite Fraud Case Denial

Global Market Overview: Global markets took a major hit with all major indices in the red: DJIA:  -2.08% S&P 500:  -2.69% Nasdaq:  -4.00% Key Takeaways: Recession fears  triggered a sell-off in technology stocks, with  Tesla  leading the way, dropping 15.43%. In contrast, other major tech stocks like the  Magnificent Seven  saw declines between 2-5%. U.S. job market  data suggests job losses are likely to accelerate, which could trigger further layoffs and tighter job markets. Oil and stock markets  faced additional pressure from trade tariffs imposed on exports from Mexico, China, and Canada, which also dampened investor sentiment. US Treasury Yields: The  10-year Treasury yield  dropped to  4.16% , reflecting a cautious market as bond futures saw a significant sell-off, following predictions of possible interest rate cuts by the Federal Reserve in upcoming meetings. Malaysia Market Snapshot: MYR:  Closed at...

Traders Ramp Up Bets on December Fed Rate Cut After Mixed Jobs Data

  Key Highlights: Treasuries Rally as Rate-Cut Bets Strengthen: Yields on two-year notes , sensitive to Fed policy changes, dropped 7 basis points to 4.08% . Traders are now pricing in 80% odds of a quarter-point rate cut at the Fed's December meeting, up from 67% earlier this week. November Jobs Data - Mixed Signals: Job creation rose to 227,000 (above the 220,000 forecast). The unemployment rate edged up to 4.2% , reflecting a moderating labor market. Wage growth increased by 4% year-on-year , slightly above expectations. Market Reaction: Traders responded with record activity in short-term interest-rate futures , betting heavily on a December rate cut. University of Michigan consumer sentiment hit an eight-month high of 74.0, with one-year inflation expectations rising to 2.9% , the highest since July. Economists’ Insights: "Goldilocks zone": Kevin Flanagan of WisdomTree said the data reassured investors by being “not too hot, not too cold.” Fed’s Approach: Econ...

China Stocks Surge on Stimulus Hopes Amid Global Market Caution

Chinese stocks rallied Friday as investors anticipated stronger growth stimulus measures ahead of a key policy meeting, offsetting broader regional caution before the release of critical U.S. jobs data. Key Market Moves: China's CSI 300 Index : Gained up to 1.8% as traders bet on fresh economic support from the upcoming Central Economic Work Conference. Hong Kong's Hang Seng Index : Jumped 1.6%. Regional Trends : While Chinese stocks provided a bright spot, indices in Japan, South Korea, and Australia posted declines. The broader Asian equities gauge rose 0.1%. Global Highlights: U.S. Market Influence : Wall Street's S&P 500 and Nasdaq 100 both saw their first declines in five sessions, down 0.2% and 0.3%, respectively. U.S. Job Market : Jobless claims rose to a one-month high, with November payroll growth estimated at 220,000, a rebound from disruptions in October. Other Regional Developments: South Korea : The won recovered from earlier declines after assurances from ...

Exxon Mobil to Cut Nearly 400 Jobs in Texas Post-Pioneer Acquisition

Key Takeaway: Exxon Mobil plans to reduce 400 jobs in Texas as part of its integration with Pioneer Natural Resources, following the shale producer's acquisition. Exxon Mobil will cut 376 jobs in Irving and 18 in Midland , Texas, as outlined in a filing with the Texas Workforce Commission. The cuts will occur in phases, with 110 employees to be released by the end of 2024 , 178 in 2025 , and 100 in 2026 . Despite the layoffs, Exxon emphasized its commitment to retaining Pioneer’s talent. About 1,900 Pioneer employees were offered jobs , with the majority accepting their offers. “Our employment strategy has not changed — the success of this merger depends heavily on the retention of Pioneer's talented workforce,” the company said in its WARN notice, which is required under US labor law for advance layoff notifications. Exxon Mobil has yet to comment further on the planned reductions.

Dell Announces Ongoing Job Cuts Amid Pressure on Margins

Dell Technologies Inc. plans to continue reducing its workforce through the fiscal year ending February 2025 as it navigates challenges related to cost control, declining demand for personal computers (PCs), and the profitability of servers optimized for artificial intelligence (AI). Key Takeaways: Focus on Cost Management : Dell will limit external hiring, reorganize jobs, and take additional actions to further reduce its overall headcount. This comes as the company strives to manage costs amidst concerns over the slow rebound in PC demand and the lower profitability of AI-optimized servers due to high costs associated with expensive components, such as Nvidia's computer chips. Mixed Performance in Core Businesses : While Dell is expanding its high-powered server business for AI work, which has driven a 39% increase in its stock this year, the profitability of this new growth area is under scrutiny. In the most recent quarter, a higher mix of AI servers negatively impacted margins...

US Job Openings Fall Slightly as Consumer Confidence in Labor Market Declines

  US job openings fell modestly in June, with data for the prior month revised higher, indicating a gradual slowdown in the labor market rather than a rapid weakening. The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) reported job openings dropped by 46,000 to 8.184 million by the end of June, while May's openings were revised to 8.23 million from the previously reported 8.14 million. Key Highlights: Job Openings : Job openings fell by 46,000 to 8.184 million in June. May's job openings were revised higher to 8.23 million. Job openings have been steadily declining since hitting a record 12.182 million in March 2022. There were 0.9 job openings for every unemployed person in June, down from 1.1 in May. Industry-Specific Changes : Increases in job openings: accommodation and food services (120,000), state and local government excluding education (94,000). Decreases in job openings: durable goods manufacturing (88,000), federal government (62,000). Hires an...

US Weekly Jobless Claims Rise Amid Seasonal Volatility

The number of Americans filing new applications for unemployment benefits increased more than expected last week, due to typical seasonal volatility from temporary factory closures. Despite the rise, there has been no significant shift in the labor market. Key Points: Jobless Claims Data: Initial claims for state unemployment benefits rose by 20,000 to a seasonally adjusted 243,000 for the week ended July 13. Economists had forecast 230,000 claims. Unemployment rolls swelled to the highest level in more than 2-1/2 years in early July. Labor Market Trends: The rise in claims is consistent with a cooling labor market, characterized by slower hiring rather than increased layoffs. The unemployment rate increased to a 2-1/2-year high of 4.1% in June. The Federal Reserve's "Beige Book" reported a slight increase in employment from late May through early July but noted a decline in manufacturing employment. Seasonal Volatility: The data is noisy in July due to temporary factory ...

US Employment and Wage Growth Expected to Moderate in June

The US job market showed signs of slowing in June, with expectations of moderate job growth and wage increases. This trend could boost the Federal Reserve's confidence in managing inflation without tipping the economy into a recession. Job Growth: US job growth likely slowed to a still-healthy pace in June. Nonfarm payrolls are expected to have increased by 190,000 jobs, down from 272,000 in May. Despite the slowdown, the economy continues to create enough jobs to keep up with the growth in the working-age population, especially with the recent surge in immigration. Unemployment Rate: The unemployment rate is expected to remain steady at 4%. However, some economists predict it could drop slightly to 3.9%. The rate had risen to 4.0% in May for the first time since January 2022, influenced by volatile youth unemployment. Wage Growth: Annual wage growth is anticipated to rise at its slowest rate in three years. Average hourly earnings are forecast to increase by 0.3% in June, down ...