MONEY MASTER

Profit Miss Sparks Downgrades Poh Huat Resources Holdings Bhd (KL:POHUAT) saw its stock tumble on Friday after reporting quarterly results that fell short of market expectations. Net profit for the nine months ended  July 31  came in at just about half of analysts’ full-year forecasts. The shortfall prompted  TA Securities  to downgrade the counter to  sell , while  Public Investment Bank  ceased coverage altogether. Tariff Pressures Weigh on Outlook The weaker performance comes amid uncertainty in the  US furniture market , Poh Huat’s key export destination. Analysts flagged the ongoing  US government investigation into furniture imports , which could worsen existing reciprocal tariffs already affecting demand. “Furniture exports to the US are already under tariff pressure, and demand is expected to stay subdued,” TA Securities said. Stock Performance Shares of Poh Huat fell as much as  6% to 94 sen , giving the company a market value o...

Malaysia’s economy expanded  4.4% YoY  in 2Q 2025, matching 1Q’s pace, as  robust domestic demand  offset a slowdown in exports, according to the Department of Statistics. The figure was just shy of the  4.5% advance estimate . On a seasonally-adjusted basis, GDP growth accelerated to  2.1% QoQ  from  0.7%  in 1Q. BNM’s View Bank Negara Malaysia Governor  Datuk Seri Abdul Rasheed Ghaffour  said the economy faces tariff-related uncertainty “from a position of strength,” with the official  2025 growth forecast of 4.0%-4.8%  deemed broad enough to capture current risks. Tariff Impact:  The US recently imposed a  19% import tariff  on Malaysian goods as part of wider trade actions, alongside a  blanket 10% tariff  since April. A threatened  100% tariff on imported semiconductors  — which account for ~one-third of Malaysia’s US exports — remains a key risk. The additional 9% tariff is within B...

Sharp Hike Signals Hardline Stance US President Donald Trump signed an executive order raising tariffs on Canadian goods to  35% from 25% , covering all products outside the US-Mexico-Canada Agreement (USMCA). The escalation underscores a hardline US trade posture heading into the Aug 1 deadline. Transshipment Route Closed Off To prevent tariff evasion, the White House added a  40% levy on transshipped goods , targeting supply chains rerouted via third countries. This move tightens cross-border logistics and increases compliance costs for exporters. Negotiations Hit a Wall Canadian Prime Minister Mark Carney reportedly attempted to initiate talks, but no discussions took place before the announcement. While Carney described previous talks as “constructive,” Trump’s remarks suggest a limited window for compromise, citing Canada’s long-standing tariffs on US agriculture. Geopolitical Overhang Ottawa’s recent steps toward recognising Palestinian statehood added a geopolitical lay...

Apple ($AAPL.US$) reports its  FY25 Q3 results this Thursday after market close , with investors watching whether  Services growth  can offset tariff pressures and sluggish iPhone demand in Greater China. Street Expectations Revenue:  $88.96B (+3.7% YoY) EPS:  $1.42 (+1.5% YoY) Gross Margin:  45.5%-46.5% (includes ~$900M in tariff-related costs) 3 Key Themes to Watch 1️⃣  iPhone Demand & Greater China Weakness iPhone shipments in mainland China dropped ~9% YoY in the first five months of 2025, though declines narrowed to -4% in Apr-May. Huawei’s 5G comeback has pressured Apple’s share, with Greater China revenue lagging global growth for 7 straight quarters. Subsidy policies in China may provide a short-term boost, but competition remains intense. 2️⃣  Services Growth – The Core Valuation Driver Services has delivered  double-digit YoY growth for 6 straight quarters  and is the company’s most stable revenue stream. Concern: Apple has...

Apple’s upcoming earnings report on  July 31  is drawing investor attention as the tech giant faces multiple headwinds — from trade tariffs to concerns about its lagging AI strategy. Stock Performance and Tariff Impact Apple shares are down  14% year-to-date , while the S&P 500 is up 8.5%. The company warned of a  $900M cost increase  for the June quarter due to U.S. tariffs on China-made products. With most iPhones produced in China, Apple is shifting some production to  India  to mitigate future tariff risk. iPhone Sales at Stake iPhones remain Apple’s core revenue driver, accounting for  $46.8B out of $95.4B  in Q2 sales. Tariff-driven price hikes may hurt demand if consumers delay upgrades, posing a major risk to earnings. AI Strategy Under Scrutiny Needham analyst Laura Martin  warns Apple is  1–2 years behind Big Tech peers  in generative AI. Apple Intelligence, expected to trigger an iPhone upgrade cycle, hasn’t gain...

As inflation inches closer to the Fed’s 2% target,  San Francisco Fed President Mary Daly  believes  two rate cuts remain on the table in 2025 , despite concerns about recent tariff announcements. Daly suggested the  price impact of Trump’s new tariffs may be muted , as businesses are finding ways to  absorb part of the cost  or  negotiate shared burden structures  that prevent full pass-through to consumers. “Some companies are cutting into their margins instead of passing costs along,” Daly said. “This could prevent a major spike in consumer inflation.” Key Points for Investors Two rate cuts likely in 2025 , according to Daly Tariffs may lead to  one-off price increases , not long-term inflation Growth and spending are moderating — but  not weakening Daly: Inflation  still on track  to hit 2% Futures pricing shows  first cut likely in September Diverging Views Inside the Fed While June meeting minutes show  a split ...

  Key Takeaways for Investors: Tariff Impact Hits Debt Markets:  Auto bonds slumped on Thursday after  President Trump imposed 25% tariffs on imported vehicles , set to start April 3. Yields widened as investor concerns over higher vehicle costs and potential profit erosion intensified. VW & BMW Bonds Under Pressure: Volkswagen’s 5.35% 2030 bonds , issued just last week, saw their spreads widen by 24 basis points to 135 bps. BMW’s 5.4% 2035 bonds  also weakened, with spreads rising 6 basis points to 122 bps. Bonds from  Honda and GM  showed similar lagging performance. Auto Debt Trails Broader Market: Spreads on high-grade auto bonds have  widened 26 bps YTD , more than  double the 10 bps widening  in the overall high-grade corporate bond market. Automakers like  Volkswagen, Toyota, Mercedes-Benz, and Hyundai  are most exposed to rising funding costs. Primary Market Cooling Off:  French parts supplier  Forvia SE  ...

 The global copper market has been rocked by the looming threat of US import tariffs, which could severely disrupt the current trading environment. Traders have been scrambling to ship copper to the United States before President Trump’s proposed tariffs take effect, hoping to capitalize on the price differential between New York's Comex and the London Metal Exchange (LME). Key Points: Tariff Impact : US President Donald Trump’s potential 25% tariffs on copper imports have sparked a rush to ship copper into the country before the tariffs arrive. Traders are paying up to $500 more per ton to secure copper for delivery to the US, betting that the tariffs will push prices even higher. Market Disconnect : Prices on the LME are currently trading at a record discount to Comex prices, with a gap of around $1,500 per ton. This price difference has led traders to buy up cheaper copper from international markets to take advantage of the disparity. Risk of Losses : While this trade has been h...

US stocks experienced declines on Wednesday, with both the  S&P 500  and  Nasdaq  in negative territory as investors remained cautious in light of uncertainties surrounding President Donald Trump's upcoming tariffs and their potential economic impact. Key Points: Market Performance : The  S&P 500  fell 0.34%, losing 19.38 points to  5,757.73 . The  Nasdaq  dropped 0.98%, losing 179.23 points to  18,092.63 . The  Dow Jones Industrial Average  managed a small gain of 0.33%, rising  141.3 points  to  42,728.8 . Tariff Concerns : Investors are watching closely as Trump’s new  25% auto tariffs  are set to take effect  April 2 . While some reprieve was granted earlier this week due to speculation about potential exemptions for certain countries, the  ambiguity  over the tariffs’ full scope and retaliatory measures from other nations have kept investors on edge. Revised Market Outlook : ...