Mar 20 2024: On Wednesday, Malaysia’s central bank called for an expedited implementation of structural reforms aimed at ensuring long-term sustainable economic resilience and bolstering the strength of the ringgit currency. Bank Negara Malaysia (BNM) highlighted favorable economic conditions expected in 2024, including moderate inflation and anticipated growth in trade activity. This environment provides an opportunity for the government to implement necessary changes, such as subsidy rationalization, as outlined in documents released alongside the annual report. The government’s plan to transition from blanket subsidies to targeted assistance for low-income groups is in progress, with potential implications for fuel costs. BNM Governor…
Author: editor2
Mar 20 2024: The yen hovered near a four-month low against the U.S. dollar and a 16-year low against the euro on Wednesday, with traders anticipating that Japan’s monetary policies will remain supportive despite the Bank of Japan’s (BOJ) decision to end its negative interest rate policy. Following the BOJ’s announcement of Japan’s first rate hike in 17 years, the central bank indicated its intention to maintain accommodative conditions, keeping pressure on the yen due to significant U.S.-Japanese rate differentials. On Wednesday, the yen weakened to a four-month low of 151.58 against the dollar and was last down 0.47% at 151.56,…
Mar 20 2024: On Wednesday, oil prices experienced a slight decline, influenced by a stronger dollar that tempered investor interest. Traders also took profits after benchmarks surged to multi-month highs in the previous session. Brent crude futures for May dropped by 28 cents or 0.3% to $87.10 a barrel by 0711 GMT. U.S. West Texas Intermediate (WTI) futures for April delivery, expiring on Wednesday’s settlement, fell by 47 cents or 0.6% to $83.00 a barrel. The more active May WTI contract was at $82.41 a barrel, down by 32 cents. Tina Teng, an independent analyst based in Auckland, suggested that profit-taking…
Mar 20 2024: On Wednesday, the price of Bitcoin dropped to a two-week low, touching $60,000 as investors took profits ahead of a Federal Reserve meeting. This decline came amidst significant capital outflows from a major exchange-traded fund, adding pressure to Bitcoin’s value. The broader market sentiment favored risk-off moves, with traders shifting towards the dollar and booking profits in Bitcoin. This move followed Bitcoin’s earlier surge to record highs above $73,000 in March. Ahead of the Fed meeting, the dollar index reached a two-week high. The market expected the central bank to maintain interest rates and provide guidance on future…
Mar 20 2024: Japan’s stock market closed higher on Wednesday, with the Nikkei 225 index gaining 0.66%. The increase was driven by strong performances in sectors like Paper & Pulp, Power, and Rubber. Closing in Tokyo, the Nikkei 225 index saw notable gains. Among the top performers were Sumitomo Realty & Development Co. (TYO:8830), climbing 8.30% or 402.00 points to reach 5,232.00 by the end of the session. Tokyo Tatemono Co., Ltd. (TYO:8804) also performed well, rising 7.36% or 163.00 points to finish at 2,377.50, while Tokyu Fudosan (TYO:3289) gained 5.83% or 64.50 points to close at 1,170.50. On the flip…
Mar 19 2024: The Bank of Japan (BOJ) made a historic shift on Tuesday by ending eight years of negative interest rates and other unconventional policies, marking its first interest rate hike in 17 years. However, the rates remain near zero due to a cautious approach amid a fragile economic recovery. BOJ Governor Kazuo Ueda announced the move at a press conference, stating, “We reverted to a normal monetary policy targeting short-term interest rates, as with other central banks.” The BOJ’s new policy sets the overnight call rate in a range of 0-0.1% by paying 0.1% interest on deposits at the…
Mar 19 2024: SINGAPORE (Reuters) – Japan’s yen experienced a significant decline on Tuesday following the Bank of Japan’s (BOJ) decision to end its negative interest rate policy, a move that had been widely anticipated. Additionally, the Australian dollar also fell after the Reserve Bank of Australia (RBA) kept rates unchanged. In a historic shift away from years of extensive monetary stimulus, the BOJ concluded its two-day monetary policy meeting by ending eight years of negative interest rates and other unconventional policies. Despite this monumental decision, the yen depreciated by 0.8% and fell below the 150 level against the dollar,…
Mar 19 2024: Oil prices experienced a decline on Tuesday, partly due to expectations of increased supply from Russia, slower-than-expected demand in sectors like jet fuel, and cautious trading ahead of the Federal Reserve’s decision on U.S. interest rates. The Brent crude oil futures contract for May delivery dropped by 15 cents to $86.74 a barrel as of 0708 GMT, while U.S. West Texas Intermediate (WTI) prices fell by 13 cents to $82.03. The WTI April contract, expiring tomorrow, also decreased by 13 cents to $82.59. Both benchmarks had reached four-month highs in the previous session, supported by reduced crude…
Mar 19 2024: Bitcoin experienced a 5.7% drop on Tuesday, marking its largest one-day decline in two weeks, amid a selling spree affecting cryptocurrencies and other risky assets like stocks. The price dipped 4.2% to $64,550, hitting a two-week low of $63,555, while ether also fell by 4.4% to $3,355. Despite this decline, Bitcoin has seen a 52% increase in value since the beginning of the year, driven by investor interest in U.S. exchange-traded funds backed by spot bitcoin. Last Thursday, Bitcoin reached a record high of nearly $74,000, prompting profit-taking activities. Additionally, a series of U.S. data releases suggesting…
Mar 19 2024: Chinese tech giant Xiaomi (OTC: XIACF) reported a 10.9% growth in fourth-quarter revenue on Tuesday, driven by strong smartphone sales in a recovering industry. In the October-December period, revenue reached 73.24 billion yuan ($10.17 billion), exceeding the 73.17 billion yuan average forecasted by 15 analysts surveyed by LSEG. Adjusted net profit surged by 236.1% compared to the same period last year, reaching 4.9 billion yuan, which surpassed the average analyst estimate of 3.89 billion yuan. (Note: The conversion rate of $1 = 7.1994 Chinese yuan renminbi is included for context.)
