MARKET PULSE AM APRIL 23, 2025 [WATCH]

New Straits Times23-04-2025

KUALA LUMPUR: News on the latest moves on the stock and crypto markets.
Bursa Malaysia's 30-stock index rebounded on Wednesday after US President Donald Trump said he has no intention of dismissing Federal Reserve Chair Jerome Powell.
The key index opened nearly 11 points higher to 1,497.
Active stocks in early trade included Pertama Digital, Ingenieur Gudang and MSB Global Group.
In the cryptocurrency market, Bitcoin climbed above the US$90,000 mark for the first time since March after Strategy, the world's biggest corporate holder of Bitcoin increased its stake in the crypto.
On Luno, Bitcoin traded at RM408,999.
Ethereum rose to RM7,776 and Solana climbed to RM651.
That's it for Market Pulse.
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Boeing set to restart jet handovers to Beijing amid tariff dispute

The Star

34 minutes ago

The Star

Boeing set to restart jet handovers to Beijing amid tariff dispute

The Boeing logo is displayed at the company's factory, Sept. 24, 2024, in Renton, Washington. - AP NEW YORK: Boeing Co has begun shipping commercial jets to China for the first time since early April, indicating a reopening of trade flows amid the long-simmering tariff war between the United States and Asia's biggest economy. A Boeing 737 Max registered N230BE took off for Hawaii last Friday, according to Flightradar24 flight data. It was the first stop on a journey to the US planemaker's centre in Zhoushan, China where it typically finalises delivery of that model for domestic customers. The pending resumption of China-bound Boeing planes to one of the world's largest aviation markets comes after sparring between Washington and Beijing over the licensing of rare earth minerals and semiconductors. Under US President Donald Trump, aerospace has become increasingly enmeshed in negotiations over tariffs, with agreements punctuated by Boeing jet orders. The stakes were brought into focus after Bloomberg reported that China is considering placing an order for hundreds of aircraft built by European rival Airbus SE as soon as next month. The Boeing 737 Max jet took off at around 10am Seattle time last Friday, according to Flightradar24 data. The plane departed from King County International Airport-Boeing Field, south of downtown Seattle, heading to Kailua-Kona in Hawaii, the data showed. Previously, planes registered as N230BE had flown to Boeing's China delivery centre in Zhoushan and back to Seattle when Beijing asked its airlines to reject delivery of the US-made jets. Chinese government officials on May 12 lifted a ban on airlines taking delivery of Boeing planes after striking a truce with the United States that temporarily slashed tariffs on each side. China reduced its 125% duties on US goods to 10%, while the United States agreed to drop the combined 145% levies on most Chinese imports to 30%. But the accord struck in Geneva is for 90 days, leaving Boeing and its Chinese customers at risk of more trade gyrations. There's been added uncertainty as the White House moved to impose new restrictions on US technology shared with the Commercial Aircraft Corp of China Ltd, China's planemaker, and the jet it created to challenge Boeing and Airbus. China's airlines have been cautious about resuming US imports. Delivery activity has only recently stepped up at Boeing's Seattle facilities, including jets for Air China, Hainan Airlines, Xiamen Airlines, according to a website that tracks plane movements at the manufacturer. At stake for Boeing is the opportunity to finally clear its inventory of already built aircraft, a step to improving its finances. The sparring has also left in limbo the first major aircraft order from China since Trump visited Beijing in 2017. Both sides have a mutual interest in preserving commerce around aerospace, which traditionally has generated large trade surpluses for the United States. China's airlines can't rely solely on Boeing's European rival, Airbus, or its domestic upstart to provide the aircraft they need to expand operations. Planebuilder Comac also needs US-made engines, avionics and other technology to build its C919 jetliner. Boeing had expected to deliver another 50 planes to China when the latest trade spat erupted in April, with Beijing countering Trump's new levies by hiking tariffs that priced the US-made jets out of the market for Chinese carriers. With demand for new aircraft far-outstripping supply, Boeing has indicated that it's willing to find new takers if its China-bound aircraft get caught up in the trade wrangling. — Bloomberg

Sunnova files for bankruptcy on residential solar woes

The Star

34 minutes ago

The Star

Sunnova files for bankruptcy on residential solar woes

The logo of Sunnova Energy International Inc. is displayed on screens during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 25, 2019. REUTERS/Brendan McDermid/File Photo Sunnova Energy said on Sunday it had filed for Chapter 11 bankruptcy protection in the United States, as the residential solar panel installer buckled under the pressure of mounting debt and weakening demand. Sunnova is the second residential solar company to file for bankruptcy this month, reflecting the challenges faced by the industry as it struggles to cope with higher interest rates, an incentive cut in top market California and fears of subsidy rollbacks. Last week, privately held Solar Mosaic filed for bankruptcy protection, while industry pioneer SunPower collapsed a year back. On Monday, Sunnova said it had entered into agreements with Atlas SP Partners and Lennar Homes under which it would sell certain assets to each company for a value of $15 million and $16 million respectively, pending court approval. The company will continue its regular operations throughout the sale process. Sunnova filed for protection in the Bankruptcy Court for the Southern District of Texas after warning in March that it might not be able to continue as a going concern. The company listed its estimated assets and liabilities in the range of $10 billion to $50 billion and had a total debt of $10.67 billion as of December 31, according to a court filing. Sunnova said last week it would lay off about 55% of its workforce, or 718 employees, in a bid to cut spending. Earlier this month, its unit, Sunnova TEP Developer, had also filed for Chapter 11 bankruptcy protection. President Donald Trump's administration, which is pushing to maximise oil and gas production, cancelled a partial loan guarantee of $2.92 billion last month that was awarded to Sunnova by the Biden administration. Companies that put solar panels on U.S. homes said last month that a Republican budget bill that has advanced in Congress could deal a massive blow to the industry by eliminating a generous subsidy for homeowners that had buttressed the industry's growth. "Depending on what happens with the tax bill in Congress, the conditions in this market may become even worse in 2026, because Congress is considering ending the tax credit for residential solar," Raymond James analyst Pavel Molchanov said. - Reuters

New Straits Times

an hour ago

New Straits Times

MARKET PULSE AM JUNE 10, 2025 [WATCH]

KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Paradigm REIT opened flat on its Main Market debut today, unchanged against its IPO price of RM1 per unit. In early trade, the REIT moved within a narrow range, between 99.5 sen and RM1.02, with over 11 million units changing hands. Bursa Malaysia saw choppy trading earlier today, tracking Wall Street's mixed performance amid ongoing caution over the outcome of US-China trade talks. The FBM KLCI is expected to trend within the 1,515 to 1,525 range. In the cryptocurrency market, Bitcoin climbed to RM462,888. Ethereum and Solana have followed suit, trading at RM11,374 and RM676, respectively. That's it for Market Pulse.