There's promise amid the despair
US President Donald Trump's sweeping tariffs sent shock waves across global markets, and Malaysia was no exception. The FBM KLCI index fell 6.5% in the first six months of the year, reflecting investors' anxiety amid escalating trade tensions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
U.S. stocks close higher as investors buy dip
NEW YORK, Aug. 4 (Xinhua) -- U.S. stocks rebounded Monday as investors looked to recover from sharp losses at the end of last week, which were triggered by growing concerns about the U.S. economy and the impact of new tariffs. The Dow Jones Industrial Average rose 585.06 points, or 1.34 percent, to 44,173.64. The S&P 500 added 91.93 points, or 1.47 percent, to 6,329.94. The Nasdaq Composite Index increased by 403.45 points, or 1.95 percent, to 21,053.58. Ten of the 11 primary S&P 500 sectors ended in green, led by communication services and technology, which rose 2.59 percent and 2.15 percent, respectively. Meanwhile, energy bucked the trend by dropping 0.44 percent. Friday's sell-off followed a disappointing jobs report that included substantial downward revisions to employment figures for May and June. The report also led to U.S. President Donald Trump firing the head of the Bureau of Labor Statistics. With a relatively quiet week ahead for economic data, market attention has turned to international trade. Technology stocks led Monday's rebound, with Nvidia, Broadcom, Alphabet and Meta Platforms each gaining more than 3 percent. Microsoft and Tesla added over 2 percent. Amazon fell 1.44 percent, extending its losses from Friday, while Apple added slightly. "Today is sort of a bounce-back day," said Sam Stovall, chief investment strategist at CFRA Research. "Stocks tend to pop after a drop, so that's what's happening." "S&P 500 gained ground as traders rushed to buy the dip after Friday's sell-off. Traders bet that weak job market data will force the Fed to cut rates, which will be bullish for stocks," said Vladimir Zernov, analyst with market information supplier FX Empire. Still, analysts warned that further economic disappointment in upcoming reports could weigh on stocks in coming weeks. Chris Senyek, chief investment strategist of Wolfe Research, cautioned that the market remains vulnerable to any negative surprises. "While market expectations are rising for the Federal Reserve to restart its easing cycle in September, weaker economic data is beginning to worry investors that the central bank is far behind the curve at the same time as tariff-induced inflation (whether transitory or not) hits," Senyek said.
The Star
8 hours ago
- The Star
Trump says he will 'substantially' raise tariffs on India over Russian oil purchases
FILE PHOTO: U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands, at the White House in Washington, D.C., U.S., February 13, 2025. REUTERS/Kevin Lamarque/File Photo WASHINGTON (Reuters) -U.S. President Donald Trump said on Monday he willsubstantially raise tariffs on India over its purchases of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump said in a post on Truth Social. "Because of this, I will be substantially raising the Tariff paid by India to the USA." He did not elaborate on what the tariff would be. Trump last week said he would impose a 25% tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite U.S. Trump's threats. The sources did not wish to be identified due to the sensitivity of the matter. (Reporting by Doina Chiacu; Writing by Caitlin Webber; Editing by Doina Chiacu and Franklin Paul)
New Straits Times
8 hours ago
- New Straits Times
Trump says to raise tariff on India over Russia oil purchases
WASHINGTON: President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil – a key source of revenue for Moscow's war on Ukraine. Trump's heightened pressure on India comes after he signaled fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Moscow is anticipating talks with the US leader's special envoy Steve Witkoff, who is expected to meet President Vladimir Putin this week. On Monday, Trump said in a post to his Truth Social platform that India was "buying massive amounts of Russian Oil" and selling it for "big profits." "They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump added. "Because of this, I will be substantially raising the Tariff paid by India to the USA." But he did not provide details on what tariff level he had in mind. For now, an existing 10 percent US tariff on Indian products is expected to rise to 25 percent come Thursday.
