Huawei Named a Leader in the Gartner® Magic Quadrant for Container Management
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The Star
33 minutes ago
- The Star
Asia markets recover after hot U.S. price data
SINGAPORE: Stocks in Asia made an uneven recovery as traders assessed the policy options facing the world's central banks, after an unexpected spike in producer price data in the U.S. renewed inflation concerns. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% after a report on Thursday from the Bureau of Labor Statistics which showed the Producer Price Index increased 0.9% in July on a month-on-month basis, well above economists' expectations. The report prompted traders to rein in expectations of how quickly the Federal Reserve would be able to cut rates at its September meeting without stoking further inflation. "What it did was to get rid of all the chat about a 50 basis point cut," said Mike Houlahan, director at Electus Financial Ltd in Auckland. The market is currently pricing in a 92.1% probability of a 25 basis point rate cut at its meeting next month, compared with a 100% likelihood of a cut on Thursday, according to the CME Group's FedWatch tool. The chance of a jumbo 50 basis point cut fell to zero from an earlier expectation of 5.7% a day ago. U.S. stock futures were up 0.2% in Asian trading and on track for a fourth day of gains after a choppy trading session on Wall Street on Thursday. The yield on the U.S. 10-year Treasury bond was down 2 basis points at 4.2732%. The two-year yield, which is sensitive to traders' expectations of Fed fund rates, slipped to 3.7233% compared with a U.S. close of 3.739%. The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, retraced some gains after the PPI data release, last trading down 0.2% at 98.026. The Nikkei 225 rebounded 1.6% to near a new record high, following a sell-off on Thursday that marked the index's biggest decline since April 11 and snapped a six-day winning streak. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-June quarter, beating analyst estimates. The dollar weakened 0.5% against the yen to 147.09. Australian shares were last up 0.7%, while stocks in Hong Kong were down 1.1%. The CSI 300 rose 0.8% after the release of weaker-than-expected Chinese economic data for July including retail sales and industrial production stoked speculation of fresh stimulus. Markets in India and South Korea are closed for public holidays. Cryptocurrency markets stabilised after a new record for bitcoin of $124,480.82 on Thursday proved fragile and promptly crumbled after falling short of its next key milestone. The digital currency was last up 0.8%, recovering some ground, while ether gained 1.7%. "Bitcoin's failure to conquer the $125,000 resistance signals another consolidation phase," said Tony Sycamore, a market analyst at IG in Sydney. In commodities markets, Brent crude was down 0.3% at $66.63 per barrel ahead of a meeting in Alaska between U.S. President Donald Trump and Russian leader Vladimir Putin. "The first meeting doesn't seem like a major market-moving event - it's more to set up a second meeting, which will likely be more important," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "If a ceasefire is reached, expect a positive reaction in the euro and a weaker dollar; the opposite if a ceasefire fails." Gold was slightly lower as the markets digested the path of inflation-adjusted interest rates, which typically move in the opposite direction from bullion prices. Spot gold was trading up 0.3% at $3,343.94 per ounce. In early European trades, the pan-region futures were up 0.5%, German DAX futures were up 0.5%, and FTSE futures gained 0.5%. - Reuters
Malay Mail
33 minutes ago
- Malay Mail
On Independence Day, India's Modi vows energy, defence self-reliance as US tariff threat looms
NEW DELHI, Aug 15 — Prime Minister Narendra Modi said Friday that India is seeking self-reliance in energy independence and the development of its own powerful defence systems, vowing to defend his country's interests 'like a wall'. Modi delivered his annual Independence Day address from the imposing ramparts of New Delhi's Red Fort at a time when India faces intense pressure and threats of additional tariffs from the United States. 'Self-reliance is the foundation of developed India,' Modi said after a flypast of military helicopters scattered flower petals above an invited crowd of thousands. 'Freedom becomes meaningless if someone becomes too dependent on others'. Ties between New Delhi and Washington have been strained by Trump's ultimatum that India end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine. India has said it 'stands ready' to support efforts to end the Ukraine war and endorses a summit to be held between Trump and Russian President Vladimir Putin in Alaska on Friday. But the United States says it will double new import tariffs on India from 25 per cent to 50 per cent by August 27 if New Delhi does not switch crude suppliers. 'We know that we remain dependent on many countries to meet our energy needs', said Modi, leader of the world's most populous nation and fifth-biggest economy. 'But to build a truly self-reliant India, we must achieve energy independence.' US Secretary of State Marco Rubio, in a statement congratulating India's Independence Day, said the relations between the two nations were 'consequential and far-reaching', and wanted to 'ensure a brighter future for both'. 'Blood and water' Modi urged scientists and engineers to focus on building key sectors and technologies including fighter jet engines, semiconductor chips and military hardware systems. 'We will have India-made semiconductor chips in the market by the year's end,' Modi said. He added that the country was also working towards building a space station and would have a 'defence shield' in the next decade, without giving further details. Modi also honoured the Indian armed forces, which took part in a four-day conflict with arch-rival Pakistan that ended in a ceasefire on May 10. 'India will give a befitting reply to any other misadventure by the enemy,' he added, and referred to New Delhi's suspension of its cross-border water sharing treaty with Pakistan. 'India has decided that blood and water will not flow together', he added. Modi did not speak directly about Trump, but said he would 'stand like a wall' against any policy that hurts the interests of farmers. Agriculture employs vast numbers of people in India and has been a key sticking point in trade negotiations. 'When economic selfishness is rising day by day... we must not just sit and worry about the crisis but instead focus on our strengths,' Modi said. — AFP
Malay Mail
33 minutes ago
- Malay Mail
Medical insurance overhaul in progress, says BNM, with new plans set for 2026
KUALA LUMPUR, Aug 15 — Interim measures to manage rising medical costs remain effective, as ongoing initiatives will strengthen healthcare delivery and help curb medical insurance inflation, said Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour. He said that over the past three years, the government has implemented five key thrusts and 11 recommendations aimed at improving medical services, enhancing implementation, and addressing the rising cost of health insurance premiums. 'For example, we are revamping the medical and health insurance/takaful (MHIT) product. You may be able to see the base product. We are testing it as we go,' he told a press conference after announcing Malaysia's second-quarter 2025 gross domestic product (GDP) performance here today. The MHIT revamp involves a redesigned base product, to be completed by year-end and rolled out in selected areas next year. Abdul Rasheed said other initiatives involve strengthening the digital health system, expanding cost-effective healthcare options, leveraging primary care providers to reduce implementation costs, and transforming the primary care payment mechanism through digital tools. 'These efforts are expected to bring down payment costs and ensure a more sustainable healthcare system,' he added. Last December, BNM announced interim measures with the insurance and takaful industry to help policyholders facing premium revisions for their MHIT products, aimed at easing their immediate financial burden while preserving coverage. — Bernama
