Asian markets creep up as investors await key speech
US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks Friday at the annual central bankers conference in Wyoming.
Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September -- which could bolster growth in the world's largest economy.
In a sign of further uncertainty, recent days have seen a sell-off of major technology stocks as investors grow wary of a sustained rally in the industry despite a range of global economic hurdles.
Wall Street closed mostly lower on Wednesday, with the tech-heavy Nasdaq falling again as shares in AI chip-maker Nvidia ticked down.
Despite the building unease, shares in Seoul were up Thursday morning, bolstered by a rise in Samsung's price.
Shanghai, Sydney, Taipei and Bangkok also charted moderate rises.
Tokyo's Nikkei index continued its fall from the previous day, while shares in Hong Kong were flat.
Japan reported Wednesday that the country's July exports plunged at the steepest rate in over four years, straining under hefty US tariffs.
Wednesday also saw Hong Kong's stock exchange operator post record half-year revenue, riding a renewed surge in listings and trading activity in the Chinese finance hub.
Global markets have fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump's Friday meeting with Russian counterpart Vladimir Putin.
But hopes for an imminent end to the war -- started by Moscow's invasion over three years ago -- were tempered Wednesday after Russia said it must be included in any discussions on security guarantees for Ukraine.
The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.
Oil prices continued to rise Thursday on the heels of a report the previous day showing a sharp decline in crude stockpiles.
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The Star
29 minutes ago
- The Star
It's 'Datuk Fan Bingbing' from this Sunday
MELAKA: Chinese actress Fan Bingbing, credited with raising the historic city's profile among tourists from her home country, will receive a Datukship at this Sunday's (Aug 24) investiture ceremony in conjunction with the birthday of Yang di-Pertua Negeri Tun Dr Mohd Ali Rustam. Chief Minister Datuk Seri Ab Rauf Yusoh confirmed this on Thursday (Aug 21) during the groundbreaking ceremony for SM Pay Fong's new hostel building here. He said the award was in appreciation of Fan's influence in drawing visitors to Melaka and creating unprecedented visibility for the state on the global tourism stage. 'She has helped catapult the historic city into the global tourism spotlight, and we deeply appreciate her efforts,' he said. State officials at the event told The Star that Fan would be conferred the 'Datuk Kehormat' (Honorary Datuk), which also carries the title "Datuk". She was appointed as Melaka's Tourism Friendship Ambassador in conjunction with Visit Melaka Year 2024. Since then, her involvement has driven considerable online engagement, with the state recording more than 1.5 billion impressions on China's popular WeChat platform. The figure is viewed as one of Malaysia's most significant digital tourism milestones. On the ground, Chinese tourist arrivals to Melaka rose sharply from 204,818 in 2023 to 664,687 last year. Regarding Thursday's ceremony, Ab Rauf said the SM Pay Fong hostel project was an effort by the community to ensure educational excellence. He said the RM40mil development on a 2.43ha site is expected to be completed by February. Ab Rauf said the hostel will comprise four three-storey blocks with 170 rooms, providing accommodation for more than 700 students. 'What we are witnessing today is not merely an infrastructure project, but a long-term investment in the future of Melaka's children, ensuring they have access to quality and inclusive education,' he added.
Malay Mail
29 minutes ago
- Malay Mail
Malaysia should continue its momentum on nuclear energy — Neville Lamech
AUGUST 21 — Energy has always been at the heart of human progress. Every major leap in industry and technology has been accompanied by a shift in how we power our industries. Coal fired the engines of the Industrial Revolution and propelled Britain to global influence. Oil and electricity fuelled America's rise in the 20th century. Today the same question returns to us. What energy source will define the future, and where will Malaysia stand in it? We face a difficult reality. Our energy demand is climbing year after year. As our economy grows, so does the appetite for power. It is no longer just homes and factories drawing electricity. The dawn of artificial intelligence (AI) and its rapid expansion have accelerated the growth of power consuming AI data centres. Data centres have nearly doubled in Malaysia since 2021 and more are on the way. These are trends we can continue to expect seeing in a future where electricity demand will only increase. At the same time, the climate clock is ticking. Malaysia has pledged to cut carbon emissions by 45 per cent by 2030 and to achieve carbon neutrality by 2050. These are ambitious targets, and rightly so, because the cost of inaction is already visible. Floods, heatwaves, and shifting weather patterns are no longer distant warnings but lived realities for Malaysians today. So the challenge is clear. How do we keep powering growth while reducing emissions? Renewables will and must remain a big part of the energy mix. Solar, hydro, and biomass are expanding, but they come with limits. Solar depends on weather and are intermittent. Hydro requires massive investments, land and can disrupt ecosystems. Biomass competes with food and land. Large-scale batteries, often suggested as a solution to intermittency, are still too costly and limited in storage capacity. We cannot bet our entire future on sources that, while promising, cannot yet fully replace fossil fuels. This photograph shows the Gravelines nuclear power plant during sunrise in Gravelines, northern France on August 11, 2025. — AFP pic This is where nuclear energy in the form of small modular reactors (SMRs) deserves serious attention. Nuclear has long been dismissed in Malaysia as too expensive or too risky. But SMRs are changing that age old argument. They are designed to be safer, quicker to build, and cheaper than the old mega-reactors of the past. They are flexible enough to plug into different parts of the grid, and their land footprint is far smaller. Most importantly, they provide steady, near zero carbon electricity. This is something no other low-carbon source can guarantee at scale. Encouragingly, Malaysia has already begun taking steps to transition to nuclear energy. The 13th Malaysia Plan outlines nuclear energy as part of the nation's long-term energy mix by 2031. MyPOWER, a dedicated agency under the Ministry of Energy Transition and Water Transformation has been tasked with implementing the government's nuclear energy program under the International Atomic Energy Agency (IAEA) guidelines which includes building regulatory capacity and training a skilled workforce. On the international front, Malaysia has strengthened cooperation with the United States through their expressed readiness to commence negotiation on the 123 Agreement, a legally binding framework for significant peaceful nuclear cooperation between the United States and another country. This would give Malaysia access to nuclear technology, expertise, and US nuclear safety frameworks. And in Asean, Malaysia has played a responsible role by urging nuclear weapon states to ratify the Southeast Asia Nuclear-Weapon-Free Zone Treaty — showing that our interest is firmly in peaceful, transparent, and cooperative nuclear development. The opportunity is clear. Nuclear power could help Malaysia secure its energy future, meet its climate commitments, and fuel industries of tomorrow. But more than that, it could give us a strategic edge. History shows that countries mastering the energy technology of their age rise in influence. If we act early, Malaysia could position itself as a regional leader in clean and reliable energy, rather than a follower scrambling to catch up. The question is not whether Malaysia can afford to adopt nuclear power. The real question is whether we can afford to be left behind? Hence, Malaysia should keep up its momentum on nuclear energy without turning back. * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
The Star
2 hours ago
- The Star
Gold little changed as investors await Powell's remarks at Jackson Hole
Gold was little changed on Thursday as investors awaited cues on the Federal Reserve's policy outlook ahead of its annual Jackson Hole symposium, which starts later in the day. Spot gold was down 0.2% at $3,338.89 per ounce, as of 0603 GMT. U.S. gold futures for December delivery also lost 0.2% to $3,381.20. The U.S. dollar index rose 0.1%, making greenback-back priced gold expensive for overseas buyers. Fed Chair Jerome Powell is expected to speak on Friday at the August 21-23 event, with investors watching whether he backs measures to bolster the labor market or focuses on curbing inflation. "We don't think gold prices are going to rise significantly and believe they are consolidating at the moment," said Brian Lan, managing director, GoldSilver Central. "Even if interest rates are cut slightly, we might see a slight uptick in gold prices, $3,400 mark is possible. If not, then prices may continue to consolidate or possibly notch a little lower, closer to $3,300," Lan added. Last month, Fed officials Michelle Bowman, vice chair for supervision, and Governor Christopher Waller voted for a quarter-point rate cut to address job market weakness, but their stance lacked broader support. The Fed has held rates steady since December, with investors expecting an 85% chance of a quarter-point cut in September, according to the CME's FedWatch tool. Gold typically performs well in a low interest rate environment and during times of heightened uncertainty. In politics, President Trump called on Fed Governor Lisa Cook to resign over alleged issues related to her mortgages in Michigan and Georgia, intensifying efforts to gain influence over the central bank. Elsewhere, Russia said attempts to resolve security issues relating to Ukraine without Moscow's participation were a "road to nowhere". Spot silver was down 0.1% at $37.86 per ounce, platinum fell 0.6% to $1,332.30 and palladium shed 0.5% to $1,108.26. - Reuters
