![MARKET PULSE AM JULY 10, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2Fmpa10_NSTfield_image_socialmedia.var_1752116430.jpg&w=3840&q=100)
MARKET PULSE AM JULY 10, 2025 [WATCH]
Bursa Malaysia's 30-stock index opened higher amid the ongoing uncertainty over Trump's tariff policy, as prevailing positive sentiment was spurred by artificial intelligence related trade.
Buying interest is expected to return in view of yesterday's Bank Negara Malaysia's cut in the overnight policy rate by 25 basis points to 2.75 per cent.
The FBM KLCI is expected to trend within the 1,530 to 1,540 range today.
In the cryptocurrency market, Bitcoin rose to RM464,35.
Ethereum also followed the positive trend, increasing to RM11,549, while Solana traded at RM655.
That's it for Market Pulse.
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The Star
24 minutes ago
- The Star
Trump intensifies trade war with 30% tariffs on EU and Mexico
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The Star
an hour ago
- The Star
Vietnam surprised by Trump tariff announcement at 20%, still seeking lower rate from its major trade partner
HANOI (Bloomberg): Vietnam's leadership was caught off guard by US President Donald Trump's announcement last week that it agreed to a 20% tariff, and the South-East Asian nation is still seeking to lower the rate, according to people familiar with the matter. Straight after last Wednesday's call with Trump, Vietnam's party chief To Lam told his negotiating team to keep working to bring the tariff rate down, the people said, asking not to be identified as the talks are confidential. The 20% figure came as a surprise as Vietnam believed it had secured a more favourable tariff range, the people said. Before the call, Vietnam had been pushing for a tariff in the 10%-15% range. There's been little mention of the 20% tariff in Vietnam's state media. In a government memo seen by Bloomberg News, which was sent to the local press, it gives instructions not to post content that is unclear or speculative and without consensus between Vietnam and the US. Vietnam's Ministry of Foreign Affairs didn't immediately respond to a request for comment. The South-East Asian nation, an export powerhouse that last year had the world's third-biggest trade surplus with the US, was only the second country after the UK that Trump has announced a trade agreement with. Trump has been issuing tariff letters to dozens of trading partners since then, slapping duties as high as 50% ahead of an Aug. 1 deadline. The day after Trump's Truth Social post on Vietnam, in which he called Lam "an absolute pleasure' to deal with, the country's Ministry of Foreign Affairs said trade negotiators were still coordinating with their US counterparts to finalize the details of the agreement. Since then, Vietnam's leaders have skirted the issue in official comments. Prime Minister Pham Minh Chinh instead focused on Vietnam's efforts to diversify export markets and supply chains to adapt to the new tariff policy and his comments were echoed a few days later by a deputy trade minister. Trump's announced rate of 20% would replace the current 10% baseline, but still add on to some other pre-existing levies such as 'Most Favoured Nation' tariffs, according to a US official who requested anonymity to discuss the matter. That would push the typical total average effective rate above 20%. US sectoral tariffs, such as on automobiles and steel, are separate from the 20% rate but not cumulative - importers pay one or the other. The White House didn't immediately respond to a request for comment sent outside of normal business hours. Vietnam is trying to navigate Washington's demands while keeping good relations with China, its biggest trading partner. Throughout the negotiations, the US demanded more action from Hanoi to prevent Chinese goods from being rerouted and repackaged through Vietnam to skirt higher tariffs. Beijing said it was examining the trade agreement and would retaliate if its interests were hurt. In parallel with the push for a lower rate, Vietnam's trade ministry is holding meetings with customs and trade industry groups on regulatory steps to further tighten the rules around origin-of-goods fraud and prevent illegal transshipments, the people said. More than a week after it was first revealed by Trump, neither side has published any kind of detailed outline, providing little clarity on how the 20% rate or the 40% levy on goods deemed to be transshipped through the country will be enacted or enforced. On Thursday, Trump told NBC News he's eyeing blanket tariffs of 15% to 20% on most trading partners who haven't been informed yet of their rates. The current global baseline minimum levy for nearly all US trading partners is 10%. The confusion has not deterred investors. Stocks rallied to a three-year high and the 20% tariff was interpreted by foreign investors as "a good deal for Vietnam,' said one leading fund manager at an investment summit in Hanoi Wednesday. While in Brazil for the BRICS summit, Chinh and China's Premier Li Qiang agreed to boost economic, trade and investment ties between the two countries during a meeting on the sidelines. They also agreed to prioritise the construction of a railway link connecting the two countries, one of many signs of closer cooperation between the two neighbours, underscoring Vietnam's need to keep Beijing on side. -- Reports by Francesca Stevens, Josh Wingrove and Nguyen Dieu Tu Uyen with assistance from Ramsey Al-Rikabi. -- ©2025 Bloomberg L.P.
The Star
6 hours ago
- The Star
Some Walmart garment orders from Bangladesh on hold due to US tariff threat
FILE PHOTO: A Walmart store is shown in Oceanside, California, U.S., May 15, 2025. Dhaka-based garment factory owner said an importer with whom he was negotiating a spring 2026 order of trousers for Walmart asked him to wait a week before the order would be confirmed due to the tariff risk. - Reuters LONDON/NEW YORK: Suppliers to Walmart have delayed or put on hold some orders from garment manufacturers in Bangladesh, according to three factory owners and correspondence from a supplier seen by Reuters, as US President Donald Trump's threat of a 35 per cent tariff on the textile hub disrupts business. Bangladesh is the third-largest exporter of apparel to the United States, and it relies on the garment sector for 80 per cent of its export earnings and ten per cent of its GDP. The factory owners all said they expected orders to fall if the August 1 tariffs go into effect, as they are unable to absorb that 35 per cent rate. Iqbal Hossain, managing director of garment manufacturer Patriot Eco Apparel Ltd, told Reuters an order for nearly one million swim shorts for Walmart was put on hold on Thursday (July 10) due to the tariff threat. "As we discussed please hold all below Spring season orders we are discussing here due to heavy Tariff per cent imposed for USA imports," Faruk Saikat, assistant merchandising manager at Classic Fashion, wrote in an email to Hossain and others seen by Reuters. Classic Fashion is a supplier and buying agent that places orders for retailers. "As per our management instruction we are holding Bangladesh production for time being and IN case Tariff issues settled then we will continue as we planned here." The hold was not decided by Walmart, Saikat told Reuters, but by Classic Fashion itself. Walmart did not respond to a request for comment. Bangladesh is currently in talks with the United States in Washington to try to negotiate a lower tariff. Trump in recent days has revived threats of higher levies on numerous nations. "If the 35 per cent tariff remains for Bangladesh, that will be very tough to sustain, honestly speaking, and there will not be as many orders as we have now," said Mohiuddin Rubel, managing director at jeans manufacturer Denim Expert Ltd in Dhaka. Rubel, whose company produces jeans for H&M and other retailers, said he expects clients will ask him to absorb part of the tariff, but added this would not be possible financially. Manufacturers have already absorbed part of the blanket ten per cent tariff imposed by the US on April 2. "Only probably the big, big companies can a little bit sustain (tariffs) but not the small and medium companies," he said. Retailers have front-loaded orders since Trump returned to the White House, anticipating higher tariffs. Jeans maker Levi's, which imports from Bangladesh, said on Thursday it has 60 per cent of the inventory it needs for the rest of 2025. US clothing imports from Bangladesh totaled US$3.38 billion in the first five months of 2025, up 21 per cent from the year-earlier period, according to US International Trade Commission data. Another Dhaka-based garment factory owner said an importer with whom he was negotiating a spring 2026 order of trousers for Walmart asked him on Thursday to wait a week before the order would be confirmed due to the tariff risk. Hossain said he may look for more orders from European clients to make up for lost orders if the US 35 per cent tariff gets implemented, even if he has to cut prices to stimulate demand. - Reuters
