![MARKET PULSE AM JULY 15, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ20250206EZ_%25282%2529_%25285%2529_%25282%2529_1752548426.jpg&w=3840&q=100)
MARKET PULSE AM JULY 15, 2025 [WATCH]
Bursa Malaysia's 30-stock index opened lower amid uncertainty over US President Donald Trump's latest tariff threats to impose higher rates on more countries.
Traders are also monitoring earnings which are expected to be out this week.
The FBM KLCI is expected to remain within a tight trading range of between 1,535 to 1,545.
In the cryptocurrency market, Bitcoin fell to RM501,000 after hitting a record high of over half a million ringgit on Monday as US Congress debates crypto bills.
Ethereum also followed the negative trend, slightly decreasing to RM12,525, while Solana traded at RM677.
That's it for Market Pulse.
RhF8sr2qW-o
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
5 hours ago
- The Star
Exclusive-Meta, X and LinkedIn appeal unprecedented VAT claim by Italy
FILE PHOTO: EU flag and Meta logo are seen in this illustration taken, May 22, 2023. REUTERS/Dado Ruvic/Illustration/File Photo MILAN (Reuters) -U.S. tech giants Meta, X and LinkedIn have lodged an appeal against an unprecedented VAT claim by Italy that could influence tax policy across the 27-nation European Union, four sources with direct knowledge of the matter said on Monday. This is the first time that Italy has failed to reach a settlement agreement after bringing tax cases against tech companies, resulting in a fully-fledged judicial tax trial being launched. According to the sources, this came about because the case went beyond agreeing on a settlement figure and sought to establish a broader approach focused on how social networks provide access to their services. Italian tax authorities argue that free user registrations with X, LinkedIn and Meta platforms should be seen as taxable transactions as they imply the exchange of a membership account in return for a user's personal data. The issue is especially sensitive given wider trade tensions between the EU and the administration of U.S. President Donald Trump. Italy is claiming 887.6 million euros ($1.03 billion) from Meta, 12.5 million euros from X and around 140 million euros from LinkedIn. Meta, the parent company of Facebook and Instagram, Elon Musk's social network X and Microsoft's LinkedIn filed their appeals with a first instance tax court after mid-July, when the deadline for responding to a tax assessment notice issued by Italy's Revenue Agency in March passed. According to several experts consulted by Reuters, the Italian approach could affect almost all companies, from airlines to supermarkets to publishers, who link access to free services on their sites to users' acceptance of profiling cookies. It could also eventually be extended across the EU where VAT is a harmonised tax. In a statement to Reuters, Meta said that it had cooperated "fully with the authorities on our obligations under EU and local law". It added that the company "strongly disagrees with the idea that providing access to online platforms to users should be subject to VAT". LinkedIn said it had "nothing to share at this time". X did not respond to a request for comment from Reuters. ROME SEEN SEEKING EU ADVISORY It is uncertain whether a full trial of the matter, which involves three levels of judgement and takes an average of 10 years, will go ahead. Following discussions with the three companies, Italy is preparing as a next step to seek an advisory opinion from the European Commission, the sources said. The Italian Revenue Agency will have to prepare specific questions, which the Economy Ministry will then send to the EU Commission's VAT Committee, which meets twice a year. Rome aims to submit its questions for the meeting scheduled to be held by early November, in order to receive the EU's comments in time for the following meeting in spring 2026. Italy's Economy Ministry and Revenue Agency declined to comment. The EU Commission's VAT Committee is an independent advisory group. While its assessment will be non-binding, a "No" could prompt Italy to halt the case and ultimately drop the criminal investigation by Italian prosecutors, according to the sources. The dispute is one of several between Europeans and U.S. Big Tech. On July 11 Reuters exclusively reported that Meta would not be tweaking its pay-or-consent model further despite the risk of EU fines. According to a Financial Times report on July 17, the European Commission has stalled one of its investigations into Musk's platform X for breaching its digital transparency rules while it seeks to conclude trade talks with the U.S. ($1 = 0.8588 euros) (Reporting by Emilio Parodi, editing by Giselda Vagnoni and Keith Weir, Kirsten Donovan)
The Star
6 hours ago
- The Star
Ex-HRDC chief Shahul Hameed named Green Packet's group CEO and MD
Datuk Shahul Hameed Shaik Dawood - File pix PETALING JAYA: Green Packet Bhd has appointed former Human Resource Development Corp chief executive Datuk Shahul Hameed Shaik Dawood as its managing director and group chief executive officer. In a filing with Bursa Malaysia, Green Packet said Shahul Hameed (51) is an accomplished corporate leader with over 30 years of experience spanning both the public and private sectors, with core expertise in business transformation, digitalisation and human capital development. He previously served as the chief executive of the Human Resource Development Corp under the Ministry of Human Resources from 2020 to 2025, where he was instrumental in mobilising one of the country's most impactful talent development agendas - spanning millions of Malaysians and involving stakeholders from industry, academia, and international bodies. 'Beyond national borders, he is also recognised for his talent in forging strategic partnerships that transcend sectors and geographies.'
The Star
6 hours ago
- The Star
Crypto-linked stocks advance as Trump signs stablecoin law
FILE PHOTO: Representations of cryptocurrencies are seen in front of displayed decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File photo (Reuters) -Shares of crypto-linked companies jumped on Monday, as ether prices scaled their highest this year after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto industry that has been lobbying for a regulatory framework to gain greater legitimacy. The bill was passed in the House of Representatives by a vote of 308 to 122 on Thursday, after Senate approval. Bitcoin, the world's biggest cryptocurrency, inched 0.2% up, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in ether prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. "Banks, payments players and fintechs would continue buying operational ETH to pay transaction fees for deploying stablecoins and tokenised assets on the blockchain," said Gautam Chhugani, senior analyst at global digital assets, Bernstein. Ether was last trading at $3,816.7 after hitting its highest level for the year on Sunday. Crypto exchange Coinbase Global gained 1.9%, while stablecoin issuer Circle Internet rose 0.9%. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, mainly by crypto traders moving funds between tokens. Some large Wall Street banks such as Bank of America have also been working on launching their own stablecoins. FOLLOWING STRATEGY U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 4.7%. Other ether holding firms Bit Digital, BTCS and SharpLink Gaming climbed between 2.6% and 9.4%, respectively. Companies such as GameStop have been rushing to add crypto to their balance sheets, following the footsteps of Strategy. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Blank-check firm Dynamix Corporation surged 30% as the Ether Reserve, a new crypto venture backed by prominent crypto investors, was set to merge with the company to form The Ether Machine. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF also jumped 16.6%. XRP also gained 1%, trading close to its record highs. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data. (Reporting by Shashwat Chauhan and Medha Singh in Bengaluru; Editing by Arun Koyyur)
