SIBUR Develops New Polyethylene Grade for FMCG Packaging
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The Sun
an hour ago
- The Sun
Oil climbs on supply risks; weak fundamentals weigh
TOKYO: Oil prices climbed on Thursday as investors remain cautious the U.S.-Russia summit on Ukraine on Friday will lead to a loosening of Russian crude sanctions and may even result in further action against buyers, while a weak market outlook capped gains. Brent crude futures were up 24 cents, or 0.37%, at $65.87 a barrel at 0356 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.34%, to $62.85. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened 'severe consequences' if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless. 'The uncertainty of U.S.-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure,' Rystad Energy said in a client note. 'How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises.' Trump has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues with its war in Ukraine. 'Clearly there's upside risk for the market if little progress is made' on a ceasefire,' said Warren Patterson, head of commodities strategy at ING, in a note. The expected oil surplus through the latter part of this year and 2026, combined with spare capacity from the Organization of the Petroleum Exporting Countries, means that the market should be able to manage the impact of secondary tariffs on India, Patterson said. But things become more difficult if we see secondary tariffs on other key buyers of Russian crude oil, including China and Turkey, he said. Expectations the U.S. Federal Reserve will cut rates in September is also supportive for oil. Traders are almost 100% agreed a cut will happen after U.S. inflation increased at a moderate pace in July. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers. The market is putting the odds of a quarter-percentage point cut at the Fed's September 16-17 meeting at 99.9%, according to the CME FedWatch tool. Lower borrowing rates would drive demand for oil. Oil prices were kept in check as crude inventories in the United States unexpectedly rose by 3 million barrels in the week ended on August 8, according to the U.S. Energy Information Administration on Wednesday. Also holding oil prices back was an International Energy Agency forecast that 2025 and 2026 global supply would rise more rapidly than expected, as OPEC and its allies increase output and production from outside the group grows - REUTERS
The Star
an hour ago
- The Star
Bursa Malaysia stays lower at midday, in sync with weaker regional sentiment
KUALA LUMPUR: Bursa Malaysia stayed in the negative territory at midday, in tandem with the weaker regional market performance, weighed down by selling pressure in selected heavyweights. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.42 points to 1,579.18 from yesterday's close of 1,586.60. The benchmark index had opened 0.31 of a point firmer at 1,586.91 and moved between 1,577.81 and 1,595.31 throughout the morning trading session. Market breadth was negative with 577 losers outpacing 307 gainers, while 491 counters were unchanged, 1,189 untraded and 17 suspended. Turnover stood at 1.40 billion units worth RM1.17 billion. Hong Leong Investment Bank Bhd said Wall Street was higher overnight as softer-than-expected United States (US) consumer price index reinforced bets on a rate cut during the US Federal Open Market Committee meeting on Sept 17. "Risk sentiment was further buoyed by US President Donald Trump's 90-day tariff truce with China and optimism ahead of the Trump-Putin ceasefire summit in Alaska, aimed at ending the three-year Russia-Ukraine war. "Focus now turns to tonight's US Producer Price Index print for clues on the US Federal Reserve's preferred inflation gauge,' it said in a research note today. Back home, it noted that the FBM KLCI surged to almost the 1,590 mark at the close yesterday, signalling sustained bullish momentum, with resistances revised higher to 1,600, 1,615, and 1,640 levels. "On a healthy pullback, key supports are located at 1,571, 1,557, and 1,547. A decisive break below these levels may lead to a deeper consolidation towards 1,535 and 1,522 levels,' it said. However, it said near-term volatility may persist, weighed by persistent foreign selling. The investment bank highlighted the year-to-date outflows of RM14.50 billion -- the highest since 2020's RM24.6 billion pandemic-induced exodus -- and the tariff overhang as Malaysia awaits clarification from the US on Malaysia-made chips after Trump proposed a 100 per cent levy on semiconductor chips made outside the US. "Also, near-term volatility could persist, weighed by muted earnings season and limited upside catalysts from corporate results. "Domestic policy risks, namely ongoing concerns over subsidy rationalisation and potential sales and service tax expansion, may dampen consumer sentiment and cloud earnings visibility,' it said. Among the heavyweights, YTL Power International eased 13 sen to RM4.16, YTL Corporation fell 8.0 sen to RM2.49 and Tenaga Nasional went down 14 sen to RM13.66, while IHH Healthcare was 4.0 sen higher at RM6.95 and Petronas Chemicals added 3.0 sen to RM3.63. In active trade, Oxford Innotech advanced 2.5 sen to 40.5 sen, Mtouche Technology and TWL inched up half-a-sen to 3.5 sen and 3.0 sen, respectively, and Tanco rose 1.5 sen to 72 sen, while XOX Technology slipped half-a-sen to 3.0 sen. Across the broader market, the FBM Emas Index slid 58.86 points to 11,745.32, the FBMT 100 Index trimmed 60.56 points to 11,528.45, the FBM Emas Shariah Index decreased 63.48 points to 11,705.07, the FBM ACE Index weakened 11.57 points to 4,643.04, and the FBM Mid 70 Index declined 115.49 points to 16,660.87. Sector-wise, the Financial Services Index slipped 37.65 points to 18,036.25, the Plantation Index reduced 17.61 points to 7,580.38, the Industrial Products and Services Index inched down 0.17 of a point to 158.34, and the Energy Index shaved 2.26 points to 735.38. - Bernama
Barnama
2 hours ago
- Barnama
Bursa Malaysia Stays Lower At Midday, In Sync With Weaker Regional
WORLD KUALA LUMPUR, Aug 14 (Bernama) -- Bursa Malaysia stayed in the negative territory at midday, in tandem with the weaker regional market performance, weighed down by selling pressure in selected heavyweights. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.42 points to 1,579.18 from yesterday's close of 1,586.60. The benchmark index had opened 0.31 of a point firmer at 1,586.91 and moved between 1,577.81 and 1,595.31 throughout the morning trading session. Market breadth was negative with 577 losers outpacing 307 gainers, while 491 counters were unchanged, 1,189 untraded and 17 suspended. Turnover stood at 1.40 billion units worth RM1.17 billion. Hong Leong Investment Bank Bhd said Wall Street was higher overnight as softer-than-expected United States (US) consumer price index reinforced bets on a rate cut during the US Federal Open Market Committee meeting on Sept 17. 'Risk sentiment was further buoyed by US President Donald Trump's 90-day tariff truce with China and optimism ahead of the Trump-Putin ceasefire summit in Alaska, aimed at ending the three-year Russia-Ukraine war. 'Focus now turns to tonight's US Producer Price Index print for clues on the US Federal Reserve's preferred inflation gauge,' it said in a research note today. Back home, it noted that the FBM KLCI surged to almost the 1,590 mark at the close yesterday, signalling sustained bullish momentum, with resistances revised higher to 1,600, 1,615, and 1,640 levels.
