Latest news with #Maybank
Business Recorder
4 hours ago
- Business
- Business Recorder
Asian currencies: S Korean won, Taiwan dollar up
BENGALURU: Asian stock markets fell on Friday after a US federal court kept President Donald Trump's tariffs in effect, while currencies also weakened, although both assets were headed for monthly gains. The Thai baht fell 0.4% and the South Korean won dropped 0.7%. The Malaysian ringgit and the Singapore dollar dipped 0.1% and 0.2%, respectively. A federal appeals court temporarily reinstated Trump's tariffs while it considers the government's appeal, a day after a trade court blocked tariffs on the grounds that the president had exceeded his authority. The dollar index weakened earlier but was last 0.2% higher. It was poised for its fifth consecutive monthly decline. The 'bounce in the USD is seen as short-term unwinding of short positions rather than bullish reversals to chase,' said Fiona Lim, a senior FX strategist at Maybank. Trump's tariff policy reversals and concerns over US fiscal health have prompted investors to shun the dollar and favour Asian currencies this month. While tariffs risk lingers, the news flow and cautious positioning are supportive for emerging assets, said Barclays analysts. MSCI's emerging market currencies index has gained more than 2% in May, the most in any month since November 2023. The baht is set for its best month since September 2024, and the Singapore dollar is poised for a fifth consecutive monthly gain. The won has jumped about 3.4% this month as Seoul officials confirmed currency policy was on the table during recent trade talks with US counterparts. In Taiwan, closed on the day for a holiday, the dollar surged 6.5% against the US dollar in May, with most of that coming early in the month on speculation that Washington had asked for that to happen as part of the tariff talks, which Taiwan has denied. The focus across the region now is on developments in trade negotiations leading up to the Trump-imposed July 9 deadline. 'Any trade deal or signs of tensions easing could continue to spur unwinding of short USD positions and keep the USD/AXJ mostly supported on dips in the near term,' Maybank's Lim said. Lim sees a possibility for a virtuous circle for Asian currencies, especially with a bearish dollar allowing regional central banks to further lower interest rates to boost growth. MSCI's gauge of Asian emerging market equities fell 0.9% on the day on the latest twist in the tariffs saga. However, the index has jumped 5% this month, largely due to the trade deal between the US and China, a major trading partner for many Southeast Asian countries.
New Straits Times
a day ago
- Business
- New Straits Times
Asian stocks fall on US tariff uncertainty; currencies set for monthly gains
SINGAPORE/HONG KONG: Emerging Asian stock markets fell on Friday after a federal court temporarily reinstated tariffs imposed by US President Donald Trump, while currencies showed a varied performance against a muted dollar but remained on track for monthly gains. MSCI's gauge of Asian emerging market equities fell 0.6 per cent. Stocks in Thailand dropped as much as 1.1 per cent to a more than one-month low and those in the Philippines fell 0.7 per cent. Seoul shares traded nearly 1 per cent lower. A federal appeals court temporarily reinstated the most sweeping of Trump's tariffs, a day after a US trade court ruled that he had exceeded his authority in imposing the duties and ordered an immediate block on them. The world is still faced with the tariff reality and markets are taking a more conservative bet that much of Trump's tariffs would stay, according to Fiona Lim, senior FX strategist at Maybank. As a result, the US dollar surrendered earlier gains and remained subdued on Friday, poised for its fifth consecutive monthly decline. Regional currencies moved in different directions. The Thai baht and the South Korean won were down 0.3 per cent and 0.4 per cent, respectively. The Malaysian ringgit and the Philippine peso each edged 0.1 per cent higher. Trump's tariff reversals and rising concerns over US fiscal health have undermined confidence in American assets, prompting investors to shy away from the dollar and favour Asian currencies this month. The MSCI's emerging market currencies index has gained more than 2 per cent in May, its best monthly performance since November 2023. The baht has gained 2.3 per cent in May, its best monthly gain since September 2024, and the Singapore dollar is poised for a fifth consecutive monthly gain. The won has also jumped nearly 4 per cent this month, with Seoul officials confirming currency policy was on the table during recent talks with US counterparts, fuelling speculation of joint FX moves. While the Taiwan dollar, which was not trading on Friday on account of a public holiday, has logged a 6.5 per cent monthly gain - its best on record. The bumper performance follows a historic surge in the currency in early May on speculation that Washington has asked Taipei to allow it to strengthen as part of tariff talks. Taiwan's central bank has denied that Washington made any such request. All eyes are now on developments regarding the highly anticipated trade deals as the July 9 tariff deadline imposed by Trump approaches. "Any trade deal or signs of tensions easing could continue to spur unwinding of short USD positions and keep the USDAxJ mostly supported on dips in the near term," Maybank's Lim said. Markets in Indonesia were closed for a public holiday.
Daily Express
2 days ago
- Daily Express
Contractor charged with cheating woman of RM82,200
Published on: Thursday, May 29, 2025 Published on: Thu, May 29, 2025 By: Marutin Ansiung Text Size: Nur Atiqah was charged under Section 420 of the Penal Code which carries a jail term of up to 10 years, whipping and also liable to a fine, on conviction. KENINGAU: A 40-year-old woman was charged with cheating another woman of RM82,200 over a house construction project. However, no plea was recorded from Nur Atiqah Jessica Jukoris after the charge was read to her before Magistrate Flavian Edward Henry on Tuesday. Nur Atiqah is accused of cheating the woman over the house construction project in Kg Tudan, Tuaran and resulted in the latter making 11 bank transactions totalling RM82,200 into two separate accounts, namely one under the name Nur Atiqah Jessica (Maybank), and another under PHS Service Enterprise (Public Bank). The charge stated that Nur Atiqah had met the woman and promised that the house construction would begin in June 2024 and was expected to be fully completed by October 2024 but no action had been made until the police report was lodged. The offence allegedly took place at 12.30pm on May 8, 2024 at the Maily Cafe, Tambunan. Nur Atiqah was charged under Section 420 of the Penal Code which carries a jail term of up to 10 years, whipping and also liable to a fine, on conviction. Advertisement The court released Nur Atiqah on bail of RM3,000 in two local sureties and fixed June 12 for mention. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
2 days ago
- Business
- New Straits Times
Bursa Malaysia ends morning session lower as sentiment turned cautious
KUALA LUMPUR: Bursa Malaysia ended the morning session lower in choppy trading, as sentiment turned cautious despite a global rally following a US court decision to block President Donald Trump's tariffs. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.29 points to 1,522.19 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60, fluctuating between 1,518.38 and 1,526.94 throughout the morning session. In the broader market, decliners led gainers 428 to 400, while 418 counters were unchanged, 1,140 untraded and 110 suspended. Turnover was 2.15 billion shares worth RM1.05 billion. It was reported that the US Federal Court blocked Trump's 'Liberation Day' tariffs from going into effect, ruling that the president exceeded his authority by imposing broad tariffs on imports from countries that sell more to the US than they buy. An analyst noted that despite Wall Street's overnight rally, the local bourse bucked the trend to finish in the red at midday, with investors remaining cautious while seeking further clarity on the implications of the latest tariff dispute developments, despite global markets responding positively. Among heavyweights, Maybank gained three sen to RM9.87, and Public Bank added one sen to RM4.34, while Tenaga fell two sen to RM14.08, and CIMB shed one sen to RM6.86. IHH Healthcare was flat at RM6.91. In active trade, Permaju inched down half-a-sen to one sen, while Harvest Miracle and TA Win were flat at 18 sen and two sen, respectively. Tanco gained one sen to RM1.04, and NexG gained half-a-sen to 37 sen. On the index board, the FBM Emas Index edged up 0.89 points to 11,398.06, the FBM ACE Index rose 14.36 points to 4,563.70, but the FBMT 100 Index fell 2.12 points to 11,159.24. The FBM Emas Shariah Index climbed 8.71 points to 11,384.22, while the FBM 70 Index rose by 25.90 points to 16,332.56. By sector, the Financial Services Index plunged 44.17 points to 17,913.73, the Industrial Products and Services Index increased 0.82 points to 153.52, the Energy Index fell 0.36 points to 706.15, while the Plantation Index rose 26.14 points to 7,318.69.
Zawya
3 days ago
- Business
- Zawya
Asian stocks climb on Wall Street boost, currencies waver against strong dollar
Reuters - Emerging Asian stock markets advanced on Wednesday, mirroring Wall Street's overnight gains, while currencies were tepid after strong economic data buoyed the dollar, despite lingering concerns about the U.S. fiscal health and trade policies. Philippine stocks jumped 0.7%, while the Singapore market climbed 0.6% to a two-week peak. South Korean shares ended up 1.3% at a more than three-month closing high. U.S. President Donald Trump backed away over the weekend from his threat to slap 50% tariffs on imports from the European Union next month, agreeing to extend the deadline until July 9. U.S. consumer confidence data coming in much better-than-expected added to the optimism, helping stocks on Wall Street surge overnight as investors returned from a three-day extended weekend. The dollar index, which measures the U.S. currency against six rivals, also inched up 0.2%, adding to Tuesday's 0.6% advance. Positive developments from across the world, including the progress in the U.S.–EU talks and speculation that the Japanese government could adjust its level of bond issuance, seem to have driven the demand for U.S. assets, Maybank analysts said. "The gains in U.S. assets came on the back of strong economic data overnight, which some market concerns about the country's fiscal outlook," Poon Panichpibool, a market strategist at Krung Thai Bank, said. "However, it could just be a brief moment of rebound," he said, adding that fiscal concerns could flare up depending on how the U.S. Senate votes on Trump's tax-cut bill that is expected to add to the debt pile in the world's largest economy. Emerging Asian currencies, which have benefited from broader weakness in the greenback this month, were subdued on Wednesday. The Indian rupee weakened 0.2%, while the Singapore dollar appreciated marginally. The South Korean won was largely flat at 1,376.40. Investors are now focused on the Bank of Korea's monetary policy decision on Thursday, where the central bank is expected to lower its key rate by 25 basis points after economic activity contracted last quarter and April inflation came closer to the central bank's target. "Board members are likely to focus on tariff impact on growth, U.S.-Korea trade talks, and recent KRW appreciation," analysts at BofA Global Research said. In Malaysia, the ringgit and equities edged up 0.1% each. Malaysia's Economy Minister Rafizi Ramli said he had submitted his resignation, after losing a contest for the deputy presidency of the premier's political party. HIGHLIGHTS: ** ASEAN leaders agree tariff deals with the U.S. should not harm fellow members ** U.S. trade deal could boost Indian exports, government report says ** Demand at Japan's 40-year bond auction sinks as fiscal doubts prevail Asia stock indexes and currencies at 0724 GMT COUNTRY FX RIC FX DAILY FX YTD % INDEX STOCKS STOCKS % DAILY YTD % % Japan +0.03 +8.94 0.00 -5.44 China India -0.24 +0.09 -0.13 4.86 Indonesi -0.09 -1.20 0.04 1.72 a Malaysia +0.12 +5.63 0.09 -6.99 Philippi -0.06 +4.56 0.64 -1.58 nes Singapor +0.00 +5.95 0.44 3.32 e Taiwan +0.19 +9.65 0.10 -7.28 Thailand +0.14 +4.88 0.21 -16.74 Reuters
