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BusinessToday
23-05-2025
- Business
- BusinessToday
Asia Markets Cautiously Higher Amid US Debt Jitters And Tax Bill Progress
Asian shares made modest gains on May 23 as investors weighed signs of US fiscal strain against optimism surrounding the passage of US President Donald Trump's controversial tax bill through the House of Representatives. Despite concerns over ballooning US debt, Asia-Pacific equities stabilised, buoyed by bargain-hunting in beaten-down US Treasuries and hopes of eventual policy clarity. The MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%, remaining down 0.4% for the week, ending a five-week winning streak. Japan's Nikkei led regional gains, climbing 1% after data showed core inflation rose at its fastest annual pace in over two years, raising hopes that domestic demand could finally be firming. Meanwhile, Chinese blue chips and the Hang Seng in Hong Kong were little changed, reflecting investor caution amid broader global volatility. The tentative optimism in Asia followed a muted Wall Street session. While initial enthusiasm was sparked by strong US Purchasing Managers Index (PMI) data for May, which suggested accelerating business activity, equities lost steam by the close. Nasdaq and S&P 500 futures remained flat in early Asian trading, underscoring uncertainty over the longer-term impact of the US tax overhaul. Meanwhile, the yield on 30-year US Treasuries fell another basis point to 5.037% on May 23, retreating from a 19-month peak of 5.161%. In Japan, yields on 30-year government bonds hovered near record highs at 3.175%, surging 23 basis points this week. The spike is now under close scrutiny from the Bank of Japan, raising speculation of possible intervention. On the other hand, currency markets reflected the global unease. The US dollar remained under pressure, down 1.2% for the week against a basket of major peers. The euro gained 0.2% to US$1.1302, poised for its first weekly advance in over a month. Digital assets continued their bullish streak, with Bitcoin gaining 7% this week to trade at US$111,524, just shy of May 22's all-time high of US$111,965. Federal Reserve Governor Christopher Waller added to market uncertainty by signalling a potential rate cut later this year, but emphasised that the trajectory depends on how the administration's trade and fiscal policies evolve. Oil prices extended losses for a fourth straight session, weighed down by prospects of increased output from OPEC+ nations. US crude fell 0.7% to US$60.76 a barrel, down 2.7% for the week. Brent slipped 0.6% to US$64.03. Gold prices held steady at US$3,292 per oz but were on track for a weekly gain of 2.8%, reflecting continued demand for safe-haven assets amid macroeconomic uncertainty. Moving forward, with US fiscal policy now in sharper focus and bond markets flashing warning signals, investors in Asia are proceeding with caution. Related
The Star
23-05-2025
- Business
- The Star
Ringgit opens higher against greenback on lower US$ index
KUALA LUMPUR: The ringgit opened stronger against the US dollar on Friday, due to a weaker US Dollar Index (DXY) amid mixed economic data, said an analyst. At 8 am, the local note rose to 4.2575/2860 against the greenback from Thursday's close of 4.2705/2765. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY remained below the 100-point level while the economic data was fairly mixed. "The initial jobless claims (IJC) were lower than expected last week at 227,000 against a consensus estimate of 230,000. "This suggests that the labour market is still resilient, although the number of unemployed who continue to receive such unemployment benefits rose to 1.90 million from the previous level of 1.87 million,' he told Bernama. At the same time, Mohd Afzanizam said the US Purchasing Managers Index (PMI) Index for the manufacturing industries saw a notable increase to 52.3 points in May from 50.2 points in April, with a significant rise in new orders being the main driver. "Otherwise, sub-index components such as employment have been lacklustre while business inventories have been ramped up in fear of higher tariffs going forward, along with higher average prices charged to the customers,' he said. Furthermore, he added that the US House of Representatives has approved the One Big Beautiful Bill Act, which will extend the 2017 tax cuts, new deductions on tips, and raise the cap on state and local taxes, among others. "Budget deficits are likely to balloon from the current 6.1 per cent of gross domestic product (GDP). This will impact the government debt burden, which is already 100 per cent of GDP. "On that note, the US dollar is likely to remain weak, which effectively means that emerging market currencies, including the ringgit, are poised to appreciate against the greenback,' he added. At the opening, the ringgit traded higher against a basket of major and regional currencies. It appreciated against the Japanese yen to 2.9591/9791 from Thursday's 2.9768/9812, strengthened versus the British pound to 5.7131/7514 from 5.7212/7292 and edged higher vis-a-vis the euro to 4.8029/8350 from 4.8218/8286. Against regional peers, it rose against the Singapore dollar to 3.2943/3166 from 3.3061/3110 and gained against the Thai baht to 12.9498/13.0484 from 13.0000/0254. The local note also appreciated against the Indonesian rupiah to 260.7/262.6 from 261.5/262.0, and was higher vis-a-vis the Philippine peso to 7.65/7.71 from 7.68/7.69. - Bernama
Daily Express
23-05-2025
- Business
- Daily Express
Ringgit opens higher against greenback on lower US dollar index
Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 By: Bernama Text Size: At 8 am, the local note rose to 4.2575/2860 against the greenback from Thursday's close of 4.2705/2765. Kuala Lumpur: The ringgit opened stronger against the US dollar on Friday, due to a weaker US Dollar Index (DXY) amid mixed economic data, said an analyst. At 8 am, the local note rose to 4.2575/2860 against the greenback from Thursday's close of 4.2705/2765. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY remained below the 100-point level while the economic data was fairly mixed. 'The initial jobless claims (IJC) were lower than expected last week at 227,000 against a consensus estimate of 230,000. 'This suggests that the labour market is still resilient, although the number of unemployed who continue to receive such unemployment benefits rose to 1.90 million from the previous level of 1.87 million,' he told Bernama. At the same time, Mohd Afzanizam said the US Purchasing Managers Index (PMI) Index for the manufacturing industries saw a notable increase to 52.3 points in May from 50.2 points in April, with a significant rise in new orders being the main driver. Advertisement 'Otherwise, sub-index components such as employment have been lacklustre while business inventories have been ramped up in fear of higher tariffs going forward, along with higher average prices charged to the customers,' he said. Furthermore, he added that the US House of Representatives has approved the One Big Beautiful Bill Act, which will extend the 2017 tax cuts, new deductions on tips, and raise the cap on state and local taxes, among others. 'Budget deficits are likely to balloon from the current 6.1 per cent of gross domestic product (GDP). This will impact the government debt burden, which is already 100 per cent of GDP. 'On that note, the US dollar is likely to remain weak, which effectively means that emerging market currencies, including the ringgit, are poised to appreciate against the greenback,' he added. At the opening, the ringgit traded higher against a basket of major and regional currencies. It appreciated against the Japanese yen to 2.9591/9791 from Thursday's 2.9768/9812, strengthened versus the British pound to 5.7131/7514 from 5.7212/7292 and edged higher vis-a-vis the euro to 4.8029/8350 from 4.8218/8286. Against regional peers, it rose against the Singapore dollar to 3.2943/3166 from 3.3061/3110 and gained against the Thai baht to 12.9498/13.0484 from 13.0000/0254. The local note also appreciated against the Indonesian rupiah to 260.7/262.6 from 261.5/262.0, and was higher vis-a-vis the Philippine peso to 7.65/7.71 from 7.68/7.69. * 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
The Sun
23-05-2025
- Business
- The Sun
Ringgit opens higher against greenback on lower US dollar index
KUALA LUMPUR: The ringgit opened stronger against the US dollar on Friday, due to a weaker US Dollar Index (DXY) amid mixed economic data, said an analyst. At 8 am, the local note rose to 4.2575/2860 against the greenback from Thursday's close of 4.2705/2765. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY remained below the 100-point level while the economic data was fairly mixed. 'The initial jobless claims (IJC) were lower than expected last week at 227,000 against a consensus estimate of 230,000. 'This suggests that the labour market is still resilient, although the number of unemployed who continue to receive such unemployment benefits rose to 1.90 million from the previous level of 1.87 million,' he told Bernama. At the same time, Mohd Afzanizam said the US Purchasing Managers Index (PMI) Index for the manufacturing industries saw a notable increase to 52.3 points in May from 50.2 points in April, with a significant rise in new orders being the main driver. 'Otherwise, sub-index components such as employment have been lacklustre while business inventories have been ramped up in fear of higher tariffs going forward, along with higher average prices charged to the customers,' he said. Furthermore, he added that the US House of Representatives has approved the One Big Beautiful Bill Act, which will extend the 2017 tax cuts, new deductions on tips, and raise the cap on state and local taxes, among others. 'Budget deficits are likely to balloon from the current 6.1 per cent of gross domestic product (GDP). This will impact the government debt burden, which is already 100 per cent of GDP. 'On that note, the US dollar is likely to remain weak, which effectively means that emerging market currencies, including the ringgit, are poised to appreciate against the greenback,' he added. At the opening, the ringgit traded higher against a basket of major and regional currencies. It appreciated against the Japanese yen to 2.9591/9791 from Thursday's 2.9768/9812, strengthened versus the British pound to 5.7131/7514 from 5.7212/7292 and edged higher vis-a-vis the euro to 4.8029/8350 from 4.8218/8286. Against regional peers, it rose against the Singapore dollar to 3.2943/3166 from 3.3061/3110 and gained against the Thai baht to 12.9498/13.0484 from 13.0000/0254. The local note also appreciated against the Indonesian rupiah to 260.7/262.6 from 261.5/262.0, and was higher vis-a-vis the Philippine peso to 7.65/7.71 from 7.68/7.69.
The Sun
23-05-2025
- Business
- The Sun
Ringgit opens higher against greenback on Friday
KUALA LUMPUR: The ringgit opened stronger against the US dollar on Friday, due to a weaker US Dollar Index (DXY) amid mixed economic data, said an analyst. At 8 am, the local note rose to 4.2575/2860 against the greenback from Thursday's close of 4.2705/2765. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY remained below the 100-point level while the economic data was fairly mixed. 'The initial jobless claims (IJC) were lower than expected last week at 227,000 against a consensus estimate of 230,000. 'This suggests that the labour market is still resilient, although the number of unemployed who continue to receive such unemployment benefits rose to 1.90 million from the previous level of 1.87 million,' he told Bernama. At the same time, Mohd Afzanizam said the US Purchasing Managers Index (PMI) Index for the manufacturing industries saw a notable increase to 52.3 points in May from 50.2 points in April, with a significant rise in new orders being the main driver. 'Otherwise, sub-index components such as employment have been lacklustre while business inventories have been ramped up in fear of higher tariffs going forward, along with higher average prices charged to the customers,' he said. Furthermore, he added that the US House of Representatives has approved the One Big Beautiful Bill Act, which will extend the 2017 tax cuts, new deductions on tips, and raise the cap on state and local taxes, among others. 'Budget deficits are likely to balloon from the current 6.1 per cent of gross domestic product (GDP). This will impact the government debt burden, which is already 100 per cent of GDP. 'On that note, the US dollar is likely to remain weak, which effectively means that emerging market currencies, including the ringgit, are poised to appreciate against the greenback,' he added. At the opening, the ringgit traded higher against a basket of major and regional currencies. It appreciated against the Japanese yen to 2.9591/9791 from Thursday's 2.9768/9812, strengthened versus the British pound to 5.7131/7514 from 5.7212/7292 and edged higher vis-a-vis the euro to 4.8029/8350 from 4.8218/8286. Against regional peers, it rose against the Singapore dollar to 3.2943/3166 from 3.3061/3110 and gained against the Thai baht to 12.9498/13.0484 from 13.0000/0254. The local note also appreciated against the Indonesian rupiah to 260.7/262.6 from 261.5/262.0, and was higher vis-a-vis the Philippine peso to 7.65/7.71 from 7.68/7.69.
