KUALA LUMPUR: The FBM KLCI drifted higher in the early session as the prospect of steeper US rate cuts bolstered demand for equities.
Soft US labour market figures raised expectations that the US Federal Reserve might consider slashing the interest rate by as much as 50 basis points in September. According to the CME FedWatch tool, there is a 100% likelihood of a minimum 25 basis-point cut, while the odds for a reduction twice that size stands at 8.4%.
