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Ringgit higher against US$ on bargain hunting

KUALA LUMPUR: The ringgit was higher against the US dollar early Wednesday, reversing yesterday's losses and as bargain hunting emerged to take advantage of the recent depreciation, a dealer said.

The dealer said Tuesday's weaker close was the first time the ringgit had breached the 4.0 level in more than five months, pushing demand for the local currency, despite uncertainty over Malaysia's fiscal deficit as well as US-China trade war tensions.

China's Jinko to produce solar panels in Florida from cells imported from Malaysia

NEW YORK: Chinese manufacturer JinkoSolar Holding Co Ltd expects to start manufacturing solar panels at a new factory in Jacksonville, Florida, by the fourth quarter, and production will not be affected by the latest round of U.S. tariffs on Chinese products as the cells are coming from Malaysia, a company executive said on Tuesday.

Jeff Juger, business development director of JinkoSolar, said the US$50 billion in tariffs on Chinese products "do not impact our operation in Florida because all the cells we're going to import (to the plant) come from Malaysia." (File pic shows the JinkoSolar factory in Butterrowth, Malaysia.)

Oil slips on US-China trade dispute, OPEC supply outlook

NEW YORK: Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.

Brent crude futures slipped 26 cents to settle at US$75.08 a barrel, while U.S. West Texas Intermediate crude futures fell 78 cents, or 1.2 percent, to settle at $65.07 a barrel.  Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day, Energy Minister Alexander Novak told reporters, days ahead his visit to Vienna for the related summit. (A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia. - Reuters filepic)

Trade fears hit stocks, commodities as investors eye safety

NEW YORK: Global stock markets fell with U.S. bond yields and agricultural commodities on Tuesday, while the dollar rose and investors flocked to safety in the face of a rapidly escalating U.S.-China trade conflict.

A screen displays the Dow Jones Industrial Average after the closing bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 19, 2018.- REUTERS

Casualties of US-China trade war, Bursa extends loss

PETALING JAYA: The intensifying trade war between the world’s two largest economies led investors to flee riskier assets especially equities, causing a selldown in major equity markets.

Stocks tumble: The Hang Seng Index closed at 29,468.15, a loss of 2.78, in Hong Kong yesterday. Hong Kong and Shanghai stocks led a sell-off across Asian and European markets on rising fears of a trade war after Trump threatened fresh tariffs on Chinese imports and Beijing warned of countermeasures. — AFP