Markets

Banks, tech counters weigh on Bursa

KUALA LUMPUR: The FBM KLCI slid further as it entered midday, reflecting the sell down in equities in anticipation of the start of the US Federal Reserve's rate hike cycle next week.

Stock on the Move

SCIB jumps 34.15% in early trade

KUALA LUMPUR: Shares of Sarawak Consolidated Industries Bhd (SCIB), which resumed its trading today, jumped 34.15 per cent in the early trade today following the announcement of its business growth in Malaysia and regionally, as well as the issuance of its Annual Report 2021.

Markets

China bond yields dip after c.bank flags more easing

SHANGHAI: Chinese government bond yields fell across the curve on Wednesday after the central bank's vice governor said it would roll out more policy measures to stabilise the economy amid signs of weakening growth momentum.

Commodities

Oil rises to 7-year high as Turkey outage adds to tight supply outlook

MELBOURNE: Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.

Corporate News

Sabah Credit Corporation secures RM100mil sustainability-linked loan from CIMB

KUALA LUMPUR:  Sabah Credit Corporation (SCC) has secured a RM100 million sustainability-linked loan in the form of a revolving credit facility from CIMB Bank Bhd to intensify its efforts to catalyse socio-economic development in Sabah.

Forex

Ringgit opens lower as expectation of Fed rate hikes support US$

KUALA LUMPUR: The ringgit weakened against the US dollar at the opening today over markets expectations that the Federal Reserve (Fed) may raise interest rate, which would lend some support to the dollar, said an analyst.

Markets

Bursa Malaysia tracks sharp selling in US markets

KUALA LUMPUR: Bursa Malaysia tracked the sharp decline in US markets to start on a slide as investors pulled out of equities in light of rising interest rates.

Analyst Reports

Structural challenges for BAT in smoking 'Generation End-Game'

KUALA LUMPUR: British American Tobacco (Malaysia) Bhd could be faced with structural challenges should policymakers push ahead with a proposal that will pave the way towards eliminating the use of tobacco in the country.

Analyst Reports

Trading ideas: Ancom, NWP Holdings, KPower, SCIB, Eco World Development, GFM and Sunway

KUALA LUMPUR: Stocks to watch for on Wednesday include Ancom, NWP Holdings, KPower, Sarawak Conslidated Industries, Eco World Development Group, GFM Services Bhd, Sunway, SM Track, Country Heights Holdings, Jiankin International, Sersol, Techna-X and MQ Technology, says JF Apex Research.

Aviation

Airlines scramble to rejig schedules amid US 5G rollout concerns

Major international airlines rushed on Tuesday to rejig or cancel flights to the United States on the eve of a 5G wireless rollout that triggered safety concerns, despite two wireless carriers saying they will delay parts of the deployment.

Banking

Canadian investors break fund outflow record

CALGARY: Canadians are shunning their domestic market and investing record amounts abroad, according to National Bank of Canada Financial Markets.

Banking

BoC to begin hiking rates next week, say economists

OTTAWA: Canadian banks are bringing forward their forecasts for interest rate hikes to as early as next week.

Corporate News

BI to hold rates until second half of 2022 despite hawkish Fed

JAKARTA: Indonesia’s central bank will wait until the second half of the year before raising rates to nurture economic growth, even though the United States Federal Reserve (Fed) looks likely to tighten monetary policy as soon as March, a Reuters poll shows.

Corporate News

Credit Suisse taps Axel Lehmann as chairman

Swiss insider to help put group back on path to stability

Corporate News

BlackRock CEO: Firms should engage stakeholders for profitability

NEW YORK: BlackRock Inc chief executive officer Larry Fink (pic) urged companies to engage with all stakeholders to secure long-term profitability, defending his approach to capitalism as the head of the world’s largest asset manager.

Energy

Looking beyond Omicron, oil investors focus on tight supply

LONDON: Portfolio managers purchased oil last week at the fastest rate for 14 months amid growing confidence that the latest wave of coronavirus infections will not have a significant effect on international aviation and oil consumption.

Economy

BoJ’s cautious price forecasts likely to cool normalisation talk

TOKYO: The Bank of Japan (BoJ) adjusted its view of inflation risks for the first time since 2014 but only nudged up its price forecasts a fraction, a combination that suggests moves toward phasing out stimulus are still a distant prospect.

Economy

Canadian firms see higher inflation with economy hitting limits

OTTAWA: Canadian businesses reported widespread challenges with supply chains, labour shortages and their ability to meet strong demand in a Bank of Canada survey that will stoke worries about inflation and fuel expectations of a rate hike as early as next week.

Technology

Chipmakers’ next design challengeShakeup at Showa Denko harbinger of what’s in store

TOKYO: Showa Denko K K, a key chemicals supplier to global chipmakers like Taiwan Semiconductor Manufacturing Co (TSMC), is overhauling its executive team and company culture in anticipation of an industry shift it expects will boost its business over the next decade.

Auto

Carmaker shutdowns hint of more to come in China

TOKYO: China’s zero tolerance approach to Covid has idled Toyota Motor Corp and Volkswagen AG (VW) factories the past week, a troubling sign for global carmakers, as the Omicron variant begins to spread in the world’s biggest auto production hub.