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THE deadline for raising debt ceiling is due this Oct 17 despite no positive outcome has been reached. The shutdown has risked the global economy to edge into recession as investors’ confidence may begin to wane.
THE greenback weakened last week after market expected US tapering to be postponed to March next year.
The effects of the free-falling oil prices hit the ringgit and the stock market, with the Malaysian currency declining to a four-year low and the Bursa recording its worst performance since mid-October. Oil and gas counters saw some RM8bil in paper wealth wiped out. In the stock exchange, 981 counters saw red numbers while only 82 made gains.
Moody’s has warned that although Malaysia’s budget deficit is expected to contain at 3.1% to 3.2%, its debts against gross domestic product (GDP) is seen as exceeding the “danger limit” of 55% this year.
KUALA LUMPUR: The strengthening ringgit has made it the region’s top performing currency, achieving its highest level of 3.8650 against the US dollar on April 14, Datuk Seri Najib Tun Razak said.