TOKYO (June 28): Japan's Topix stock index climbed to a 34-year high on Friday, as banks gained amid a gradual rise in domestic bond yields, and technology shares rebounded from a sell-off in the previous day.

Japan's Topix hits 34-year peak as banks advance, tech rebounds

Japan's Norinchukin Bank said on Wednesday it plans to sell around ¥10 trillion (RM298.8 billion) of US and European government bonds to stem losses from bets that went awry when overseas interest rates stayed higher for longer than expected.

Japan's Norinchukin Bank to sell US$63b of US, European govt bonds to stem losses

Asian equities rallied on Thursday, while bond yields slid, as investors weighed cooling US inflation against a more hawkish posture by the Federal Reserve (Fed).

Japanese shares underperformed, and the yen inched down against the dollar, as the Bank of Japan (BOJ) began its two-day policy meeting.

Asian stocks rally, bond yields fall as investors assess Fed outlook

TOKYO (June 12): Japanese government bond yields declined on Wednesday, tracking a drop in Treasury yields ahead of key US inflation data and the Federal Reserve's policy decision later in the day.

Japanese government bond yields track US peers lower as Fed, BOJ decisions loom

US government bond yields pushed to a near four-week peak on Wednesday, lifting their global counterparts and pressuring stocks, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts.

Bond yields jump and stocks wilt as rate cut doubts resurface

Stocks drifted lower while the dollar held firm on Tuesday as investors awaited minutes of the Federal Reserve's (Fed) latest policy meeting to gauge the timing and extent of possible interest rate cuts this year.

Stocks slide, dollar steady ahead of Fed minutes; crypto soars

European stocks rose on Wednesday, boosted by company earnings, while US futures were flat and the dollar climbed as investors assessed the signals on the path for Federal Reserve interest rates.

European stocks rise, dollar climbs as Fed rate path pondered

Japanese officials may have spent some ¥3.66 trillion (RM112.4 billion) on Wednesday to pull the yen back from near 34-year lows, Bank of Japan data suggested on Thursday.

Japan's May 1 intervention may have cost US$23.6b, BOJ data suggests

World stocks recovered some losses on Monday and bonds, oil and gold dipped as investors reversed some of their more defensive positions taken going into the weekend on fears of a wider Middle East conflict.

Stocks rebound, oil and gold retreat on tempered Mideast fears

European stocks were on track to race ahead of Wall Street on Friday, with exporters' shares in high demand as the continent's major currencies dropped against a dollar standing tall on bets the US Federal Reserve (Fed) would keep interest rates high.

European stocks gain, dollar stands tall as traders cut Fed easing bets

UOB intends to continue collaborating with the Johor government to drive investment and trade into Malaysia, following the establishment of the Johor-Singapore special economic zone (SEZ).

UOB committed to bringing investments into Malaysia after meeting with Johor MB

Perdana Petroleum Bhd (KL:PERDANA) has announced the resignation of Datuk Hasmi Hasnan from its board of directors, effective Monday.

Dayang chairman quits Perdana Petroleum's board

Four multinational firms with total investments of RM7 billion have ceased operations in Malaysia during the first half of 2024, according to Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Four multinational firms with investments totalling RM7b ceased operations in 1H2024 — Zafrul

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.

TM, Southern Score, TNB, Vitrox, PUC, Kinergy Advancement, Heineken Malaysia, Country Heights

The US Supreme Court for the first time on Monday recognised that ex-presidents have immunity from prosecution for certain actions taken in office, as it threw out a judicial decision rejecting Donald Trump's bid to shield himself from criminal charges involving his efforts to undo his 2020 election loss.

US Supreme Court rules Trump has immunity for official, not private acts 

Banking stocks lifted the Dow, while semiconductor shares weighed on the Nasdaq on Monday as focus moves to labour market data due later in the week for cues on the Federal Reserve's monetary policy path.

Banks lift Dow, semiconductor shares weigh on Nasdaq

The development and implementation of the Central Database Hub (Padu) system over three years from 2023 to 2025 is expected to cost RM85.27 million, said Economy Minister Rafizi Ramli.

Padu expected to cost over RM85m over three years — Rafizi

Affin Bank Bhd (KL:AFFIN) on Monday said the company and its wholly-owned unit Affin Hwang Investment Bank Bhd have established a commercial paper (CP) and medium-term notes (MTN) programmes, with a combined value of RM5 billion.

Affin Bank, Affin Hwang establish commercial papers and MTN programmes worth RM5b

An elderly voter from Kampung Sungai Buaya here was pleasantly surprised when a political campaign visit to his home for the Sungai Bakap by-election revealed that Pakatan Harapan (PH) candidate Dr Joohari Ariffin was an old acquaintance.

Che Dan Razak, 85, took a moment to study Joohari's campaign poster before realising that they knew each other from his days as an imam at Masjid Kampung Besar and teaching religious studies in Sungai Bakap.

Sg Bakap polls: Former imam delighted by unexpected reunion with Joohari

The US Supreme Court on Monday revived a North Dakota convenience store's challenge to a Federal Reserve regulation on debit card "swipe fees" in a ruling that could make it easier for businesses to try to undo longstanding federal rules.

Supreme Court 'swipe fees' ruling may open US regulations to more suits

After three straight years of growth, domestic consumption for steel is expected to grow further this year, to between 8.3 million tonnes and nine million tonnes this year, according to a forecast by the Malaysian Iron and Steel Industry Federation (Misif).

Data centre boom, chip industry expansion expected to boost local steel demand

The chief executive officer of a highway concessionaire who was arrested by the Malaysian Anti-Corruption Commission (MACC) in connection with the alleged bribery involving highway contracts worth RM1.67 billion has been released on bail.

The CEO, who has a "Datuk" title, was released on Monday, a day before his extended eight-day remand order expires on Tuesday. Arrested last Monday, he was originally remanded till Friday, until an order was obtained from the court to extend his remand.

CEO of highway concessionaire arrested over RM1.67 bil contracts released on bail

Bank Negara Malaysia (BNM) announced that Project Nexus, a multilateral platform that seeks to enhance cross-border payments, is ready to proceed to phase four, following the successful completion of its comprehensive blueprint in phase three.

BNM: Regional payment platform Project Nexus is preparing to go live

World’s first independent airport lounge operator Plaza Premium Group (PPG) said on Monday that its Plaza Premium Lounge has bagged the world's best independent airport lounge at the World Airline Awards 2024.

Plaza Premium Lounge named world’s best independent airport lounge for eight years in a row

ViTrox Corp Bhd (KL:VITROX) will begin construction of the first block of its planned five-block ViTrox Institute of Technology (VIT) on July 8 after it had appointed South Island Building Sdn Bhd (SIB) as the contractor for the project in a deal worth RM45.99 million.

ViTrox to begin construction of training and industrial research center after RM46 mil contract award to SIB

The Ministry of Investment, Trade, and Industry (Miti) is working with the Construction Industry Development Board (CIDB) and the Works Ministry to explore ways to enforce a more stringent localisation programme for government construction projects, as one of the ways to address the issue of overcapacity faced by the iron and steel industry.

“The iron and steel industry is a very important yet delicate industry that requires a lot of attention from policy makers. The iron and steel industry is heavily influenced by global factors. Policy changes or market trends in China or the US would have a huge 'butterfly effect' on the profitability or even survival of the Malaysian steel industry,” said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

Miti working with construction industry, Works Ministry to ensure more local steel used in govt projects

EVEN as it prepares for the launch of the Chinese electric vehicle (EV) model XPeng G6 in the Malaysian market, Bermaz Auto Bhd (KL:BAUTO) is not planning on bringing in a huge volume of the car.

This is because the group believes the country’s ecosystem for EVs — from charging stations...

Bermaz cautious on EV demand even as it gets ready for XPeng G6 launch 

One way of looking at the eurozone is as a forest where dry tinder is piling up. The locals are not doing much to clear the debris, and some are wandering around with naked flames. But they know it would be foolish to throw lit matches on the forest floor. Besides, there is a fire engine which will probably ride to the rescue.

The risk of a euro crisis is rising

Telekom Malaysia Bhd (KL:TM) said it has been awarded a RM1.25 billion contract to undertake a new emergency call system, which will be a continuation of the existing Malaysia Emergency Response Services 999 (MERS999) system.

TM awarded RM1.25b contract to undertake new emergency call system for 12 years

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.

Toyo Ventures Holdings Bhd (TVHB) (KL:TOYOVEN) said it has postponed the commencement of engineering, procurement, commissioning and construction (EPCC) works for its thermal power plant project in Vietnam by up to six months.

Toyo Ventures defers commencement of EPCC works for Vietnam thermal power plant

The growing prospect of a Trump presidential victory is making yield curve steepeners an attractive bet as growth will likely slow and inflation quicken under such a scenario, according to Morgan Stanley.

Trump ascendancy has Morgan Stanley team touting steeper US yield curve

Four multinational firms with total investments of RM7 billion have ceased operations in Malaysia during the first half of 2024, according to Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Oil and gas (O&amp;G) support services provider Steel Hawk Bhd (KL:SKHAWK) has inked an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd for the transfer of its listing from Bursa Malaysia’s LEAP Market to the ACE Market.

Steel Hawk inks underwriting deal with UOB Kay Hian for ACE Market transfer listing

AirAsia X has announced a brand new route to Nairobi, Kenya in Africa, targeting to carry 156,000 travellers annually.

Airasia X launches first Africa route, targets 156,000 annual travellers 

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI up 0.51% to 1,598.20 on July 1, 2024

Country Heights Holdings Bhd (KL:CHHB) said on Monday that it is working closely with the Malaysian Department of Insolvency (MDI) to resolve the winding-up of its indirect wholly-owned subsidiary Mines Waterfront Business Park Sdn Bhd (MWBP) and return it to solvent status.

Country Heights working to return Mines Waterfront Business Park to solvent status

Nova Pharma Solutions Bhd (KL:NPS) has secured a contract from the National Institute of Biotechnology Malaysia (NIBM) to undertake equipment procurement and facility upgrade&nbsp; for NBIM’s national vaccine production development and enhancement programme.

Nova Pharma secures contract from National Institute of Biotechnology

Southern Score Builders Bhd (KL:SSB8) has bagged a letter of award to serve as a turnkey contractor for the proposed development of three residentials apartment blocks, valued at RM315 million.

The contract was awarded by Smart Advance Resources Sdn Bhd to the group's wholly owned subsidiary, Southern Score Sdn Bhd (SARSB), the group’s bourse filing showed.&nbsp;

Kevin Buckland

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