GLOBAL financial markets have not been in a good shape since the start of the year. And for more than five months now, foreigners have been net sellers of equities on Asian emerging markets. Last week, a sudden sharp fall in Indonesian stocks raised the alarm about the faltering economic outlook ...

Weak regional sentiment to linger amid Indonesian and Thai market rout, say analysts

In 2024, the local stock market posted its first annual return since 2020, outperforming the MSCI Asia Pacific and MSCI Asean indices, and raised hopes that the trend would continue into 2025. It has not — at least not in the first three months of the year.

Seeking opportunities in a risk-off market

The director-general of the World Trade Organization (WTO) said new tariffs announced by the US along with those introduced at the start of the year could lead to a contraction of around 1% in global merchandise trade volumes in 2025.

WTO says tariffs could bring contraction of 1% in global merchandise trade volumes

Suppliers to Apple Inc are following the iPhone maker lower on Thursday, as the Trump administration’s tariff announcement spurs widespread selling.

Apple is seen as especially vulnerable to the tariffs given it counts China as a major manufacturing hub, and Trump’s country-specific levies included a sharp hike on China.

Apple suppliers tumble as tariffs hit iPhone supply chain

Fitch Ratings downgraded China’s sovereign rating on concerns over weakening finances and rising public debt, just one day after the US imposed higher tariffs on the country. 

The cut takes China’s long-term foreign currency default rating to "A" from "A+" with a stable outlook, Fitch said in a statement on Thursday. China’s Finance Ministry responded with a strong rebuke, describing the decision as biased and not reflective of reality.

Fitch cuts China rating on weakening finances, debt concerns

Wall Street economists said the US risks a recession this year and inflation could return to pandemic levels following the Trump administration’s announcement of major tariffs on global trading partners.

Economists slash US growth, boost inflation forecasts on tariffs

Heavyweight technology stocks led a broad selloff on Wall Street on Thursday after President Donald Trump's sweeping tariffs on major trade partners ignited fears of an all-out trade war and raised the risk of a global economic recession.

Wall Street plunges as Trump tariffs trigger recession fears

World cocoa and coffee prices fell on Wednesday as investors fretted that President Donald Trump's move to slap punishing tariffs on US imports would damage chocolate and coffee demand in the world's top consumer of the products.

Coffee and cocoa slide as Trump tariffs spark demand worries

The US stock market is down almost 10% since President Donald Trump’s inauguration, marking the worst 10-week start under a new president since George W Bush in 2001 during the height of the dot-com selloff.

Trump’s second term brings worst stock market start since 2001

French President Emmanuel Macron urged companies to pause investments in the US after President Donald Trump announced tariffs on the European Union (EU) and other regions.

France’s Macron urges EU companies to pause US investments

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

Mayu Global, Tuju Setia, Iskandar Waterfront City, TNB, HHRG

The revival in small caps expected from Donald Trump’s America First agenda instead turned into a rout for shares in companies whose fortunes are most closely tied to the US economy.

The Russell 2000 Index plunged as much as 6.6% on Thursday and is now down more than 20% from its all-time high reached in late 2021.

Russell hits bear market with small caps buffeted by tariff wave

Steel products maker Mayu Global Group Bhd (KL:MAYU) said its executive director Tan Kim Hee has been detained by the police.

He was held by Bukit Aman police on April 2 to assist in an ongoing investigation, said the group, formerly known as Atta Global Group Bhd, in a bourse filing.

Mayu Global executive director Tan Kim Hee detained by police

Heavyweight technology stocks led a broad selloff on Wall Street on Thursday after President Donald Trump's sweeping tariffs on major trade partners ignited fears of an all-out trade war and raised the risk of a global economic recession.

The Malaysian Rubber Glove Manufacturers Association (Margma) has called on the government to consider "emergency support measures" to help the industry weather the impact of the sweeping new duties imposed by the US.

Rubber glove makers urge govt to consider emergency support measures amid US tariffs

Loss-making LYC Healthcare Bhd’s (KL:LYC) chief financial officer (CFO) Chong Sook Peng has resigned, with effect from May 30, 2025.

LYC Healthcare CFO resigns a little over a year into service

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

Eight Opec+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day (bpd) in May, a decision that prompted oil prices to extend earlier sharp losses.

Opec+ unexpectedly speeds up oil output hikes, oil drops

Builder Tuju Setia Bhd (KL:TJSETIA) has bagged a contract worth RM264.07 million for the construction of serviced apartments in Cheras, Selangor.

Tuju Setia bags RM264 mil job from MKH to build serviced apartments

Loss-making Iskandar Waterfront City Bhd (KL:IWCITY) said it has been given a six-month extension until Sept 23 to submit its regularisation plan.

Iskandar Waterfront City gets six-month extension to submit regularisation plan

Donald Trump’s decision to boost tariffs on almost every country will deal a blow to China’s economy. But it’s also handing Xi Jinping a rare opening to deepen relationships across the board, including with key US allies in Asia and beyond.

Trump gives China’s Xi a chance to win over world hit by tariffs

Ho Hup Construction Company Bhd (KL:HOHUP) on Thursday said its subsidiary, Ho Hup Jaya Sdn Bhd, is offloading two floors in Ho Hup Tower to its substantial shareholder Insas Bhd, for RM13 million, with the proceeds to be used to repay borrowings and for general working capital.

Ho Hup sells Bukit Jalil office units for RM13 mil in related-party transaction

Stellantis NV said on Thursday it was temporarily laying off 900 workers at five US facilities after President Donald Trump's tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and one in Canada.

Stellantis says will temporarily lay off 900 US workers following tariff announcement

The tiny southern African kingdom of Lesotho has been hit with a 50% reciprocal trade tariff by US President Donald Trump, the highest levy of any single state on his long list of target economies.

Lesotho, which Trump had ridiculed in March as a country "nobody has ever heard of", is a poor and landlocked country with a gross domestic product of just over US$2 billion.

Trump slaps tiny African kingdom of Lesotho with highest tariff of all

Britain on Wednesday published a 400-page list of US goods it could include in any possible retaliatory tariff response to President Donald Trump's levies on British imports, even as it pressed ahead with talks to reach an economic deal with Washington.

UK lists thousands of US goods which could face any retaliatory tariffs

The devastating gas pipeline fire in Putra Heights, Subang Jaya, Selangor, on the morning of the second day of Aidilfitri, united Malaysians in an outpouring of support for the hundreds of victims affected by the tragedy.

Gas pipeline fire: Swift action by govt, private sector, NGOs, testament to solidarity, compassion of Malaysia's multiracial society

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has called on the government to speed up negotiations for key trade agreements, like those with the European Union and the Gulf Cooperation Council, in response to the US' decision to impose reciprocal tariffs of 24% on Malaysian exports.

ACCCIM calls on govt to speed up trade deal talks to diffuse US tariffs' impact

China on Thursday urged the US to immediately cancel its latest tariffs and vowed countermeasures to safeguard its own interests, after President Donald Trump declared sweeping levies on US trading partners around the world.

China urges US to immediately lift tariffs, vows retaliation

HHRG Bhd (KL:HHRG) said its 51%-owned subsidiary, MG Furniture Sdn Bhd, has applied for an interim injunction to restrain four directors from interfering in its operations and accessing its premises in Penang.

HHRG furniture unit seeks injunction to bar directors from accessing premises

PMW International Bhd, which is involved in the trading and manufacturing of concrete products, is seeking to list on the ACE Market of Bursa Malaysia to raise funds to build a new facility in Sarawak.

Concrete products maker PMW International seeks ACE Market listing

The US stock market is down almost 10% since President Donald Trump’s inauguration, marking the worst 10-week start under a new president since George W Bush in 2001 during the height of the dot-com selloff.

Tenaga Nasional Bhd (TNB) (KL:TENAGA) will implement its TNB Fire Relief Assistance programme, offering a one-off 100% rebate on one month’s electricity bill for customers whose homes were affected by the gas pipeline blaze in Putra Heights, Subang Jaya.

Lee Weng Khuen and John Lai