Stocks fell sharply and bonds rallied as a fresh dose of weak economic data led traders to reconsider whether Jerome Powell’s Federal Reserve (Fed) is wise to hold off cutting interest rates before September.

Stocks sink before jobs as tech hit on earnings

US stocks churned as traded waded through fresh economic readings and corporate results, while bracing for key central bank decisions that will be critical in shaping the trajectory of global markets.

After a US$2.3 trillion (RM10.66 trillion) Nasdaq 100 wipeout, investors are awaiting Microsoft Corp’s earnings to see whether the software maker can turn the tide.

US stocks rise before Fed meeting with earnings in full swing

A week-long decline in megacap technology stocks broadened Thursday to encompass smaller firms and financial shares as signs of economic weakness overwhelmed optimism over rate cuts.

Almost every major group in the S&P 500 fell, with the US equity benchmark down nearly 1%.

Wall Street’s ‘great rotation trade’ takes a break

The S&P 500’s longest winning streak since November was stopped on Thursday by the same cohort that’s powered the index’s year-long rally — megacap tech.

Big Tech tumbles most since 2022 as rate bets spur rotation

Wall Street traders betting the Federal Reserve (Fed) will be able to cut rates soon sent bond yields tumbling — while driving a rotation out of the tech megacaps that have powered the bull market in stocks.

Stock rotation hits megacaps on bets Fed will cut

A rally in the world’s largest technology companies sent stocks to all-time highs, with US Federal Reserve (Fed) chair Jerome Powell’s remarks to Congress not doing much to dissuade traders from betting on Fed rate cuts this year.

S&P 500 tops 5,600 mark in longest rally this year

US stocks closed at all-time highs, with Federal Reserve (Fed) chair Jerome Powell’s remarks to Congress doing little to alter bets the Fed will be able to cut interest rates this year.

S&P 500 holds gains as Fed bets steady on Powell

Stocks closed at all-time highs in a cautious session that saw traders gearing up for Jerome Powell’s testimony to Congress and the start of the earnings season.

S&P 500 ekes out gain to notch 35th record in 2024

Wall Street traders sent stocks higher as bonds yields fell after a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year.


In a shortened session ahead of the US holiday, the S&P 500 hit an all-time high on bets lower rates will keep fueling Corporate America.

Stocks hit fresh highs as weak data sink US yields

The world’s biggest bond market got hit as traders weighed the potential economic implications of the November US election after last week’s presidential debate between Joe Biden and Donald Trump.

Treasuries get hit as US election risks in focus

A National Decarbonisation Roadmap for Aviation will be launched in September, said Transport Minister Anthony Loke Siew Fook.

He said the road map would act as a policy guideline, and a way forward for decarbonisation involving airlines and airport operators, as well as the adoption of sustainable aviation fuel (SAF).

Decarbonisation road map for aviation to be launched in September, says Loke

theedgemalaysia.com highlighted three stocks with momentum at Bursa Malaysia’s noon market break on Friday. One had positive momentum, while two stocks showed negative momentum.

Kim Loong, SDS, Engtex

The ringgit is set for its longest winning streak in 14 years on optimism surrounding Malaysia’s economy and foreign fund inflows.

The local currency rose 1.1% against the dollar on Friday, gaining for the 10th straight day, its best run since 2010.

Ringgit on best run in 14 years as Malaysia’s outlook brightens

Standard Chartered (StanChart) has maintained its view that the ringgit will remain as the region's outperformer, noting that it is the only Asian currency that has appreciated against the US dollar year-to-date.

Ringgit to remain as region's outperformer, says StanChart

Prime Minister Datuk Seri Anwar Ibrahim will meet his Russian counterpart President Vladimir Putin in Vladivostok in a few weeks to discuss economic cooperation, and to foster Malaysia-Russia bilateral relations.

Anwar to meet Putin to discuss economic cooperation

What started as a nasty drop in Japanese stocks on Thursday turned into a full-blown rout on Friday as the Topix index posted its biggest two-day decline since the 2011 tsunami.

Japan stocks tumble in biggest two-day rout since 2011 tsunami

Singapore has established a task force to revive its sagging stock market amid calls to tackle poor liquidity and a dearth of new listings, a tacit admission by authorities of the ongoing troubles.

Singapore sets up task force to boost flagging stock market

TOKYO (Aug 2): Japan is closely monitoring foreign exchange movements and hopes the recent rebound in the yen can push import costs down, Finance Minister Shunichi Suzuki said on Friday.

Japan’s finance minister hopes yen rebound will lower import costs

Infrastructure group Taliworks Corp Bhd (KL:TALIWRK) is expected to get a boost during the current financial year ending Dec 31, 2024 (FY2024) from insurance payments related to replacement costs for the solar modules at its wholly owned subsidiaries' solar plants. The insurance proceeds are expected to be received this month.

Taliworks' FY2024 results to get RM11m boost from insurance payments

KUALA LUMPUR (Aug 2): RHB Research maintained its “buy” call on CTOS Digital Bhd (KL:CTOS) with a lower target price of RM1.73 (from RM1.84), despite missing expectations in its recent quarterly results.

RHB keeps ‘buy’ call on CTOS despite earnings miss

Risk-off moves across major markets after disappointing US manufacturing economic data sparked broad selloffs in the Malaysian stock market on Friday morning.

KLCI falls 0.8% on broad risk-off, all sectors in red

After strengthening beyond the RM4.60 mark, MIDF Research foresees the ringgit appreciating further in the second half of 2024, potentially ending the year at RM4.43 (end-2023: RM4.59).

Ringgit expected to strengthen further in 2H2024 amid external risks — MIDF

Asian shares and US Treasury yields slid while the Swiss franc and Japanese yen rose on safety bids on Friday after weaker-than-expected US factory data sparked fears of a worsening economic outlook.

Stocks stumble on growth fears with US jobs data eyed

West River Bhd, a Malaysian engineering firm, has filed for an initial public offering (IPO) on the ACE Market to raise funds for the construction of a factory that will also serve as its warehouse.

Engineering firm West River files for ACE Market IPO to raise funds for new factory

Stocks fell sharply and bonds rallied as a fresh dose of weak economic data led traders to reconsider whether Jerome Powell’s Federal Reserve (Fed) is wise to hold off cutting interest rates before September.

GX Bank Bhd, Malaysia’s first digital bank, said it has amassed more than 750,000 customers, who have set up more than 800,000 “savings pockets” by the end of July this year.

GX Bank says users surge to 750,000 within eight months since debut

KUALA LUMPUR (Aug 2): Hong Leong Investment Bank (HLIB) Research expects MN Holdings (KL:MNHLDG) to get more contracts in the coming months, reiterating its “buy” rating on the stock with a higher target price (TP) of RM1.62 (previously RM1.55), following contract wins with Tenaga Nasional Bhd (TNB)(KL:TENAGA).

MN Holdings expected to secure more contracts with TNB — HLIB Research

Proton Holdings Bhd sold 15,103 cars in July, with sales rebounding by 37.3% over the previous month, the highest closing figure since September 2022 for both domestic and export markets.

Proton's July sales up 37.3%, highest since September 2022

Intel Corp said third-quarter revenue will disappoint and announced more than 15,000 job cuts, after the company lost business to rivals better equipped for the artificial intelligence (AI) boom. Shares fell more than 18% in late trading.

Intel says sales will fall short of expectations, cuts jobs

KUALA LUMPUR (Aug 2): Shares of Asdion Bhd (KL:ASDION) declined to the lowest in nearly 10 months on Friday, after the loss-making company was put on Guidance Note 3 (GN3) status.

Asdion falls to near 10-month low after classified as GN3 company

What started as a nasty drop in Japanese stocks on Thursday turned into a full-blown rout on Friday as the Topix index posted its biggest two-day decline since the 2011 tsunami.

A men's singles badminton match involving shuttlers from Israel and Nepal was inadvertently broadcast for less than five minutes on RTMKlik's Olympic Channel 4 on Wednesday night.

Israel vs Nepal badminton match aired unintentionally, says RTM

Amazon.com Inc projected profit that missed analysts’ estimates, ramping up its spending to meet demand for artificial intelligence (AI) services. The shares dropped in late trading.

Amazon slips after profit forecast disappoints on AI costs

Decisions by&nbsp;major central banks&nbsp;this week brought the end of pandemic-era monetary policy into closer view, but also highlighted how long the road back to "normal" will be as officials now probe for the endpoint of interest rate cuts and manage the wind-down of massive balance sheets.

Central banks are turning the ship, but their path is unclear

MIDF Research maintained its 'buy'&nbsp;call&nbsp;on Pekat&nbsp;Group&nbsp;Bhd&nbsp;(KL:PEKAT)&nbsp;with a&nbsp;target price (TP) of&nbsp;RM1.32, following the announcement of the acquisition of a 60% stake in Nilai-based switchgear manufacturer EPE Switchgear (M)&nbsp;Sdn&nbsp;Bhd&nbsp;for RM96 million.&nbsp;

Analysts upbeat on Pekat on acquisition of switchgear manufacturer

Apple Inc predicted that its new artificial intelligence features will spur iPhone upgrades in coming months, helping the company reemerge from a sales slowdown that has hit its China business especially hard.&nbsp;

Apple predicts boost from AI features after uneven third quarter

KUALA LUMPUR (Aug 2): Binastra Corp Bhd (KL:BNASTRA) has bagged a RM160 million contract to demolish and build an office complex in Damansara Perdana from Dynamicz Sdn Bhd.

Binastra wins RM160m office construction job in Damansara Perdana

TA Securities has upgraded its recommendation on Fraser &amp; Neave Holdings Bhd (KL:F&amp;N) to 'buy' from 'hold' due to the recent decline in F&amp;N’s share price, but warned of a slowdown in the last quarter of 2024.

TA upgrades F&N to ‘buy’ but warns of slowdown in last quarter of this year

Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) reported on Friday a stronger-than-expected 14% year-on-year jump in second quarter net profit and said it was firmly on track to meet its 2024 targets.

Rita Nazareth

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