(May 29): Global markets look primed for a relief rally after US negotiators agreed to a tentative deal over the weekend to resolve a debt crisis that has weighed on risk sentiment in recent weeks.

US equity futures pushed higher in Asia trading on Monday (May 29), while their Treasury counterparts dipped. The US dollar, which has benefited from angst around the statutory borrowing limit, weakened against major peers. Liquidity is set to be thin on Monday, with US and UK markets closed for national holidays.

Traders ready to embrace riskier assets after debt-cap deal

Türkiye’s lira weakened after Recep Tayyip Erdogan won a presidential runoff election on Sunday, extending his time as the nation’s longest-serving leader in a tenure that has increasingly alienated foreign investors.

Turkish lira falls after Erdogan wins another five years in power

Asian currencies struggled for direction on Monday, amid increased bets of further rate hikes by the US Federal Reserve even as a weekend deal to suspend the US government's debt ceiling drew some safe haven bids away from the greenback.

Asian FX mixed on US rate expectations, debt ceiling deal

(May 29): Saudi Arabia’s foreign reserves fell in April to the lowest in more than 13 years, in an apparent sign the kingdom hasn’t yet used last year’s US$326 billion (RM1.5 trillion) oil windfall to top up the central bank’s holdings.
 
Net foreign assets fell to 1.538 trillion riyals (US$410 billion or RM1.89 trillion) last month, according to the central bank’s monthly report published on Sunday (May 28), declining for a fifth month in the longest falling streak since early 2019. Reserves are down more than 44% since peaking in August 2014.

Saudi net reserves fall to lowest since 2010 at US$410b

Singapore Airlines Ltd and PT Garuda Indonesia are seeking to deepen ties with a commercial pact to coordinate on fares and flight schedules, the carriers announced on Monday (May 29).

Singapore Air, Garuda to deepen ties and grow regional routes

MUMBAI (May 29): The Reserve Bank of India (RBI) has come across instances of some banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, its governor said on Monday (May 29).

"During the course of our supervisory process, certain instances of using innovative ways to conceal the real status of stressed loans have also come to our notice," Shaktikanta Das said during his inaugural address to directors of banks at a conference organised by the RBI.

India RBI chief warns of governance gaps, misreporting of stressed assets at some banks

TOKYO (May 29): Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a US debt ceiling deal and a weaker yen.

Japan's Nikkei hits 1990 high on weak yen, US optimism; SoftBank surges

In a two-hour presentation in Taiwan, Nvidia Corp chief executive officer Jensen Huang unveiled a new batch of products and services tied to artificial intelligence (AI), looking to capitalise on a frenzy that has made his company the world’s most valuable chipmaker.

World’s most valuable chipmaker Nvidia unveils more AI products after US$184b rally

(May 29): The embattled landlord at the centre of Sweden’s property crisis may look to sell the company following a plunge in the share price.

SBB — as Samhallsbyggnadsbolaget i Norden AB is more commonly known — has initiated a strategic review that could result in “a sale of the company, business segments, or specific assets, as well as other strategic transactions,” the board of directors said in a statement. Selling new shares is not in the scope of the review.

Swedish landlord SBB considering company sale amid property slump

SoftBank Group Corp owned chip designer Arm on Monday rolled out new technology for mobile devices and Taiwan smartphone chip maker MediaTek Inc said it will be using it for its next-generation product.

SoftBank's Arm rolls out new smartphone tech, MediaTek signs up to use

DETROIT (May 29): Nvidia Corp and MediaTek Inc on Monday (May 29) said they will collaborate on technology to power advanced vehicle infotainment systems that can stream video or games or interact with drivers using artificial intelligence (AI).

Under the agreement, announced at the Computex technology trade show in Taipei, MediaTek will integrate an Nvidia graphic processing unit chiplet and Nvidia software into the system-on-chips it supplies to automakers for infotainment displays.

Nvidia, MediaTek to partner on connected car technology

BENGALURU (May 28): The eastern Canadian city of Halifax declared a state of local emergency late on Sunday, after a wildfire caused evacuations and power outages.

Eastern Canada's Halifax declares emergency over wildfire

SYDNEY, (May 29): Asian shares and US stock futures rose on Monday, thanks to a weekend deal by US President Joe Biden and House Speaker Kevin McCarthy to suspend the government's debt ceiling, ending a protracted stalemate and providing some relief for investors.

Stocks rise on US debt ceiling deal but China drags

For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night (May 27). Each party championed the deal as a crucial step towards avoiding a sovereign default. But between broad spending caps and stricter rules for food stamps, Republicans have more to celebrate than their Democratic peers. America and its creditors, generally, have even less to be happy about.

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