US job growth likely slowed in May, with wages coming off the boil, potentially allowing the US Federal Reserve (Fed) to skip an interest rate hike this month for the first time since embarking on its aggressive policy tightening campaign more than a year ago.

Slower US job, wage gains expected in May

KUALA LUMPUR (June 2): The International Monetary Fund (IMF) has projected Malaysia’s economic growth to moderate to 4.5% in 2023, reflecting largely the global external headwinds.

Malaysia’s economic growth to moderate to 4.5% in 2023, says IMF

Investors across Asia earmarked China’s ballooning levels of municipal borrowing as the region’s number one financial risk this year in a survey that ranked their biggest concerns.

China local government financing vehicles, or LGFVs, were the most frequently cited top risk in a Bloomberg survey of 53 economists, money managers and strategists at financial institutions ranging from sovereign wealth funds to banks and pensions.

Investors zero in on China local debt blowup as top risk in Asia

WASHINGTON (June 1): The US Senate is on track to pass a bill to lift the government's US$31.4 trillion debt ceiling late on Thursday, Democratic Majority Leader Chuck Schumer announced, adding, "We are avoiding default tonight".

US Senate set to pass debt limit suspension bill on Thursday night

KUALA LUMPUR (June 2): The ringgit traded higher against the US dollar in the early session on Friday (June 2), as investors await the release of the United States (US) nonfarm payrolls data later in the day, said a dealer.

Ringgit rises against US dollar in early session on June 2

Kenanga Research is projecting calendar year 2023 (CY2023) FBM KLCI earnings to contract by 1.2% (from +10.5%), and has lowered its end-2023 KLCI target to 1,480 points (from 1,610 points).

Kenanga Research projects CY2023 FBM KLCI earnings to contract by 1.2%

Corporate Malaysia handed in a largely disappointing first quarter earnings report card, which reflected general weakness in the economy, dragged by slowing external demand, with little help seen from the much-anticipated reopening of China.

More companies reported earnings that were below expectations in the January to March period of this year compared with the previous quarter, while there were fewer companies that managed to surprise with better-than-expected results, said Fortress Capital Asset Management chief executive officer Thomas Yong

Malaysia's corporate profits disappoint on slowing demand, with little help from China reopening

NEW YORK (June 2): Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.

In a Wednesday night filing in Manhattan federal court, investors said Musk ...

Elon Musk is accused of insider trading by investors in Dogecoin lawsuit

(June 2): Apple Inc. is working on plans to expand and revitalize its retail chain, aiming to push deeper into China and other parts of Asia while overhauling established locations in the US and Europe.

Through 2027, the iPhone maker is discussing opening 15 new stores across the Asia-P...

Apple plans major retail push with new stores across China, US

(June 2): The Nasdaq and S&P 500 surged to nine-month closing highs on Thursday as signs of slowing wage pressure raised hopes the Federal Reserve will pause hiking interest rates and investors cheered a vote in Congress to suspend the U.S. debt ceiling.

The number of Americans fili...

Wall Street rises on hopes of Fed pausing hikes, debt ceiling deal cheer

Global equities rose on Thursday (June 1) after the US House of Representatives passed a bill to raise the federal debt ceiling, while US Treasury yields fell as data reflected a cooling labor market that reduces the possibility of an interest rate hike by the US Federal Reserve. A bill that suspends the US$31.4 trillion (RM144.16 trillion) debt ceiling — and averts a catastrophic government default — sailed through the House of Representatives on Wednesday after a majority of both Democrats and Republicans backed the measure despite opposition from hardline members of both parties. The US Senate will follow up by considering the bill.

Global equities rise, US yields fall after debt ceiling bill advanced

Here is a brief recap of some corporate announcements that made news on Thursday (June 1): Panasonic Manufacturing Malaysia Bhd, Affin Hwang Investment Bank Bhd, Velesto Energy Bhd, Green Packet Bhd, Top Builders Capital Bhd, Star Media Group Bhd, Citaglobal Bhd, AME Elite Consortium Bhd, Sarawak Consolidated Industries Bhd, United Plantations Bhd, Meta Bright Group Bhd, Top Builders Capital Bhd, Kimlun Corp Bhd and Synergy House Bhd.

Panasonic Malaysia, Affin Hwang Investment, Velesto Energy, Green Packet, Top Builders Capital, Star Media, Citaglobal, AME Elite, SCIB, UP, Meta Bright, Top Builders, Kimlun and Synergy House

EVENING 5: Five things you need to know today

The number of Americans filing new claims for unemployment benefits increased modestly last week, suggesting the labour market remains tight despite growing fears of a recession amid higher borrowing costs.

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