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On a weekly basis, the ringgit rose 190 basis points to 4.1560/1590 versus the greenback on Friday from 4.1750/1800 a week earlier. — Reuters pic
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KUALA LUMPUR, Oct 16 — The ringgit is expected to experience some technical correction in the coming days, trading in the range of RM4.15 to RM4.16 against the US dollar during the holiday-shortened week, an analyst said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit, which was traded higher for six straight days before retreating on Friday, could see further correction as investors may want to cash in some gains.
“Despite that, the ringgit appears to be fairly constructive in view of the elevated levels of commodity prices, namely Brent crude, liquefied natural gas and crude palm oil, which will help underpin Malaysia’s economic recovery.
“The uplift of inter-state travel ban has also been a boon to the country’s economy as tourism-related industries such as aviation, hotel, food and beverages, and entertainment stand to benefit from the pent-up demand,” he told Bernama.
Meanwhile, Hong Leong Research said in a note that the ringgit saw big swings between 4.1500 and 4.1828 against the US dollar this week, before settling at a one-month high of 4.1545 as at Thursday’s close, up 0.7 per cent week-on-week.
“Signs of renewed weaknesses in the greenback coupled with ringgit-positive catalysts, such as further easing of movement controls and elevated commodity price outlook, are expected to help sustain bullishness in the local currency in the week ahead.
“We are therefore ‘neutral’ to ‘slightly bearish’ on the US dollar/ringgit outlook, expecting a range of 4.14 to 4.17 for the holiday-shortened week. The downward trajectory could, however, be capped by cautiousness ahead of the tabling of the 2022 Budget on Oct 29,” it added.
For the week just ended, the ringgit was mostly higher versus the US dollar except on Friday on improved sentiment on the local front and cautious investor sentiment, which weighed on the greenback following a slew of US economic data such as the Consumer Price Index, Federal Open Market Committee minutes and jobless claims data.
On a weekly basis, the ringgit rose 190 basis points to 4.1560/1590 versus the greenback on Friday from 4.1750/1800 a week earlier.
The local unit was traded mixed against other major currencies compared to the previous Friday.
It appreciated against the euro to 4.8222/8257 from 4.8292/8350 a week earlier and rose versus the Japanese yen at 3.6341/6368 compared to 3.7320/7368 previously.
However, the local note dipped against the Singapore dollar to 3.0824/0849 from 3.0771/0810 a week before and fell vis-a-vis the British pound to 5.7049/7091 from 5.6880/6948 previously. — Bernama
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For the week just ended, the local bourse started on a strong note, hitting its one-month high following full reopening of interstate travel within the country. — Bernama pic
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KUALA LUMPUR, Oct 16 — Bursa Malaysia’s outlook for next week remains bullish, anchored mainly by foreign funds, according to analysts.
The recent 12th Malaysia Plan (12MP) and full travel border reopening announcements have improved the sentiments among investors, as evidenced in the continued interest from international traders.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said foreign funds had been recording net purchases in the past several weeks.
“Such trend is in tandem with the further reopening of the economy following the lifting of interstate travel ban commencing on Monday.
“This would mean the lively economic activities could translate into better earnings prospects for sectors like logistics, aviation, and food and beverages, as well as tourism-related activities,” he told Bernama.
Additionally, higher crude oil prices could provide some impetus for oil and gas-related stocks.
“In a nutshell, things are quite looking up and the investors would await more details when the government announce their Budget 2022 in order to look for more clues in respect to earnings potential.
“The 12MP, which saw a sizeable allocation in development expenditure, could result in further interest in the construction sector as the government is expected to speed up the existing infra projects,” he said.
Hence, he said, the FTSE Bursa Malaysia (FBM KLCI) could once again attempt to breach the psychological 1,600-point level in light of the positive vibes.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the barometre index was expected to trend within the 1,595-1,610 range in the coming week.
He sees an immediate resistance of 1,605 followed by 1,620 while immediate support is at 1,560.
For the week just ended, the local bourse started on a strong note, hitting its one-month high following full reopening of interstate travel within the country.
The market also received a boost from bullish oil and crude palm oil (CPO) prices, which have been hovering at a record-high level.
Crude oil prices inched closer to the US$85-per-barrel mark, while physical CPO price is hovering above RM5,000 per tonne.
On a Friday-to-Friday basis, the benchmark index rose 34.38 points to end the week at 1,598.28 from 1,563.9 previously.
On the index board, the FBM Emas Index gained 267.11 points to 11,768.87, the FBMT100 Index jumped 248.57 points to 11,406.74, the FBM Emas Shariah Index improved 572.98 points to 12,877.01, the FBM 70 strengthened 432.77 points to 15,444.56, and the FBM ACE expanded 24.09 points to 7,186.31.
Sector-wise, the Financial Services Index shot up 492.90 points to 15,705.46, the Industrial Products and Services Index edged up 3.48 points to 212.94, and the Energy Index bagged 54.31 points to 845.37.
The Plantation Index firmed 75.01 points to 7,040.04 following a rally in CPO prices and the Technology Index inched up 1.36 points to 97.77, but the Healthcare Index erased 3.05 points to 2,511.52.
During the week, weekly turnover increased marginally to 25.71 billion units worth RM16.61 billion compared with 21.41 billion units worth RM15.22 billion in the previous week.
The Main Market volume expanded to 17.04 billion shares worth RM14.50 billion against 14.14 billion shares worth RM12.96 billion in the prior week.
Warrants volume, however, decreased to 1.72 billion units worth RM213.25 million versus 2.11 billion units worth RM337.98 million previously.
The ACE Market volume widened to 6.92 billion shares worth RM1.90 billion from 5.14 billion shares worth RM1.93 billion in the previous week. — Bernama
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Energy-intensive cryptocurrency 'mining' is done by computers, and has come under criticism from environmentalists as a big source of demand for mostly fossil fuel derived electricity. — Reuters file pic
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SAN SALVADOR, Oct 15 — El Salvador’s unfolding experiment as a first-adopter of the crytocurrency bitcoin could be increasingly powered by new streams of renewable energy, the chief of the country’s hydroelectric commission told reporters yesterday.
Energy-intensive cryptocurrency “mining” is done by computers, and has come under criticism from environmentalists as a big source of demand for mostly fossil fuel derived electricity.
Last month, El Salvador became the first country to adopt bitcoin as legal tender alongside the US dollar, which for years had served as the country’s sole official currency.
Daniel Alvarez, president of the state-run Lempa River Hydroelectric Executive Commission (CEL), said El Salvador has the potential to generate electricity through hydroelectric, solar, wind and tidal power projects.
“The possibilities are endless here, it’s just about willpower and that we have the means and the ability to start these projects,” Alvarez said.
The Salvadoran government in September began harnessing geothermal energy for bitcoin mining from a plant at the base of the Tecapa volcano, 106 kilometres (66 miles) east of the capital, that is owned by a company which is part of CEL.
The plant generates about 102 megawatts, and the government plans to add another five megawatts next year. At present, 1.5 megawatts are being allocated for bitcoin.
Alongside the plant, officials have set up a room inside a shipping container to house 300 computers that process cryptocurrency transactions.
The Tecapa plant along with another geothermal plant in northwestern El Salvador supply between 23 per cent and 24 per cent of the national power grid, according to authorities. — Reuters
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Argentina's Economy Minister Martin Guzman gave what the government called a “roadmap” on Argentina’s economic outlook, saying the state needed to take a leading role in driving an economic rebound after the Covid-19 pandemic, investing in key sectors to boost growth. — Reuters pic
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NEW YORK, Oct 16 — Argentine senior officials met with private investors in New York yesterday, touting a much sought-after economic “roadmap” for the embattled country and playing up the chances of a positive deal with the International Monetary Fund.
The meeting, which also touched on Argentine politics, was attended by Economy Minister Martin Guzman and Cabinet Chief Juan Manzur and came after a meeting with the IMF to discuss a new deal to revamp some US$45 billion (RM187.1 billion) in payments.
“A positive agreement with the IMF is a national priority,” Manzur said, according to a statement from Argentina’s government after the meeting. It said Manzur had underscored Argentina’s willingness to honour the debt.
Guzman gave what the government called a “roadmap” on Argentina’s economic outlook, saying the state needed to take a leading role in driving an economic rebound after the Covid-19 pandemic, investing in key sectors to boost growth.
“We need to strengthen the state,” he said, adding that the country being over-reliant on debt and monetary issuance created problems for the economy, and “so for this reason we consider it important that the deficit gradually decreases.”
“I don’t think they changed anyone’s view, but not for a lack of trying,” said an attending investor who wanted to remain unnamed due to the confidential nature of the conversation.
The source, who said the presentation was good and both Guzman and Manzur answered consistently throughout, said there is a lot of structural uncertainty in Argentina.
“Countries in general tend to be a little more consistent in terms of policies, even when they switch parties there are certain things that you do not change. Argentina has been very haphazard policy-wise for quite some time.”
Investors, stung by inflation, debt and currency crises in the country in recent years, have long complained of a lack of a clear economic plan. The country defaulted on private foreign debt last year before a major debt restructuring.
The meeting came days after Guzman met with IMF head Kristalina Georgieva, and the two agreed to continue working on developing a credible loan programme.
Argentina and the IMF have for months been negotiating a programme to replace one struck in 2018 that failed and left the South American country as the largest Fund borrower with a debt close to US$45 billion. Argentina pledged to have a new deal in place by the end of March at the latest.
Last year Argentina restructured some US$65 billion in debt with private international creditors, but the restructured bonds are trading at distressed levels as investors worry about the soy exporter’s economic outlook.
Argentine dollar bond prices were little changed yesterday, trading between 32 and 39 cents on the dollar across the curve.
Argentina’s peso currency has devalued some 15 per cent this year amid strict capital controls that hold the official rate in check, though these controls have created a wide gap with prices in popular alternative exchange markets.
The South American country is also struggling with high inflation running above 52 per cent annually.
Argentina’s government said the meeting was attended by investors, including from GoldenTree Asset Management, Morgan Stanley, Redwood Capital, Goldman Sachs, Gramercy and BlackRock. — Reuters
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Goldman Sachs Group shares jumped 3.8 per cent and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank’s quarterly profit. — Reuters pic
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NEW YORK, Oct 16 — US stocks rose yesterday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks.
Goldman Sachs Group shares jumped 3.8 per cent and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank’s quarterly profit.
Goldman’s report followed strong results from Bank of America and others this week. Banks were among the biggest positives for the S&P 500 on the day, and the index’s bank index climbed 2.1 per cent.
Results from big financial institutions provided a strong start to third-quarter US earnings, though investors will still watch in coming weeks for signs of impacts from supply chain disruptions and higher costs, especially for energy.
Forecasts now call for third-quarter S&P 500 earnings to show a 32 per cent rise from a year ago. The latest forecast, based on results from 41 S&P 500 companies and estimates for the rest, is up from 29.4 per cent at the start of October, according to IBES data from Refinitiv.
“We’re starting to get into an earnings-driven rally here that I hope lasts. We’ll really see the results in the next couple of weeks as a great bulk of companies in all sectors report,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Alcoa Corp shares surged 15.2 per cent after the aluminum producer reported stronger-than-expected results, announced a US$500 million (RM2 billion) buyback programme and initiated a quarterly cash dividend.
The Dow Jones Industrial Average rose 382.2 points, or 1.09 per cent, to 35,294.76, the S&P 500 gained 33.11 points, or 0.75 per cent, to 4,471.37 and the Nasdaq Composite added 73.91 points, or 0.5 per cent, to 14,897.34.
The Dow jumped 1.6 per cent for the week, its biggest weekly percentage gain since June 25. The S&P 500 had its strongest weekly advance since July 23.
The US Commerce Department reported a surprise rise in retail sales in September, although investors still worried that supply constraints could disrupt the holiday shopping season. A preliminary reading for consumer sentiment in October came in slightly below expectations.
Moderna Inc shares fell 2.3 per cent. A Wall Street Journal report, citing people familiar with the matter, said the US Food and Drug Administration is delaying its decision on authorising Moderna’s Covid-19 vaccine for adolescents to check if the shot could increase the risk of heart inflammation.
On Thursday, Moderna shares jumped when an FDA panel voted to recommend booster shots of its Covid-19 vaccine for Americans aged 65 and older and high-risk people.
Shares of cryptocurrency and blockchain-related firms gained as bitcoin hit US$60,000 for the first time since April. Riot Blockchain ended up 6.6 per cent.
Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured decliners.
The S&P 500 posted 57 new 52-week highs and no new lows; the Nasdaq Composite recorded 124 new highs and 59 new lows.
Volume on US exchanges was 9.83 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days. — Reuters
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Cryptocurrency investors have been waiting for approval of the first US ETF for bitcoin, with bets on such a move fuelling its recent rally.— Reuters pic
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LONDON, Oct 16 — Bitcoin topped US$60,000 (RM249,480) for the first time in six months yesterday, nearing its all-time high, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.
Cryptocurrency investors have been waiting for approval of the first US ETF for bitcoin, with bets on such a move fuelling its recent rally.
The world’s biggest cryptocurrency rose to US$61,869.05, its highest since mid-April, and was last up 6.9 per cent at US$61,346. It has risen by more than half since September 20 and is closing in on its record high of US$64,895 hit in April.
The US Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday. Such a move would open a new path for investors to gain exposure to the emerging asset, according to traders and analysts.
“Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.
“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday,” Kline added. “As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured and reconciled so that it makes sense in traditional finance.”
Bitcoin’s moves yesterday were spurred by a Twitter post from the SEC’s investor education office urging investors to weigh risks and benefits of investing in funds that hold bitcoin futures contracts, said Ben Caselin of Asia-based crypto exchange AAX.
Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds, have applied to launch bitcoin ETFs in the United States.
The Nasdaq yesterday approved the listing of the Valkyrie Bitcoin Strategy ETF.
After months of back-and-forth between the SEC and potential bitcoin futures ETF issuers, the regulator appears prepared to greenlight a handful of filings that will open the door to wider access to cryptocurrencies to retail and institutional investors alike.
Under the rule sets used by the ETF issuers, the SEC does not have to give explicit approval to the ETFs, which can be launched at the end of a 75-day period if the US regulator has no objections.
The 75-day time period for the ProShares Bitcoin Strategy ETF ends on Monday, and the ETF can be launched on Tuesday.
The SEC declined to comment.
Crypto ETFs have launched this year in Canada and Europe, growing in popularity amid surging interest in digital assets.
Futures exchange operator Cboe Global Markets Inc applied for a rule change with the SEC that would allow it to list certain complex ETFs. The SEC approved that application on October 1.
SEC Chair Gary Gensler has previously said the crypto market involves many tokens that may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.
Citing people familiar with the matter, the Bloomberg report said proposals by ProShares and Invesco, based on futures contracts, were filed under mutual fund rules that Gensler has said provide “significant investor protections”.
“It’s one of the final frontiers for mandate access,” said Joseph Edwards, head of research at crypto broker Enigma Securities. “Plenty of Americans in particular have strings attached to how they deploy a lot of their wealth. It allows bitcoin to get in on the sorts of windfall that keep US equities as consistently strong as they are.” — Reuters
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The pan-European STOXX 600 index rose 0.74 per cent and MSCI’s gauge of stocks across the globe gained 0.86 per cent, the biggest daily rise since May 14. — Reuters pic
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NEW YORK, Oct 16 — Stocks surged globally yesterday in their best day in five months as strong US corporate earnings reports fuelled optimism about the economy, though three-year-high oil prices kept inflation risks alive and lifted government bond yields.
US investment bank Goldman Sachs Group Inc was the latest on Wall Street to trounce market expectations when it reported a 66 per cent surge in third-quarter profit, thanks to a record wave of investment banking activity.
Though some analysts warned investors against complacency so early in the earnings season, especially given current constraints in the supply chain, US stocks joined yesterday's rally in global equities.
The Dow Jones Industrial Average jumped 1.1 per cent in its best weekly performance since June 25. The S&P 500 climbed 0.75 per cent to notch its best week in 2-1/2 months, and the Nasdaq Composite added 0.5 per cent.
The pan-European STOXX 600 index rose 0.74 per cent and MSCI’s gauge of stocks across the globe gained 0.86 per cent, the biggest daily rise since May 14.
“We are clearly off to a good start of the third-quarter earnings season, but have miles to go before we sleep,” said Arthur Hogan, chief market strategist at National Securities Corp Hogan noted that only 35 of the S&P 500 companies have reported their earnings.
Unperturbed by news of a fatal stabbing of a British lawmaker yesterday, Britain’s FTSE 100 climbed 0.37 per cent to hit a near 20-month high. The UK blue-chip index has now recovered all ground lost since the coronavirus pandemic began in March last year.
Concerns that soaring oil prices could drag on businesses and the economy also took a backseat for now.
Forecasts of an oil supply deficit over the next few months as demand rises on the back of relaxed travel restrictions drove oil prices to a three-year high of above US$85 (RM353.43) a barrel.
US crude recently jumped 1.13 per cent to US$82.23 per barrel and Brent added 0.83 per cent to US$84.70, after hitting a high of US$85.10.
Bets that rising prices are likely to prompt central banks to raise interest rates sooner than expected lifted government bond yields, though gains were more pronounced in the United States than in Europe.
The yield on two-year US Treasuries, which reflect short-term rate expectations, zoomed up to a near 19-month-high 0.3949 per cent, from Thursday’s 0.354 per cent. Benchmark 10-year Treasury yield also rose to 1.5738 per cent, from Thursday’s 1.519 per cent.
In Europe, 10-year Bund yields slipped after registering seven straight weeks of gains on signs of rising inflationary pressure and robust economic growth.
The dollar, bolstered by bets that quickening inflation could prompt the Federal Reserve to raise interest rates sooner than expected, touched a three-year high against the yen , which is usually sensitive to rate differentials. One dollar bought as much as 114.46 yen, the most since October 2018.
The dollar index, which measures the greenback against a basket of other currencies, was lower on the day, however, slipping 0.104 per cent, and set for its first weekly decline versus major peers since the start of last month, having lost a little ground to sterling and the euro.
Gold prices took a breather yesterday after having their best day in seven months the previous day. Spot gold dropped 1.6 per cent to US$1,766.82 an ounce, and US gold futures fell 1.67 per cent to US$1,766.70 an ounce.
The return of optimism will be tested by next week’s anticipated weaker growth data from China, and the impact of strengthening oil prices on consumers going into the winter months, said Mike Hewson, chief markets analyst at CMC Markets.
Indeed, China’s energy crisis deepened yesterday with coal prices hitting a record high.
European car registrations slumped by more than a quarter in September, and Toyota Motor Corp said it would cut global output in November as chip shortages and supply chain problems continued to dog the sector.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.35 per cent, rising 2.1 per cent for the week in its best weekly performance since late June, while Japan’s Nikkei surged 1.81 per cent, led by tech stocks.
Analysts largely attributed the gains in Asia to the US rally.
Chinese shares rose more cautiously than elsewhere with blue chips up 0.38 per cent ahead of next week’s growth figures.
A Chinese central bank official said yesterday that the spillover effect of China Evergrande Group’s debt problems on the banking system is controllable, in rare official remarks on the liquidity crisis at China’s No. 2 developer that has roiled markets.
Bitcoin hit a six-month high of US$61,895.05 yesterday, approaching the record hit in April, as traders became increasingly confident US regulators would approve the launch of an exchange-traded fund based on its futures contracts. — Reuters
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In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints. — Reuters pic
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NEW YORK, Oct 16 — Square Inc Chief Executive Officer Jack Dorsey said yesterday the fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.
This would add to Square’s existing bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.
A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a bitcoin mining system.
In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints.
Shares of Square were up about 1 per cent in extended trading.
Yesterday, bitcoin topped US$60,000 for the first time in six months, since China’s crackdown on bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets. — Reuters
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For the second straight year, thieves have given the Ford full-size pickup the dubious honor of being the most stolen vehicle in America, according to the National Insurance Crime Bureau’s new “Hot Wheels” ranking. An analysis of crime data from across the country shows that the Chevrolet full-size pickup finished second on the list of most stolen vehicles during 2020. The number of car thefts...
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If you were to walk into an A&T, T-Mobile or Verizon store and say you wanted to buy an iPhone, chances are they’d have an overwhelming number of choices. Do you pay a premium for the latest iPhone 13 and get all the new bells and whistles, or do you try to get the iPhone 12 at a cheaper price? Then there’s always the iPhone SE, which has the same processor as the iPhone 11, and that one costs...
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