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Saturday, December 3, 2022

Money in a Minute for the Week Ending Nov. 19

Freeman / Money Talks News

Every Friday I recap “news you can use” from the week: a handful of quotes from major (and often expensive) news sources, so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. It's not the usual blah, blah, blah. Click here to sign up for our free newsletter. Powell to Set Stage for Slowing...



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Bursa Malaysia to move higher next week on improved sentiment

KUALA LUMPUR: Bursa Malaysia is likely to trend higher next week, to retest the 1,500 mark, on improved sentiment despite the regional market volatility, said an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the 1,480-1,510 range.

“From a technical point of view, the immediate resistance is spotted at 1,500, followed by 1,530, while support is at 1,470,“ he told Bernama.

Meanwhile, Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the focus will shift onto the tentative release of the local retail sales and industrial production data next Friday (Dec 9, 2022), as well as the announcement of a special meeting of Parliament in order to proceed with the re-tabling of Budget 2023.

“Investors are also monitoring the US unemployment rate data to be released on Friday (Dec 2).

“Technically, the FBM KLCI will remain sideways with a trading range of between 1,465 and 1,500,“ Leong said.

For the holiday-shortened trading week just ended, the benchmark FBM KLCI moved in choppy trading.

The market was closed on Monday in conjunction with the special public holiday announced by the 10th Prime Minister Datuk Seri Anwar Ibrahim.

The FBM KLCI was lower on Tuesday on profit-taking, dragged down by negative global sentiment as protests over China’s strict COVID-19 restriction stoked worries over the global financial recovery.

The market then rebounded to end higher on Wednesday and Thursday on bargain-hunting, before turning downbeat on Friday as investors’ sentiments turned cautious ahead of the upcoming announcement on the new Cabinet line-up.

On a Friday-to-Friday basis, the key index eased 4.74 points to 1,481.80 from 1,486.54 on Friday last week.

On the index board, the FBM Emas Index increased 76.41 points to 10,653.20, the FBMT 100 Index garnered 57.46 points to 10,357.15, the FBM 70 soared 432.84 points to 13,071.19, the FBM Emas Shariah Index expanded 190.29 points to 10,877.91, while the FBM ACE chalked up 174.25 points to 5,365.89.

Sector-wise, the Industrial Products and Services Index slid 3.54 points to 181.82, the Plantation Index eased 9.30 points to 6,807.85, the Financial Services Index dipped 252.74 points to 16,446.42, while the Energy Index climbed 41.02 points to 800.11.

Weekly turnover shrank to 15.39 billion units worth RM12.23 billion from 22.82 billion units worth RM13.19 billion in the previous week.

The Main Market volume dwindled to 9.42 billion shares valued at RM10.67 billion against last week’s 17.84 billion shares valued at RM11.92 billion.

Warrants volume fell to 1.44 billion units worth RM247.57 million from 1.84 billion units worth RM249.65 million previously.

The ACE Market volume expanded to 4.53 billion shares valued at RM1.31 billion from 2.84 billion shares valued at RM1.02 billion on Friday a week ago. - Bernama



Source: The Sun Daily

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Ringgit likely to trade between 4.38 and 4.40 level against US dollar next week

KUALA LUMPUR: The ringgit is expected to trade between the 4.38 and 4.40 level against the US dollar next week with an upward bias, especially if foreign exchange (FX) markets continue to price in a slowdown in the US interest rate hike cycle with Malaysia’s new Cabinet offering further support.

SPI Asset Management managing director Stephen Innes has cautioned that this is premised on things remaining relatively calm and that China continues with its reopening plans.

“The only hiccup I see is potential civil unrest in China over the weekend because if we look back at the unrest in Hong Kong a few years ago, it really accelerated on weekends,” he told Bernama.

He said the announcement of Malaysia’s Cabinet last night would pave the way for the country’s budget to be tabled and markets will be bullish on hints of political stability.

On a week-on-week basis, the ringgit touched a level not seen since June this year, trading at 4.3835/3925 against the US dollar from 4.4795/4890 on the previous Friday.

The local note was traded mostly higher against a basket of major currencies.

It appreciated against the Singapore dollar to 3.2463/2535 from 3.2573/2645 from last Friday, higher against the euro at 4.6136/6231 from 4.6551/6650 and was better against the British pound at 5.3781/3892 from 5.4094/4209.

However, it declined vis-a-vis the Japanese yen to 3.2698/2768 from 3.2118/2188 a week before. - Bernama



Source: The Sun Daily

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The 8 Best Things to Buy in December — and 4 to Avoid

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Editor's Note: This story comes from partner site DealNews.com. Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Even with a longer sales season, Black Friday is still the biggest shopping occasion of the year for many. But the deals keep going after that day and Cyber Monday...



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13 Money Dates and Deadlines in December 2022

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Life moves quickly. It’s easy to get distracted. But that can be costly. Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money. Enter our “Money Calendar” series. In this edition, we’ve rounded up the noteworthy money dates in December 2022. Take a look and mark your calendar with any dates that apply to you.



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5 Ways to Fill Your Pantry With Free Food

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Most people know about food banks and food stamps. In 2021 alone, the nonprofit Feeding America distributed nearly 8 billion pounds of food through its food bank network, and more than 21 million households benefited from the federal food stamp program (officially known as the Supplemental Nutrition Assistance Program). But these programs are hardly the only resources that can help you fill your...



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How to Choose the Best Fence for Your Dog

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Editor's Note: This story originally appeared on LawnStarter. Spending time outdoors is important for your dog’s health and happiness. The backyard is the best place for your dogs to play, be stimulated, and work off energy. But, If you want your dog to be free to explore and enjoy your yard without the risk of running away or getting hurt, you have to choose the best fence for your dog.



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Friday, December 2, 2022

EU tentatively agrees US$60 price cap on Russian seaborne oil

BRUSSELS: European Union (EU) governments tentatively agreed on Thursday (Dec 1) on a US$60 (RM265) a barrel price cap on Russian seaborne oil – an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.

The agreement still needs to be approved by all EU governments in a written procedure by today (Dec 2). Poland, which had pushed for the cap to be as low as possible, had as of Thursday evening not confirmed if it would support the deal, an EU diplomat said.

EU countries have wrangled for days over the details of the price cap, which aims to slash Russia's income from selling oil.

The initial G7 proposal last week was for a price cap of US$65-US$70 per barrel with no adjustment mechanism.

Since Russian Urals crude already traded lower, Poland, Lithuania and Estonia rejected that level as not achieving the main objective of reducing Moscow's ability to finance its war in Ukraine.

“The price cap is set at US$60 with a provision to keep it 5% below market price for Russian crude, based on IEA figures,” an EU diplomat said.

An EU document seen by Reuters showed the price cap would be reviewed in mid-January and every two months after that, to assess how the scheme is functioning and respond to possible “turbulences” in the oil market that occur as a result.

The document said a 45-day “transitional period” would apply to vessels carrying Russian-origin crude oil that was loaded before Dec 5 and unloaded at its final destination by Jan 19, 2023.

Russian Urals crude had traded at around US$70 a barrel on Thursday afternoon.

The G7 price cap on Russian seaborne crude oil is to kick in on Dec 5, replacing the harsher EU outright ban on buying Russian seaborne crude, as a way to safeguard global oil supply because Russia produces 10% of the world’s oil.

The idea to enforce the G7 cap is to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price set by the G7 and its allies.

Because the world’s key shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. – Reuters



Source: The Sun Daily

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Oil ends little changed after China eases Covid curbs, dollar dips

NEW YORK: Oil prices settled largely narrowly mixed on Thursday (Dec 1), retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after Covid-19 curbs were eased in two major Chinese cities.

Brent crude futures settled 9 cents lower at US$86.88 (RM383.57) a barrel. US West Texas Intermediate crude futures settled at US$81.22 (RM358.58) a barrel, up 67 cents or 0.8%.

Both benchmarks remain on target for their first weekly gains after three consecutive weeks of decline. On Monday, Brent touched US$80.61, lowest since Jan 4.

“We came into the session bullish but we’re not going to get to US$100 no matter what city reopens,” said Eli Tesfaye, senior market strategist at RJO Futures.

Tesfaye said he expects oil to trade in the US$70-US$90 a barrel range and gradually stabilize after higher volatility in recent weeks.

The shift in China’s zero-Covid strategy raised optimism about a recovery in oil demand there. The cities of Guangzhou and Chongqing announced an easing of Covid curbs on Wednesday.

“Oil markets are going to continue to be buffeted by ongoing news out of China, given how much of an impact ongoing lockdowns are having on oil demand in the world’s second-largest consumer,” said Matt Smith, lead oil analyst at Kpler.

Oil was supported through most of Thursday’s session by a slump in the dollar index to its lowest since August after the US Federal Reserve chair Jerome Powell said rate increases could slow this month. A weaker dollar makes oil cheaper for other currency holders.

The prospect of a lower price cap on Russian oil is also lending support, analysts said. European Union governments tentatively agreed on Thursday on a US$60 cap on Russian sea-borne oil, an EU diplomat said.

“After dipping into the mid-US$70s at the start of the week, oil is now shifting focus to the Opec meeting on Sunday, Russian sanctions, and the absence of large SPR barrels hitting commercial inventories - all three of these are price supportive,” Smith said.

The Organization of the Petroleum Exporting Countries (Opec) and allies, a group known as Opec+, will meet virtually on Dec 4, although a policy change is seen unlikely. – Reuters



Source: The Sun Daily

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8 Ways to Get Amazon Gift Cards for Free

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Who doesn’t love Amazon? Not only can you find just about anything on the site, but you also can find it at a great price. If you’re a fan of Amazon, you’ll probably love scoring free Amazon gift cards. And there are many ways to get them online. Following are some of our faves. And for more ways to score Amazon freebies, also check out “9 Things Anyone Can Get for Free on Amazon.”...



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77 New Shows and Movies on Netflix in December

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Are you getting your money’s worth out of your Netflix subscription? How do you know? The ever-popular streaming service has a dizzying array of comings and goings each month. Keeping tabs on the latest shows and movies can give you something to look forward to — or an excuse to save a few bucks by canceling until the arrival of a series worth checking out. Here’s a list of specials...



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10 Housing Markets Where Bidding Wars Are Disappearing

Home in Nashville, Tennessee
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Mortgage rates soared in October — and buyers promptly disappeared from the housing market, according to newly released findings from Redfin. Pending home sales plunged by 32.1% year over year last month. That is the biggest drop since Redfin began collecting data in 2013. Price cuts and deal cancellations also set new records, according to the real estate brokerage. With competition from other...



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