AtOneGoFinancial Blog

27 May 2023

Money in a Minute for the Week Ending May 27

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. Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed (May 26, CNBC): The...

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How to Plan a Bridal Shower on a Budget

bridesmaids wear robes congratulating bride — fizkes / Shutterstock.com

Editor's Note: This story originally appeared on Living on the Cheap. As with weddings, the cost of a bridal shower can sometimes get out of control. The average bridal shower cost is $15 to $40 per guest (that’s $300 to $800 for a 20-person party), but can go as high as $150 per person ($3,000 for a 20-person shower), according to CostHelper.com. Most bridesmaids in their 20s and 30s don’t have...

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Cautious trading to continue on Bursa Malaysia next week

KUALA LUMPUR: Bursa Malaysia is expected to continue to trade in cautious mode next week amid concerns over the global economic developments, an analyst said.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local market undertone will remain cautious until the US debt ceiling issue is resolved, although bargain-hunting activities may emerge as well.

“Hence, we anticipate the FTSE Bursa Malaysia KLCI (FBM KLCI) to trade rangebound for next week within 1,400-1,410 points. On a technical point of view, we see the immediate support at 1,400 and resistance at 1,440.

“Additionally, we believe next week’s focus will remain on the US debt ceiling issue and local corporate earnings towards the end of results season,” he told Bernama.

On a Friday-to-Friday basis, the FBM KLCI declined 25.56 points to end the week at 1,402.98 from last week’s 1,428.54.

The local bourse traded on a declining pattern during the week, mainly influenced by external factors, namely the worries over the progress of the US debt ceiling issue and the worsening Sino-US tensions, which dampened sentiment across the region.

On the index board, the FBM Emas Index decreased 178.28 points to 10,296.47, the FBMT 100 Index slid 167.73 points to 10,002.63, the FBM Emas Shariah Index tumbled 160.48 points to 10,669.03, the FBM 70 Index fell 165.75 points to 13,480.00, and the FBM ACE Index dipped 22.00 points to 4,980.90.

Sector-wise, the Plantation Index lost 271.29 points to 6,755.26, the Energy Index erased 31.22 points to 808.31, the Financial Services Index dropped 301.80 points to 15,304.43, and the Industrial Products and Services Index shed 0.91 points to 164.08.

Weekly turnover declined to 12.60 billion units valued at RM9.06 billion versus 13.33 billion units valued at RM8.18 billion on Friday last week.

The Main Market volume trimmed to 8.01 billion shares worth RM7.80 billion compared with 8.39 billion shares worth RM7.05 billion in the previous week.

Warrants turnover shrank to 1.60 billion units valued at RM222.39 million from 1.85 billion units valued at RM288.01 million a week ago.

The ACE Market volume decreased to 2.95 billion shares worth RM875.29 million from 3.08 billion shares worth RM830.39 million last week. - Bernama

Source: The Sun Daily

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Ringgit set to trade cautiously next week as US debt ceiling deadline looms

KUALA LUMPUR: The ringgit is projected to trade in a narrow range next week as the US debt ceiling deadline looms on June 1.

SPI Asset Management managing director Stephen Innes noted that the ringgit traded stronger on Friday on a relief rally after some positive developments in the debt ceiling talks, raising hopes that a deal could be reached before June 1.

However, if markets continue to price in a better US growth outlook and more hawkish Fed expectations, then the ringgit would underperform, he said.

“Based on a more hawkish US Federal Reserve (Fed) outlook, we could see ringgit trading within the 4.59 to 4.61 level next week.

“And if US (economic) data continues to hold up and the debt ceiling deal is signed, this could increase the odds of the Fed hiking (interest rates) in June,” he told Bernama.

On Malaysia’s consumer price index (CPI), Innes noted that Malaysia’s inflation moderated to 3.3 per cent in April due to lower food prices while core inflation, which removes items such as fresh food and energy from the gauge, also fell to 3.6 per cent year-on-year (March: 3.8 per cent).

“So this was good news for the broader economy hence the ringgit traded better on local impulse,” he added.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the latest CPI showed that the disinflationary trend has continued to prevail.

“Therefore, the overnight policy rate should stick at 3.00 per cent throughout the year,” he added.

Meanwhile, the local note depreciated versus a basket of major currencies over the seven-day span.

On a Friday-to-Friday basis, the ringgit dropped against the US dollar to 4.5970/6035 compared with 4.5350/5405 a week earlier.

It slipped against the Japanese yen to 3.2918/2967 from 3.2839/2881 previously.

The local note weakened against the British pound to 5.6819/6899 from last Friday’s 5.6370/6438 and went down vis-a-vis the euro to 4.9340/9409 from 4.8978/9037 a week before.

The ringgit also traded lower against its Asean peers.

It slipped against the Thai baht to 13.2539/2784 from 13.1862/2083 and was lower versus the Singapore dollar at 3.4012/4062 from 3.3715/3758 at the end of the preceding week.

The local note eased against the Indonesian rupiah to 307.3/307.9 from 303.6/304.2 last week and weakened vis-a-vis the Philippine peso to 8.24/8.25 from 8.14/8.16 previously. - Bernama

13 of the Best Memorial Day Sales of 2023

Woman using online banking — WAYHOME studio / Shutterstock.com

Your holiday weekend is just getting started — and so are the highly anticipated Memorial Day sales. Many retailers have already premiered their best deals on furniture, home appliances and other big-ticket items, including a $700 savings on a new refrigerator. You’ll also find discounts on shoes and apparel to keep you stylish through the summer months. Don’t let the long weekend slip away...

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26 May 2023

Nasdaq jumps on Nvidia earnings, debt ceiling worries weigh on Dow

NEW YORK: The Nasdaq surged on Thursday (May 25) following a blowout earnings report by chip company Nvidia while lingering worries about US debt ceiling negotiations weighed on the Dow.

Shares of Nvidia soared nearly 25%, lifting the company'’s valuation to close to US$1 trillion (RM4.6 trillion) after it projected a huge jump in revenues tied to booming artificial intelligence technology.

But that positive point was countered by an announcement by credit rating agency Fitch placing the United States on credit watch negative over the debt ceiling impasse.

The tech-rich Nasdaq Composite Index gained 1.7% to 12,698.09.

The Dow Jones Industrial Average slipped 0.1% to 32,764.65, while the broad-based S&P 500 advanced 0.9% to 4,151.28.

Thursday’s trading extended a pattern of tech share strength throughout 2023 “with a very compelling story about artificial intelligence and its potential as a growth driver,“ said Angelo Kourkafas of Edward Jones.

With Nvidia, “it is more than a story”, he said. “It is translating into actual spike in revenue and profits.”

But Kourkafas said gains were countered by uncertainty about US monetary policy and the chance of further interest rate hikes.

He also cited the debt ceiling impasse.

On Wednesday night, Fitch put the United States on notice that its perfect credit rating could be jeopardised if the White House and Republican opposition fail to overcome their impasse on raising the nation's borrowing limit.

On Thursday, US President Joe Biden expressed confidence about the talks.

“There will be no default,“ he said. Biden also said that his negotiations with Republican Speaker Kevin McCarthy, who leads the narrow majority in the House of Representatives, had been “productive”. – AFP

Oil eases as Russia downplays additional Opec+ cuts

NEW YORK: Oil prices settled lower on Thursday (May 25) after Russian Deputy Prime Minister Alexander Novak played down the prospect of further Opec+ production cuts at its meeting next week.

Brent crude futures settled down US$2.10, or 2.7%, to US$76.25 (RM352.58) a barrel. US West Texas Intermediate crude settled down US$2.51, or 3.4%, to US$71.83 (RM332.14). At their session low, both benchmarks were down by more than US$3.

Oil prices began falling after Novak was quoted saying he did not think additional Opec+ cuts were likely.

“I don’t think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries ...” he was quoted as saying by the newspaper, Izvestia.

In recent days, top Opec+ producers have given a raft of conflicting messages about next oil policy moves, making it difficult to predict the outcome of the next meeting.

On Tuesday, oil prices were supported when Saudi Arabia’s energy minister warned that short-sellers betting oil prices will fall should “watch out” for pain.

Some investors took that as a signal that Opec+, the Organization of Petroleum Exporting Countries and allies including Russia, could consider further output cuts at a meeting on June 4.

“It’s now Opec+ producers experiencing the ‘ouch’,“ said John Kilduff, partner at Again Capital LLC in New York.

Just a week before Prince Abdulaziz's comment, Russian President Vladimir Putin said that oil production cuts were required to maintain a certain price level.

Losses were curbed later in the session by optimism that Izvestia President Joe Biden and top congressional Republican Kevin McCarthy appeared near a deal to cut spending and raise the government’s US$31.4 trillion debt ceiling, with little time to spare to head off the risk of default.

The deal would specify the total amount the government could spend on discretionary programs like housing and education, according to a person familiar with the talks, but not break that down into individual categories. The two sides are just US$70 billion apart on a total figure that would be well over US$1 trillion, according to another source. – Reuters

SKS Airways leases 10 Embraer E195-E2s to propel growth

LANGKAWI: Malaysia’s new commercial carrier, SKS Airways, has entered into strategic partnerships with two leading aviation players, Embraer Commercial Aviation and Azorra Aviation Holdings, to lease 10 Embraer E195-E2s.

The deals were sealed at the 16th Langkawi International Maritime & Aerospace Exhibition 2023.

Based on the list price of an E195-E2, the 10 jets are worth more than US$840 million (RM3.8 billion) and will pave the way for SKS Airways to unlock new growth opportunities in the region.

The E195-E2s will form the core of SKS Airways’ expansion plans and will be based at Subang Airport from 2024.

The E195-E2 jet is the world’s most efficient single-aisle aircraft with the lowest fuel and noise emissions. It has a range of 2,600nm, the equivalent of about seven hours of flight. The airline’s E195-E2 will be configured with a seating capacity for 136 passengers.

The aircraft are scheduled to be delivered to SKS Airways from January 2024. SKS Airways will be the first operator of the Embraer E195-E2 in Southeast Asia.

Gading Air orders Airbus H125 helicopter for utility missions

LANGKAWI: Malaysia’s Gading Air Services Sdn Bhd has ordered an Airbus H125 helicopter in a contract signed at the ongoing Langkawi International Maritime and Aerospace Exhibition 2023.

Known as a multi-mission workhorse, the single-engine H125 will support utility and aerial work in Malaysia. The new H125 will be delivered by the end of 2023 and will join Gading’s all-Airbus fleet comprising an H120 and an H155.

“We are impressed with the H125’s versatility and performance. Our new H125 will come with a full fitting of aerial and utility capabilities that will allow us to conduct a diverse range of missions. We are confident that the H125 will be a critical addition to our fleet as we expand our operations,” said its director, Datuk Shamsul Kamar Samsudin.

“The H125 is a proven reference aircraft in the industry, with excellent reliability, low maintenance and low operating costs,” said Airbus Helicopters Malaysia managing director Axel de Pascal, adding that they are happy that Gading Air Services has chosen the perfect product to serve its various customers.

The powerful, high performance H125 is a member of Airbus’ rugged and proven Ecureuil family. It is designed to carry out the most demanding missions in the most extreme weather and geographical conditions. Its exceptional lift capability, endurance, extended range and fast cruise speed make the H125 the leader in its class.

Globally, there are close to 4,200 H125 family helicopters flying around the world in the most demanding conditions. The H125 is the absolute market leader in the intermediate single engine helicopter category, where it achieved a 63% market share in 2022.

In Malaysia, more than 20 helicopters in the Ecureuil family are flying for passenger transport, private business aviation and utility missions.