K Wave Media Announces Investment and Strategic Partnership from Galaxy Digital to Accelerate Bitcoin Treasury Strategy
Galaxy will serve as an Asset Manager and Strategic Advisor to KWM, and will make an investment in KWM, as KWM executes its Bitcoin treasury strategy and expands access to institutional capital.
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New Straits Times
24 minutes ago
- New Straits Times
Stock markets fall as trade relief fades, eyes on data and earnings
HONG KONG: Stocks fell Tuesday as the positivity sparked by recent US trade deals dissipated, with investors now focused on the release of key data and earnings, and the Federal Reserve's next policy meeting. While Donald Trump's agreement with the European Union on Sunday was seen as better than a tariff standoff, observers pointed out that the US president's 15 per cent levies -- with none on American goods -- were still much higher than before. The pact, which followed a similar one with Japan last week, still left many worried about the economic consequences, with auto companies particularly worried. "The 15 per cent blanket levy on EU and Japanese imports may have helped markets sidestep a cliff, but it's no free pass," said Stephen Innes at SPI Asset Management. "With the average effective US tariff rate now sitting at 18.2 per cent... the barrier to global trade remains significant. The higher tail risk didn't detonate, but its potential impact on the global economy hasn't disappeared either." And National Australia Bank's Ray Attrill added: "It hasn't taken long for markets to conclude that this relatively good news is still, in absolute terms, bad news as far as the near term (through 2025) implications for eurozone growth are concerned." Traders are also keeping an eye on US talks with other major economies, including India and South Korea. After a tepid day on Wall Street -- which still saw the S&P and Nasdaq hit records -- Asia turned negative. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Manila and Jakarta were all in the red. The euro held its losses from Monday, having taken a hit from worries about the effects of the trade deal on the eurozone. The first of two days of negotiations between top US and Chinese officials in Stockholm concluded Monday with no details released, though there are hopes they will agree to extend a 90-day truce that ends on August 12. The two imposed triple-digit tariffs on each other earlier this year in a tit-for-tat escalation, but then walked them back under the temporary agreement reached in May. Investors are also looking ahead to a busy few days that includes earnings from tech titans Apple, Microsoft, Meta and Amazon, as well as data on US economic growth and jobs creation. That all comes as the Fed concludes its policy meeting amid increasing pressure from Trump to slash rates, even with inflation staying stubbornly high. While it is expected to stand pat on borrowing costs, its post-meeting statement and comments from boss Jerome Powell will be pored over for clues about its plans for the second half of the year in light of the tariffs. Oil prices extended Monday's rally after Trump shortened a deadline for Russia to end its war in Ukraine to August 7 or 9, following which he vowed to sanction countries buying its crude.
New Straits Times
24 minutes ago
- New Straits Times
Ringgit opens higher on easing trade tensions
KUALA LUMPUR: The ringgit opened higher on Tuesday against the US dollar and other major and regional currencies, supported by easing global trade tensions that lifted investor sentiment, an analyst said. At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had strengthened, buoyed by optimism ahead of upcoming US-China trade talks. The DXY gained 1.03 per cent to 98.653 points, as officials from both countries were in discussions in Sweden on a possible trade truce, he told Bernama. "At the same time, the two-day Federal Open Market Committee (FOMC) meeting, which begins today, will be in the spotlight, with consensus expecting no change to the Fed Funds Rate. "In addition, the US labour market will be closely watched, with July's Nonfarm Payrolls (NFP) report due on Friday. The market expects a softer print of 108,000, down from 147,000 in June," he said. Mohd Afzanizam noted that the ringgit had weakened 0.21 per cent against the US dollar to RM4.2310 on Monday, amid ongoing trade negotiations between Malaysia and the United States. Malaysia is actively engaging the US to avert the impending 25 per cent tariffs set to take effect on Aug 1, seeking a rate below 20 per cent. Meanwhile, the extended US-China negotiations could signal a prolonged truce, suggesting the administration of US President Donald Trump remains sensitive to the tariffs' potential impact on the domestic economy. "However, tariff shocks are likely to increase downside risks to global growth in the second half of 2025 and beyond, as higher costs of doing business in the US could dampen aggregate demand. "The current term of the Fed chair ends in May next year, and it appears likely that Jerome Powell's successor will be more aligned with the US President's preference for lower interest rates as a policy stance," he added. Mohd Afzanizam expects the ringgit to trade in a narrow range, likely between RM4.23 and RM4.24 today. At the opening, the ringgit traded higher against most major currencies. It rose against the Japanese yen to 2.8383/8600 from 2.8497/8546 at Monday's close, appreciated versus the British pound to 5.6286/6714 from 5.6720/6814, and strengthened against the euro to 4.8861/9232 from 4.9331/9412 previously. The local note was also firmer against regional peers. It improved against the Indonesian rupiah to 257.4/259.6 from 258.3/258.9, gained versus the Singapore dollar to 3.2750/3004 from 3.2917/2974, strengthened against the Thai baht to 12.9626/13.0702 from 13.0511/0787, and inched up against the Philippine peso to 7.37/7.43 from 7.39/7.41 previously.
![MARKET PULSE AM JULY 29, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ150125HR016_%25283%2529_1753758010.jpg&w=3840&q=100)
New Straits Times
24 minutes ago
- New Straits Times
MARKET PULSE AM JULY 29, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia's 30-stock index opened higher despite Wall Street's mixed performances overnight, as the trade agreement between the US and the EU failed to spark any rally. The FBM KLCI benchmark index may experience some bargain hunting following the announcement of an unconditional ceasefire between Thailand and Cambodia, as part of the diplomatic efforts of Prime Minister Datuk Seri Anwar Ibrahim. The index is expected to remain within a range of between 1,530 to 1,545. In the cryptocurrency market, Bitcoin fell to RM500,637. Ethereum showed a negative trend, falling to RM16,068, while Solana traded at RM779. That's it for Market Pulse. 0gqRNSfp6eU
