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The Star
9 minutes ago
- The Star
Stocks rise, euro firms after US-EU trade agreement
A woman walks past an electronic screen displaying the stock index prices of Asian countries outside a brokerage in Tokyo, Japan April 24, 2025. REUTERS/Issei Kato SINGAPORE: Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan. The U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate, a week after agreeing to a trade deal with Japan that lowered proposed tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of an August 1 deadline set by U.S. President Donald Trump, with talks between the U.S. and China set for Monday in Stockholm amid expectations of another 90-day extension to the truce between the world's top two economies. "A 15% tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the U.S." S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27%, just shy of the almost four-year high it touched last week. Japan's Nikkei fell 0.8% after hitting a one-year high last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The U.S.-EU deal provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. "A major tail-risk has now been defused," said Marc Velan, head of investments at Lucerne Asset Management in Singapore. "Markets are interpreting this as a sign of stability and predictability returning to trade policy," he added. "The China delay fits the same pattern: the administration is opting for controlled diplomacy over confrontation." China's blue-chip stocks rose 0.3% while the Hong Kong's Hang Seng index advanced 0.75%. The Australian dollar, often seen as a proxy for risk appetite, was at $0.657, hovering around the near eight-month peak scaled last week. FED, BOJ AWAIT In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly U.S. employment report and earnings from megacap companies Apple, Microsoft and Amazon . While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine tariffs' impact on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. "Inflation readings, particularly the PCE index, and the upcoming July jobs report will shape expectations beyond this meeting, with the next likely policy pivot now pushed out to September if inflation continues to ease," said Kieran Williams, head of Asia FX at InTouch Capital Markets. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices fell on Monday to their lowest in nearly two weeks on reduced appetite for safe havens. - Reuters
Malay Mail
9 minutes ago
- Malay Mail
No hawker or small trader licences for foreigners, says Nga Kor Ming
KUALA LUMPUR, July 28 — Local authorities (PBT) have never allowed foreign nationals to apply for or hold hawker licences, small trader permits, or business premises licences, Housing and Local Government Minister Nga Kor Ming said today. Speaking during Question Time in the Dewan Rakyat, Nga stressed that this long-standing policy is in line with existing regulations under the hawkers by-laws as well as the trade, business, and industrial by-laws. He was responding to Hulu Selangor MP Mohd Hasnizan Harun, who had asked about the current policy regarding foreign nationals operating businesses in Malaysia, particularly in the retail sector. 'Under the hawkers by-laws, PBT do not recognise or allow foreign nationals to operate as hawkers or small traders. Moreover, PBT do not permit the employment of foreign nationals as workers or assistants under hawker licences within PBT premises,' Nga explained. He said the government is committed to supporting Malaysians by providing business opportunities at subsidised rental rates, which made it imperative to prevent misuse by foreigners. Nga added a Malay proverb to emphasise the government's stance: 'The government will never allow a situation where, as the saying goes, kera di hutan disusukan, anak di rumah mati kelaparan.' The proverb tells of misplaced priorities in which kindness is shown to outsiders to the extent of neglecting one's own family or responsibilities. However, Nga clarified that foreign nationals may be employed as workers or assistants in other licensed businesses, provided they possess valid work passes or permits. He issued a stern warning to all licence holders, stating that local authorities will not compromise on any breach of licensing conditions. '(Authorities) will not compromise on any breach of licensing conditions and will take stern action such as seizure, fines, premises closure, and licence revocation against any business or licence holder found in violation,' he said.
Malay Mail
9 minutes ago
- Malay Mail
TNB shares slip at mid-morning after RM840.1m IRB tax notice
KUALA LUMPUR, July 28 — Tenaga Nasional Bhd's (TNB) shares slip at mid-morning trading after receiving a notice seeking an additional RM840.1 million in assessment for 2022 from the Inland Revenue Board (IRB). At 10.51am, the counter fell 18 sen to RM13.42 with a total of 2.91 million shares traded. In a note today, CIMB Securities Bhd said the issue was due to the cumulative amount from notices seeking additional assessment for the years 2013–2021 of RM5.05 billion, net of remission of penalties and RM1.76 billion paid to IRB in December 2020, for 2016-2017, bringing the total to RM5.89 billion to date. 'We believe there is a risk that the IRB may also potentially issue a notice of additional assessment for 2023–2024. 'If TNB's 2023-2024 financial year capital expenditure provides any indication, we think the additional tax assessment for 2023–2024 could be around RM2 billion, which raises the total amount for 2013–2024 to nearly RM8 billion,' it said. The investment bank also said in light of the Federal Court's decision regarding a similar notice for 2018, TNB is currently evaluating its available legal options to address the issue. 'This evaluation takes into consideration that TNB has already applied for investment allowance (IA) under Schedule 7B of the Income Tax Act 1967 (including those for 2022) to the Finance Minister,' it said. Therefore, CIMB Securities has maintained a 'Buy' call on TNB with a target price of RM15.75 per share. On July 2, the Federal Court's final ruling allowed the IRB's appeal, overturning the decision by the High Court and the Court of Appeal, which had previously ruled in favour of TNB's judicial review application to set aside the notice of additional assessment amounting to RM1.25 billion for 2018. The Federal Court ruled that the applicable tax schedule for TNB should be 7B (IA), instead of Schedule 7A (reinvestment allowance). — Bernama
