4 Hours Ago
Malaysia inflation accelerates for the first time since August 2022
Malaysia’s headline inflation rate has climbed for the first time since August 2022, coming in at 1.8% compared with 1.5% in January.
Economists polled by Reuters had forecast inflation rate to drop to 1.4%.
On a month-on-month basis, the inflation rate in Malaysia rose 0.5%, up from 0.2% in January.
— Lim Hui Jie
5 Hours Ago
Meituan shares jump to near four-month high as revenue rises
A food delivery courier for Meituan in Beijing, China, on Tuesday, Aug. 22, 2023. A surge in sales expected for Meituan may be a catalyst to its shares, which have outperformed peers as services spending turns out to be a rare bright spot amid deepening investor pessimism. Source: Bloomberg
Bloomberg | Bloomberg | Getty Images
Hong Kong-listed shares of Chinese food delivery firm Meituan jumped as much as 9.6% to 96.80 Hong Kong dollars, their highest level since late November.
The company reported revenue of 73.7 billion yuan ($10.31 billion) for the fourth quarter — a 22.6% jump from a year earlier.
Annual revenue for the company was at 276.7 billion yuan ($38.44 billion), up 26% from the previous year.
The company said it “continued to increase investment in China’s consumer market and technology research and development.”
— Shreyashi Sanyal
8 Hours Ago
Japan’s top FX official says that yen weakness ‘does not reflect fundamentals’
The current weakness in the Japanese yen does not reflect its fundamentals, according to Japan’s top currency diplomat, Masato Kanda, Reuters reported.
The yen has weakened steadily over the past two weeks, even as the Bank of Japan moved to raise interest rates and abolished its yield curve control policy. The yen has crossed the psychological level of 150 against the greenback, trading at 151.28 currently.
Kanda told reporters that yen weakness, based on speculative moves, has a negative effect on the economy, according to the Reuters report.
However, Kanda said he doesn’t have a specific exchange level in mind.
10 Hours Ago
Stock futures open little changed
Stock futures opened slightly mixed on Sunday evening.
Futures tied to the Dow Jones Industrial Average edged lower by 33 points, or about 0.1%. S&P futures lost less than 0.1%, while Nasdaq 100 futures hovered just above flat.
Last week, all three major indexes crossed fresh all-time closing high levels.
— Pia Singh
