NEWS HIGHLIGHTS

• Mega First buys 64.0% stake in CSC Agriculture for RM25.0m

• Amazon Web Services picks Vstecs as first distributor in Malaysia

• Paragon Globe to sell part of JB land it just bought for RM238.0m

• Artroniq sells Penang property for RM1.8m

• Widad’s largest shareholder appoints Industronics to manage Langkawi golf course, hotel development

MACRO BITS

• China outbound investment rule to be completed by end of year

• Xi says eastern Europe helpful as EU hardens line on trade

• Putin wants Russians to live longer as demographic crisis grows

• Fell by USD1.0b in April amid risk-off environment (See Economic Viewpoint: BNM International Reserves)

• Local bond demand rises on strong fundamentals in April despite US inflation concerns (See Economic Viewpoint: Malaysia Bond Flows)

• Malaysia prepared to engage with US over its concerns on Iranian oil shipments

• Malaysia, Saudi Arabia hold talks to boost agriculture sector, market access

• China extends visa-free travel policy for Malaysia until end of 2025

• China issues draft rules to regulate booming lithium battery expansion

• BOJ will raise interest rates if inflation meets forecast, Governor Ueda says

• Fed's Collins says economy may need to weaken to get 2.0% inflation

• US wholesale inventories drop by unrevised 0.4% in March

• No reason to cut rates too fast, ECB's Holzmann tells Handelsblatt

• ECB can cut rates and should rethink how it sets policy, Wunsch says

IDEAS OF THE DAY

• Company Update: TM

• Economic Viewpoint: BNM International Reserves, MY Bond Flows

Source: Kenanga Research - 9 May 2024