Kuala Lumpur News
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Palm oil fell for the first time in four days on speculation that a rally to the highest level in almost three months was overdone.
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PT Jamsostek, Indonesia’s biggest pension fund, said the nation’s benchmark stock index will extend losses, giving the manager an opportunity to boost equity holdings amid optimism about the country’s economic growth.
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Malaysia’s ringgit fell to a 10- month low and the five-year government bond yield climbed to the highest in three months as investors await clues as to when U.S. policy makers will start reducing monetary stimulus.
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Palm oil shipments from Indonesia, the world’s biggest producer, probably advanced for the first time in four months in May on increasing demand for the Muslim fasting month of Ramadan. Prices climbed to a three-month high.
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Palm oil jumped to the highest level in almost three months on speculation that exports from Indonesia and Malaysia, the top producers, may increase ahead of the Muslim fasting month of Ramadan.
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Malaysia’s ringgit forwards fell the most in almost three weeks on speculation the Federal Reserve will unwind stimulus that has spurred inflows to emerging markets. Government bonds were little changed.
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Felda Global Ventures Holdings Bhd., the world’s third-largest manager of palm oil plantations, plans to tap its 6.2 billion ringgit ($2 billion) cash pile to expand abroad as Malaysia runs short of available land.
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Malaysia’s ringgit fell the most in almost a week on speculation U.S. policy makers will pare debt purchases that have driven flows to emerging markets.
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Palm oil gained for a second day on speculation that exports from Malaysia will climb this month as importers stockpile to meet an increase in demand during the Muslim fasting month of Ramadan.
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Asian currencies fell, with India’s rupee touching a record low, on concern U.S. policy makers will pare stimulus that has driven inflows to emerging markets.
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