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2 hours ago
Malaysian inflation accelerates for first time since August 2022
Malaysia’s headline inflation rate rose for the first time since August 2022 to 1.8% from 1.5% in January.
Economists polled by Reuters had expected the inflation rate to be 1.4%.
On a month-on-month basis, Malaysia’s inflation rate was 0.5%, up from 0.2% in January.
— Lim Huijie
3 hours ago
Meituan stock price soars to near four-month high on increased sales
Meituan food delivery company in Beijing, China, Tuesday, August 22, 2023. Meituan’s expected sales surge, which has outperformed its peers, could be a catalyst for the stock as services spending proves to be a rare bright spot. Investors’ pessimism is deepening.Source: Bloomberg
Bloomberg | Bloomberg | Getty Images
Hong Kong-listed shares of Chinese food delivery company Meituan soared 9.6% to HK$96.80, the highest since late November.
The company reported fourth-quarter sales of 73.7 billion yuan ($10.31 billion), an increase of 22.6% year-on-year.
The company’s annual sales were 276.7 billion yuan ($38.44 billion), an increase of 26% from the previous year.
“We will continue to increase investment in China’s consumer market and technology research and development,” the company said.
— Shreyashi Sanyal
6 hours ago
Japan’s foreign exchange official says weak yen “does not reflect fundamentals”
According to Reuters, Japan’s leading currency diplomat, Masato Kanda, said that the current depreciation of the yen does not reflect fundamentals.
The yen has fallen steadily over the past two weeks even as the Bank of Japan moved to raise interest rates and scrapped its yield curve control policy. The yen has surpassed the psychological level of 150 yen against the dollar and is currently trading at 151.28 yen.
According to a Reuters report, Karita told reporters that the depreciation of the yen based on speculative movements is having a negative impact on the economy.
However, Kanda said that he has not considered a specific level of exchange.
8 hours ago
Stock futures trading remains largely unchanged
Stock futures opened slightly mixed Sunday evening.
The futures market, which tracks the Dow Jones Industrial Average, fell 33 points (about 0.1%). S&P futures fell less than 0.1%, while Nasdaq 100 futures remained essentially flat.
Last week, all three major indexes closed at new highs.
— Peer Singh
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