The Malaysia 30-stocks benchmark index increased 0.5% to 1,700.15 points in early trade and was up 0.4% year-to-date.
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Although doors were kept opened for a September rate hike, markets are no longer convinced that monetary tightening will happen any time soon, with terms such as “several, some, and few participants” were all over the release, indicating that there’s a clear division in opinions within the 17 members.
Global equities received a lift this week after the Federal Reserve’s July policy meeting minutes showed that the USA central bank was in no hurry to hike interest rates.
On Monday, the S&P 500, Dow Jones Average and the Nasdaq Composite all reached record highs – a feat they accomplished last Thursday for the first time since 1999 – on the back of hopes for production cuts in the oversupplied oil market. The link, which was formally announced on Tuesday, will open the way for worldwide investors to trade a broad array of technology and start up stocks, whereas before they only had access to the less popular state owned enterprises and banks which dominate the Shanghai exchange.
OVERSEAS: France’s CAC-40 dropped 1 percent while Germany’s DAX shed 1.3 percent.
It is now at 100.30 per dollar after a senior U.S. central bank official indicated borrowing costs could be lifted as early as September.
The rupiah joined the weakness in other Asian currencies, triggered by a 1.0% fall in the South Korean won against the dollar.
In Tokyo, energy explorer Inpex edged up 5.3 percent, Sinopec in Hong Kong gained 1.2 percent and Sydney-listed Oil Search ticked up 2.6 percent.
HOW LOWE CAN IT GO: Home improvement retailer Lowe’s cut its annual profit forecast after it reported mixed quarterly results including lower-than-expected earnings and weak sales at older stores. Dominion Resources jumped $1.97, or 2.6 percent, to $76.65 and Xcel Energy added 69 cents, or 1.7 percent, to $42.33. The stock fell $4.48, or 5.9 percent, to $71.
THAT WASN’T EASY: Staples’ quarterly results were about equal to analyst projections, but the office supply company said its sales will continue to decline in the current quarter and fell 62 cents, or 6.7 percent, to $8.71.
FLIP TO THE LAST PAGE: Barnes & Noble tumbled after the book seller said CEO Ronald Boire is leaving after less than a year. China’s CSI 300 index and the Shanghai Composite fell 0.2 percent, but were still up 1.9 percent and 1.6 percent for the week, respectively. Its stock sank $1.62, or 12.1 percent, to $11.76.
In Commodities Markets Brent crude oil prices fell in early Asian trading hours on Friday, but remained near two-month highs with Brent still holding above $50 per barrel in a bull-run that has lifted the market by over 20 percent since early August. But benchmark USA crude shed 26 cents to $46.32 a barrel in NY.
The Aussie rose 0.1 percent to 76.65 US cents ahead of Australian data forecast to show 10,000 jobs were created in July and the unemployment rate held at 5.8 percent.
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The euro was little changed at $1.1344 after touching $1.1366 overnight, its highest since June 24.
