Significant interest rate cuts by the Federal Reserve: Asian stock markets rose, the Malaysian stock market slightly rose and the ringgit weakened.
Significant interest rate cuts by the Federal Reserve: Asian stock markets rose, the Malaysian stock market slightly rose and the ringgit weakened.
Significant interest rate cuts by the Federal Reserve, the reaction in the Asia-Pacific market was quite positive, with most East Asian stock markets, including Japan, China, and Hong Kong, surging this morning, with the Japanese stock market up 2.6% and the Hong Kong stock market increasing by more than 1%.
FTSE Lon Zong refers to FTSE Lon Zong Index. $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ Following the market this morning, the FTSE Lon Zong Index opened at 1663.27 points, but the investment sentiment seems cautious, and the index fluctuated within a range of less than 7 points, with more than a thousand stocks not traded throughout the market.
As of noon break at 12:30, the FTSE Lon Zong Index closed at 1662.80 points, up 2.21 points or 0.13%.
After the Federal Reserve announced a 50 basis point rate cut, the US dollar rose instead of falling, especially the USD/JPY rebounded to the 144 level, equivalent to a yen depreciation of over 1%.
The recent surge in the Malaysian ringgit exchange rate has also shown signs of weakening. As of noon break at 12:30, it was reported at 4.2533 USD to 1 MYR.
Brad Butler, Global Forex Director at Jefferies Financial, said: "After the Federal Reserve meeting, the US dollar trend is mild, and there may be more US dollar bids in Asia, especially for the yen, won, and renminbi."
"Traders also took profit after the Indonesian rupiah, Malaysian ringgit, and Thai baht rose."
As for the stock market, US stocks experienced significant volatility after the Federal Reserve announced its interest rate decision, first showing a sharp rise, but quickly fell back, and eventually all three major indices closed lower.
Asian stock markets performed well this morning, with the Japanese stock market surging 2.6% and the Chinese and Hong Kong stock markets also rising by more than 1%.
Source: Nanyang Business Daily
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