Wall Street closed on a high last Friday, bolstered by strong bank earnings and optimism about a potential Federal Reserve rate cut in November, driven by easing inflation concerns.
U.S. investors are gaining confidence in a soft landing for the economy, as inflation data showed core and final demand were lower than expected.
In contrast, Asian markets saw declines due to profit-taking amid growing Middle East tensions. China’s Finance Minister announced a plan to issue 2.3 trillion yuan in special bonds to support the economy.
Malaysia’s FBM KLCI remains in a consolidation phase, with no major catalysts expected to drive changes in the near term. The index is predicted to trade between 1,630 and 1,640 for the day.
Business News Malaysia
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