Some market updates:
- The yen stays stronger against the dollar after a rally in stocks worldwide spurred speculation that the Bank of Japan will refrain from additional monetary easing at a policy meeting that starts tomorrow
- Wall Street edged higher with the Dow +0.16%, S&P +0.23% and Nasdaq +0.74% with risk-aversions fading as Germany voiced its backing of the ECB bond buying plan.
- RBA is expected to hold the cash rate target today, leaving its rate unchanged at 3.5% which could provide some interim support to the AUD
- Standard Chartered Plc has violated federal money laundering laws, they conducted USD 250billion worth of transactions with Iranian banks over seven years, a New York regulator said in an order warning that the firm’s US unit may be suspended from doing business in the state.
- Morgan Stanley & Co is being sued by Hong Leong Finance Ltd. of Singapore over claims that the New York based bank deceptively sold investments it had designed to fail
- KLCI gained for the fourth straight trading day by 0.27% to 1,639.43 as Eurozone woes tapered away. Meanwhile, the Malaysia-China Chamber of Commerce expects bilateral trade between MY and CN to exceed USD 100billion this year.
- Asian stocks swung between gains and losses as the Nikkei newspaper reported Japan’s central bank may refrain from additional monetary easing, offsetting optimism for Europe’s debt crisis after Germany backed the ECB’s bond-buying plan.
- USD/MYR unchanged from yesterday’s closing, expected range today: 3.0900 – 3.1050
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