KUALA LUMPUR (Reuters) -Malaysia's economy expanded at its fastest rate in 18 months in the second quarter helped by stronger household spending, exports and investment, with the central bank forecasting full-year growth to come in near the upper end of its forecast range. Gross domestic product grew 5.9% in the April-to-June period, data showed on Friday, accelerating from 4.2% in the first quarter and surpassing analysts' and early government estimates for a 5.8% rise. On a quarter-on-quarter seasonally adjusted basis, GDP rose 2.9%, compared with a 1.5% rise in the January-to-March period, data from Bank Negara Malaysia (BNM) and the Statistics Department showed.
Oil prices edged lower in early Asian trading on Friday, but the market's benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation. Brent crude futures fell 16 cents, or 0.2%, to $80.88 per barrel by 0024 GMT. "US economic data released this week has helped to temper fears of a sharp slowdown in the US economy," analysts at energy consultancy FGE said.
(Bloomberg) -- Oil was steady at the end of a turbulent week as the market weighed strong US economic data and a possible attack by Iran or its proxies on Israel against a lackluster Chinese demand outlook.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Only Public Tra
Vice President Kamala Harris is zeroing in on high food and housing prices as her campaign previews an economic policy speech Friday in North Carolina, promising to push for a federal ban on price gouging on groceries and laying out plans to cut other costs as she looks to address one of voters' top concerns. Year-over-year inflation has reached its lowest level in more than three years, but food prices are 21% above where they were three years ago. Republican presidential nominee Donald Trump has pointed to inflation as a key failing of the Biden administration.
New efforts to convert some types of commercial fishing to ropeless gear that is safer for rare whales will be supported by millions of dollars in funding, federal authorities said. Federal fishing managers are promoting the use of ropeless gear in the lobster and crab fishing industries because of the plight of North Atlantic right whales. The whales number less than 360, and they face existential threats from entanglement in fishing gear and collisions with large ships.
The annual gathering of global central bankers offers Powell a chance to give an updated assessment of the U.S. economic trajectory and the outlook for monetary policy, midway between the central bank's July and September policymaking meetings. Last month he said that if inflation and the labor market continues to cool, an interest rate cut could be on the table at the Fed's next meeting. The Fed has held its policy rate in the 5.25% to 5.50% range for more than a year now to slow economic growth and keep downward pressure on inflation.
(Bloomberg) -- Treasury yields surged after signs of a resilient US economy in the latest data releases prompted traders to lower their expectations of aggressive Federal Reserve interest-rate cuts this year.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Only Public T
(Bloomberg) -- Offshore oil contractor Borr Drilling Ltd. expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age, leading to higher daily leasing rates.Most Read from BloombergManchester Is Giving London a Run for Its MoneyBoston’s Broke and Broken Transit System Hurts Downtown RecoveryA Warehouse Store Promises Housing for South LA, in BulkBiden Invests $100 Million to Fuel Housing ConstructionThe Cross-Continental Race Using Onl
U.S. corporate bond spreads, the premium over Treasuries that companies pay for debt, are starting to recoup some lost ground after recent strong economic data increased hopes for interest rate cuts and calmed recession fears. Junk bond spreads finished Wednesday at 346 bps, also 3 bps tighter this week, according to the ICE BofA High Yield Index.
