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Asian markets pared back gains Wednesday, on news that Iran has test-fired missiles. The report, which came in the afternoon, prompted many investors to lock in profits, sending South Korea down almost 1% and taking back most of the Nikkei's earlier gains.
Malaysian annual inflation in June probably exceeded 6.0 percent, the central bank chief said on Wednesday, breaching a mark not seen in 26 years and reinforcing expectations of an interest rate hike.
Asian markets took a beating Tuesday, weighed by the financial sector after sharp declines in shares of Fannie Mae and Freddie Mac in the U.S. on funding concerns reminded investors about the fragility of global credit markets.
Asian markets ended mixed Monday, with Sydney down 1.6 percent while Shanghai jumped 4.6 percent. However, sentiment remained weak after credit concerns pushed European indexes lower. The market lacked direction overall as investors waited for the U.S. to reopen after the Independence Day long holiday weekend.
Asian markets painted a mixed picture Friday, with exporters moving higher on a stronger U.S. dollar while record high oil prices weighed on oil distributors and airliners. Trade was cautious with U.S. markets closed for the Independence Day holiday.
Malaysian exports in May jumped 22 percent from a year earlier to a record high, far exceeding market expectations, thanks to high shipments of crude, palm oil and electronics.
Asian markets pared back losses, but were still closed in the red Thursday. Oil set fresh record highs and fears that stagflation will continue to hurt earnings and consumer spending dogged investors.
The sodomy allegation confronting Anwar Ibrahim could end up helping him more than hurting him in his drive to lead Malaysia's opposition to power for the first time in history.
Most Asian markets stayed firmly in negative territory Wednesday, led by Seoul's 2.5 percent slide as persistently high oil prices and their impact on economies remained the key theme keeping investors worried.
Opinion polls showed most people believed Malaysian opposition leader Anwar Ibrahim did not commit sodomy against a young aide after a similar charge landed him in jail for six years before it was overturned.
Asian markets were weaker Tuesday as investors continued to fret about the economic impact of high oil prices. Japan, South Korea and Australia all finished lower.
Malaysian opposition leader Anwar Ibrahim, accused of homosexual assault, is lodging a police report on Tuesday claiming the police chief and attorney-general fabricated evidence against him in a similar case a decade ago.
Asian markets were mostly lower Monday, with Japan and Australia both closing down. Skyrocketing oil prices remained the key theme as investors worried over the impact of record oil prices on the health of the global economy.
Malaysia may revise its 2008 budget deficit target of 3.1 percent, Second Finance Minister Nor Mohamed Yakcop said on Monday, days after the government announced plans to increase spending.
Malaysia's de facto opposition leader Anwar Ibrahim took refuge at the Turkish embassy on Sunday due to fears he could be assassinated after fresh accusations of sodomy.
Asia experienced a selloff across the board, led by Shanghai's 5 percent tumble, after shares plunged on Wall Street and oil prices shot above $140 a barrel, fanning investors' fears of high inflation and slowing economic growth. Japan and South Korea finished 2% lower.
Asian markets were mostly flat Thursday after the U.S. Federal Reserve kept rates steady while the euro hit a record high against the yen on the prospects for a euro zone rate rise.
Malaysia shelved some large building projects on Thursday and pledged to spend $9 billion more to boost rice production and ease poverty, as the government sought to quell growing public anger over rising prices.
Asian markets pared back losses Wednesday, with Tokyo closing just slightly lower. Concerns about the U.S. economy cast a cloud over the session and trade remained cautious as investors awaited the outcome of the Fed's two-day meeting, which is expected to leave interest rates at 2%.
Asian markets drifted to a mixed close Tuesday, with trade kept largely muted as investors stayed cautious ahead of the U.S. Federal Reserve's rate decision at the its two-day policy meeting starting later today. Japan and Australia closed flat.