Malaysia’s currency was already under pressure, hit by political concerns and the oil price drop, but it really fell out of bed Monday.
Asian stocks stumbled on Monday, as weaker energy prices and fresh manufacturing data out of China sapped risk appetite.
HSBC reported a 2% rise in adjusted H1 pre-tax profit to $13 billion on the back of China's stock market frenzy and investor enthusiasm in Hong Kong.
The downturn in China's manufacturing sector intensified in July, with the Caixin China PMI surprising with a drop to a two-year low.
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Tommy Xie, economist at OCBC, says new orders remain weak due to lagging domestic demand, while falling input prices reflect persisting deflationary pressure.
Clive McDonnell, head of equity strategy at Standard Chartered, says below-par external demand is the key factor hurting China's manufacturing activity.
Ismael Pili, head of financials research, Asia at Macquarie Securities, discusses HSBC's decision to sell its entire Brazil business to Banco Bradesco.