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Malaysia’s Anwar Becomes Prime Minister, Ending Decades of Waiting Reported by Reuters

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© Reuters. Malaysian opposition leader Anwar Ibrahim attends a press conference outside the National Palace, in Kuala Lumpur, Malaysia on November 22, 2022. REUTERS/Husnur Hussain

By A. Ananthalakshmi, Mei Mei Chu, and Rozanna Latiff

KUALA LUMPUR (Reuters) – Malaysian Prime Minister Anwar Ibrahim was sworn in on Thursday, capping a three-decade political journey from a protege of veteran leader Mahathir Mohamad to a protest leader, jailed sodomite and opposition leader.

Anwar, 75, vowed to fight corruption and focus on the economy while upholding Islam as the official religion of the multi-ethnic country and defending the special rights of ethnic Malays.

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“Thank God we have seen a change waiting for the people of Malaysia,” Anwar told reporters in a late-evening address hours after he was sworn in by the king who appointed him after an inconclusive election.

“We will never compromise on good governance, the anti-corruption drive, the independence of the judiciary and the welfare of ordinary Malaysians,” he said before leading chants of “reformism,” a rallying cry for reform during the years of opposition.

His appointment ends five days after the unprecedented post-election crisis, but it could lead to more instability with his rival, former Prime Minister Muhyiddin Yassin, and challenge him to prove his majority in parliament.

The two men’s alliance failed to win a majority in Saturday’s election, but Malaysia’s constitutional monarch, King Sultan Abdullah, appointed Anwar after speaking to several lawmakers.

Challenge time

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Anwar is taking charge at a difficult time, with the economy slowing and the country divided after a court election.

The campaign raised Anwar’s progressive and multi-ethnic alliance against Muhyiddin’s alliance, which belongs to the ethnic Malays and Muslims.

Markets jumped at the end of the political impasse. The ringgit posted its best day in two weeks and stocks rose 3%.

Anwar has been repeatedly denied the premiership despite his closeness over the years: he was deputy prime minister in the 1990s and prime minister-in-waiting in 2018.

In between, he spent nearly a decade in prison for sodomy and corruption on what he says are politically motivated charges intended to end his career.

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Uncertainty over the election threatened to prolong political instability in the Southeast Asian country, which has had three prime ministers in as many years, and threaten to delay policy decisions needed to boost an economic recovery.

Anwar’s supporters expressed the hope that his government would avoid a return to historical tensions between ethnic Malays, the Muslim majority, and Chinese and Indian ethnic minorities.

“All we want is moderation for Malaysia and Anwar represents that,” said a communications manager in Kuala Lumpur who asked not to be identified by her surname Tang.

“We cannot have a country divided along the lines of race and religion because that would set us back another ten years.”

Anwar’s coalition, known as Pakatan Harapan, won the most seats in Saturday’s vote with 82, while Muhyiddin’s Perikatan National Bloc won 73. They needed 112 – a simple majority – to form a government.

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The long-ruling Barisan bloc won just 30 seats – the worst electoral performance for an alliance that has dominated politics since independence in 1957.

On Thursday, Barisan said she would not support a government led by Muhyiddin, but made no mention of Anwar.

tensions

Muhyiddin’s bloc includes the Malaysian Islamic Party, whose electoral gains have alarmed the Chinese and Indian ethnic communities, most of whose members belong to other faiths.

Authorities warned after the weekend’s vote of rising racial tension on social media, and short-form video platform TikTok said it was on high alert for content that violated its guidelines.

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Social media users have reported several TikTok posts since the election that cited riots in the capital, Kuala Lumpur, on May 13, 1969, in which some 200 people were killed, days after opposition parties backed by ethnic Chinese voters invaded the election.

The decision regarding the prime minister came to King Sultan Abdullah, after both Anwar and Muhyiddin missed the Tuesday afternoon deadline to form a ruling coalition.

The king plays a largely ceremonial role, but he can appoint a prime minister who he believes will have a majority in parliament.

Malaysia has a unique constitutional monarchy in which monarchs are chosen in turns from the royal families of nine states to rule for five years.

The most pressing issue facing Anwar will be next year’s budget, which was proposed before elections were called but has yet to be passed.

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Anwar will also have to negotiate agreements with MPs from other blocs to ensure he can retain majority support in parliament.

“Anwar is set at a critical juncture in Malaysian history, where politics is most divisive, as it recovers from a depressed economy and a bitter COVID memory,” said James Chai, visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore.

“Always seen as the man who can unite all warring factions, it is fitting that Anwar has emerged at a divisive time.”

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Market rally wipes out Powell’s gains as Apple and Exxon slippery; What are you doing now

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Dow futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally saw another weak session, with apple (AAPL) And the Exxon Mobil (xom) broke below key levels during Amazon.com (AMZN) And the Tesla (TSLA) is moving towards the bottoms of the bear market.




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The S&P 500 and other major indices were testing or lowering key levels, paring last Wednesday’s big gains after Fed Chairman Jerome Powell’s speech.

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This stock market rally has several big gains in one day followed by pullbacks. This made it difficult for stocks flashing buy signals to make headway. It’s not the time to add exposure, but investors should be looking to build up the stock.

United Rentals (URI), United Health Group (United nations) And the United Airlines (UAL) are all trading near Buy points.

UAL stock is on IBD Leaderboard, while the stock URI is in the leaderboard watchlist. United Airlines, Charles Schwab and United Nations stocks are in defect 50. United Rentals was the World Bank’s stock on Tuesday.

Dow jones futures today

Dow futures rose 0.1% above fair value. S&P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.2%.

The 10-year Treasury yield advanced 3 basis points, to 3.54%.

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Remember to work in overnight Dow Jones futures contracts and elsewhere that does not necessarily translate into actual trading in the next regular session Stock market session.


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Stock market rise

The stock market rally quickly eased after Tuesday’s open and continued to trend lower during the day before trimming losses slightly near the close.

The Dow Jones Industrial Average fell 1% on Tuesday Stock market trading. The S&P 500 lost 1.4%. The Nasdaq Composite fell 2%. Small cap Russell 2000 fell 1.5%

Apple stock, a member of the Dow Jones, S&P 500 and Nasdaq composite, fell 2.5% to 142.91, retreating from its 50-day line. XOM stock fell 2.8%, and it is also below the 50-day line and also under a buy point. Exxon shares are struggling with falling oil, gasoline and natural gas prices.

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Amazon stock fell 3% to 88.25, closing as low as November 9 at 85.87. Tesla shares fell 1.4 percent to 179.82, off their lowest levels for the day, but after falling 6.4 percent on Monday. TSLA is moving towards 52-week lows but still has some way to go before it drops to the 166.19 mark.

US crude oil prices fell 3.5 percent to $74.25 a barrel.

The 10-year Treasury yield fell 9 basis points to 3.51%, back near its lowest level since Sept. 20.

The stock market’s inverse relationship with Treasury yields may collapse. The increasingly lower 10-year Treasury yield may reflect rising recessionary risks against declining inflation pressures. The yield curve, which continues to invert further, indicates recession fears.

Exchange Traded Funds

Among the major technology ETFs is the iShares Expanded Technology and Software ETF (IGV) lost 1.7%. VanEck Vectors Semiconductor Corporation (SMH) decreased by 2.2%.

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SPDR S&P Metals & Mining ETFs (XME(Increased 0.25% and Global Infrastructure Development Fund (ETF) in the USA)cradle) decreased by 0.3%. US Global Gates Foundation ETF (Planes) held on high. SPDR S&P Homebuilders ETF (XHB) fell 1.4%. Energy Defined Fund SPDR ETF (xle(down 2.6% and the Financial Select SPDR ETF)XLF) 0.9%. SPDR Health Care Sector Selection Fund (XLV) decreased by 0.8%.

Reflecting more speculative stories, the ARK Innovation ETF (ARK)ark(down 4% and ARK Genomics ETF)ARKG) 3%. Tesla stock is a major holding across Ark Invest’s ETFs.


Top five Chinese stocks to watch now


Stocks near buy points

United Rentals rose 0.5% to 347.29, just above the 21-day line. URI stock has a 368.04 Buy handle of consolidation dating back to November 2021. A break down of the handle could offer an early entry. Several heavy equipment plays, incl monastery (DE), Larva (cat) And the Titan machines (TITN), also looks strong.

UN stock rose 0.8% to 539.32. The Dow Jones giant has 558.20 buying points from A Flat base Next to a cup with a handle.

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UAL stock rose 2% to 45.92 from 45.67 mug with handle Point purchase, according to MarketSmith Analysis. Some other airline and travel stocks are looking strong.


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Market rally analysis

The stock market rally continues the frustrating trend of jumping four steps forward, and then doing so again over the next few days.

Major indices have fallen strongly for two straight sessions, erasing or undermining the big gains in Federal Reserve Chairman Jerome Powell’s speech last Wednesday.

The S&P 500, which again fell below the 200-day line on Monday, extended its losses on Tuesday to trim the 21-day line. The Russell 2000 Index, which fell below the 200-day and 21-day lines, fell to its lowest close since November 9, with the 50-day line back in play.

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The S&P MidCap 400 closed below the 21-day line for the first time since October 20 and fell to test the 200-day mark.

The Dow Jones, which led the market rally, fell below the 21-day line for the first time since October 14, but it is well above the 200-day mark.

The lagging Nasdaq has lowered the 21-day line and is again approaching the 50-day line, just above the 11,000 level.

All of these indexes closed at their worst levels since Oct. 9, ahead of the Oct. 10 gap in the October CPI inflation report.

Last Wednesday’s big gains in the market were baffling at the time, because Fed Chair Powell said nothing different or pessimistic. Major indexes held on Friday, with Treasury yields finally closing lower, despite a hot jobs report that was even more baffling.

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But the artistic picture is familiar.

Since the stock market rally began on October 13, major indices have made several big gains in one day – such as October 28 and November 30. But then it quickly backtracked, wiping out most, all, or most of that big gain.

So, with major indices reaching higher peaks and blue chip buy signals, the market’s impulsiveness begins to fade again.


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What are you doing now

So far, the market rally has eventually rebounded each time, recording higher highs along the way. But that doesn’t mean it will happen this time. More importantly, this does not mean that your stocks will rebound.

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Until the S&P 500 moves decisively above the 200-day line, investors should be wary of adding exposure. Both the Nasdaq and Russell 2000 falling below their 50-day lines, and the S&P 500 testing its October highs, would be signals to reduce exposure further.

Also note that the November CPI inflation report will be released on December 13th, with the Fed’s year-end interest rate hike and Powell’s press conference the next day. These large events can provide a catalyst for a market breakout up or down.

So investors must be ready to act. This means having watchlists ready, but it also means staying agile and flexible.

Read The Big Picture Every day to keep up with the market trend, stocks and leading sectors.

Please follow Ed Carson on Twitter at @tweet For stock market updates and more.

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BlackRock has frozen hiring, says CFO

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© Reuters. FILE PHOTO: A BlackRock logo is pictured outside its headquarters in the Manhattan borough of New York City, New York, US, May 25, 2021. REUTERS/Carlo Allegri/File Photo

NEW YORK (Reuters) – BlackRock Chief Financial Officer Gary Shedlin said on the New York Stock Exchange on Tuesday that the company is tightening its belt on hiring and overhead.

Other than critical hires, Schedlin said, the company has frozen hiring.

“We are trying to be more prudent,” he said during a financial conference hosted by Goldman Sachs (NYSE), adding that these measures will put BlackRock in a better position next year.

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Why Tesla Stock Cap Is Now $200. where the floor might be.

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Tesla

He didn’t have much Important fundamental news Recently, leaving the stock at the mercy of its scheme. And the scheme does not look very good.

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until something fundamental changes,

Tesla

(Stock ticker: TSLA) The share price is likely to reach around $200. level can go down $100 dollars, although there is some support for stocks around $166. At Monday’s closing price of $182.45, the short-term balance between potential risk and reward looks unrewarding.

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