KUALA LUMPUR, Oct 22 (Reuters) - Malaysia's government plans to announce a much bigger-than-expected reduction in its 2010 fiscal deficit when it lays out its budget on Friday in a move expected to support the ringgit and ease concerns over bond supply.
A source with direct knowledge of the process told Reuters that Prime Minister Najib Razak would unveil plans to cut the budget deficit to 5.5 percent of gross domestic product from a planned 7.6 percent this year, the biggest in two decades.
Economists in a Reuters poll had forecast the 2010 deficit would be 7.3 percent of GDP.
The prime minister also holds the finance ministry post and is due to announce in the budget that Malaysia's trade-dependent economy will shrink less than the expected 4-5 percent this year.
According to the source, Najib will forecast that Malaysia's economy will contract by 3 percent this year and that it will grow by 2-3 percent in 2010.
Friday, October 23, 2009
Breaking News-RTRS-US Sept soy crush 113.98 mln bu-Census Bureau
U.S. SEPT SOYBEAN CRUSH 113.98 MLN BUSHELS -- CENSUS BUREAU
U.S. SEPT TOTAL FACTORY/WAREHOUSE SOYOIL STOCKS 2.880 BILLION LBS-- CENSUS
U.S. SEPT SOYMEAL/HULLMEAL STOCKS 239,179 SHORT TONS -- CENSUS BUREAU
U.S. SEPT TOTAL FACTORY/WAREHOUSE SOYOIL STOCKS 2.880 BILLION LBS-- CENSUS
U.S. SEPT SOYMEAL/HULLMEAL STOCKS 239,179 SHORT TONS -- CENSUS BUREAU
Trader's Highlight
DJI-NEW YORK, Oct 22 (Reuters) - U.S. stocks rose on Thursday after quarterly results from insurer Travelers and regional bank PNC Financial gave a boost to financial stocks.
Adding to the positive tone, New York Fed President William Dudley said the Federal Reserve may not lose money on the emergency programs it put in place to fight the financial crisis.
The Dow Jones industrial average <.DJI> gained 131.95 points, or 1.33 percent, to 10,081.31. The Standard & Poor's 500 Index <.SPX> rose 11.51 points, or 1.06 percent, to 1,092.91. The Nasdaq Composite Index <.IXIC> added 14.56 points, or 0.68 percent, to 2,165.29.
NYMEX-NEW YORK, Oct 22 (Reuters) - U.S. crude oil futures ended lower on Thursday as the dollar rebounded and as traders pocketed profits after a rally to $82 a barrel, highest in a year, on Wednesday.
The dollar rose, making commodities investors cautious, and the euro retreated from a 14-month high as most investors bet the greenback's recent sharp slide against major currencies went too far, too fast.
On the New York Mercantile Exchange, December crude settled down 18 cents, or 0.22 percent, at $81.19 a barrel, trading from $79.86 to $81.50.
CBOT-SOYBEANS - November down 3 cents $10.05-1/2 a bushel. Weak on profit-taking from Wednesday's rally and as U.S. cash markets weaken due to a pick up in harvest sales and dollar rebounds.
CBOT-SOYOIL - December down 0.26 cent at 38.30 cents per lb. Profit-taking after this week's rally. Bigger-than-expected preliminary U.S. soyoil stocks reported by Census weighs.
FCPO-JAKARTA, Oct 22 (Reuters) - Malaysian crude palm oil futures rose 1.9 percent on Thursday to the highest closing in more than six weeks, tracking an overnight rally in crude oil prices, traders said.
The benchmark January contract on the Bursa Malaysia Derivative Exchange settled up 42 ringgit at 2,210 ringgit ($650.77) a tonne, a level not seen since September 8. Overall volume was 20,622 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Oct 22 (Reuters) - Stock markets in Thailand and
Indonesia fell for a third day on Thursday, with financials and big caps such as Siam Commercial Bank, Advanced Info Service, Bank Rakyat and Astra International leading the way down.
Singapore's index <.FTSTI> fell 0.4 percent, Malaysia's index <.KLSE> was flat and the Philippines <.PSI> lost 1.1 percent.Vietnam bucked the trend, rising 0.9 percent.
In Kuala Lumpur, Malaysian Airline gained nearly 1 percent to 3.08 ringgit after Ambank upgraded the airline to "buy" and raised fair value for the stock to 3.90 ringgit
Adding to the positive tone, New York Fed President William Dudley said the Federal Reserve may not lose money on the emergency programs it put in place to fight the financial crisis.
The Dow Jones industrial average <.DJI> gained 131.95 points, or 1.33 percent, to 10,081.31. The Standard & Poor's 500 Index <.SPX> rose 11.51 points, or 1.06 percent, to 1,092.91. The Nasdaq Composite Index <.IXIC> added 14.56 points, or 0.68 percent, to 2,165.29.
NYMEX-NEW YORK, Oct 22 (Reuters) - U.S. crude oil futures ended lower on Thursday as the dollar rebounded and as traders pocketed profits after a rally to $82 a barrel, highest in a year, on Wednesday.
The dollar rose, making commodities investors cautious, and the euro retreated from a 14-month high as most investors bet the greenback's recent sharp slide against major currencies went too far, too fast.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - December
FCPO-JAKARTA, Oct 22 (Reuters) - Malaysian crude palm oil futures rose 1.9 percent on Thursday to the highest closing in more than six weeks, tracking an overnight rally in crude oil prices, traders said.
The benchmark January contract
REGIONAL EQUITIES-BANGKOK, Oct 22 (Reuters) - Stock markets in Thailand and
Indonesia fell for a third day on Thursday, with financials and big caps such as Siam Commercial Bank, Advanced Info Service, Bank Rakyat and Astra International leading the way down.
Singapore's index <.FTSTI> fell 0.4 percent, Malaysia's index <.KLSE> was flat and the Philippines <.PSI> lost 1.1 percent.Vietnam bucked the trend, rising 0.9 percent.
In Kuala Lumpur, Malaysian Airline
FCPO Daily: Inching up steadily
FKLI Daily: Healthy correction is taking place
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