Malaysian Kingmaker Party GPS will support Perikatan Nasional, not Pakatan Harapan
One of Malaysia’s election leaders, the Gabungan Parti Sarawak (GPS), a national political alliance based in Sarawak in eastern Malaysia, said he supported the Perikatan Nasional coalition to form the government and would not work with Anwar Ibrahim’s Pakatan Harapan.
Malaysia’s king has asked major coalitions to present their candidates for prime minister by 2 p.m. local time after Saturday’s election was inconclusive.
“We have always been told [sic] that we won’t be able to work with DAP here and also with Pakatan,” GPS General Secretary Alexander Nanta Linggi told CNBC. “Squawk Box Asia.” The DAP is a progressive component of the Pakatan.
“Over the past few days during the election, they’ve attacked us so much. So it’s kind of hard…to form a government, to be very objective in that sense.”
In return for GPS support, Linggi said he would like the government to give party members positions in ministries that matter to them, such as rural development and commodities.
— Su-Lin Tan
CNBC Pro: Amazon is down 40% this year — is it time to buy? Market pros give their opinion
Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock fell more than 40%, significantly underperforming the S&P500which has decreased by about 15% over the same period.
Is it time for investors to reinvest? Two market pros went head-to-head on CNBC”Asia street signson Thursday to argue the pros and cons of buying the stock.
— Zavier Ong
Baidu and Kuaishou shares fall ahead of earnings report
Baidu is expected to experience a slight decline in revenue in the third quarter of 2022, according to an average of Refinitiv poll estimates.
The company is expected to see a 0.05% decline in revenue to 31.904 billion yuan ($4.46 billion) for the July-September quarter, after reporting 31.92 billion yuan for the same period a year ago. one year old.
Meanwhile, Tiktok rival Kuaishou is expected to post 10.2% revenue growth in the third quarter to 22.58 billion yuan, according to a separate Refinitiv survey – which would be the fastest pace of annual growth. slower since the company started reporting earnings.
Hong Kong listed shares of Kuaishou fell 4.1% before earnings, while Baidu shares were down 0.44% in the morning session.
– Jihye Lee
CNBC Pro: Morgan Stanley’s Wilson says inflation is on the verge of falling, but warns of a ‘new era’ ahead
Morgan Stanley’s chief U.S. equity strategist Mike Wilson said he expects a “pretty sharp drop in inflation” and predicts when that might happen.
But he said there are two areas that stand out, where inflation could be “stickier”.
Oil prices stagnate after hitting lowest levels since January
Oil prices were little changed in the Asian morning after hitting their lowest levels since January on Monday.
American crude was slightly higher at $80.08 a barrel after touching $75.08 in Monday’s session.
Crude Brent gained slightly to $87.52 a barrel. It reached $82.31 in the previous session.
Oil futures briefly dipped on Monday after the Wall Street Journal reported that OPEC+ was considering increasing supply by 500,000 barrels per day. Saudi Arabia later challenged this report.
Singapore authorities explain why FTX was not on its alert list
The Monetary Authority of Singapore (MAS) said troubled cryptocurrency exchange FTX was not on its investor alert list because it was not “actively soliciting users in Singapore”, unlike the rival Binance exchange.
MAS said there is a “clear distinction” between FTX and Binance in terms of targeting local users, according to a statement made public on Monday afternoon.
“Binance has actually gone so far as to offer Singapore dollar listings and accepts Singapore-specific payment methods such as PayNow and PayLah,” he said in the statement, adding that he had received from numerous complaints about Binance between January and August of last year.
The MAS then reiterated the risks that investors face when trading digital assets.
“The most important lesson from the FTX debacle is that trading any cryptocurrency, on any platform, is dangerous,” he said, adding that even crypto exchanges licensed from Singapore would be regulated solely to address money laundering risks, not to provide protection. to investors.
“As MAS has stated on several occasions, there is no protection for customers who deal in cryptocurrencies. They can lose all their money,” he said.
– Jihye Lee
Stocks fall on Monday to start a short holiday week
Shares slid in a volatile trading session on Monday to kick off the short holiday week.
The S&P 500 lost 0.39% to 3,949.94 and the Nasdaq Composite fell 1.09% to end the day at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, although losses on the index were mitigated by a jump of disney shares, which jumped more than 6%.
Disney jumped after the company announced former CEO Bob Iger would replace Bob Chapek.