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Summary Recent economic data for Malaysia has been positive, pointing to a firm start for the economy in 2Q2024. Wholesale & retail trade was resilient, with growth accelerating to 7.5% in April (1Q2024: 2.3%), consistent with the higher domestic-oriented production growth for the month. On the external sector, Malaysia’s exports posted strong growth of 7.3% …
Broad bond rally gains momentum – June 2024 – Summary Read More »
Summary Malaysia’s 1Q2024 gross domestic product (GDP) expanded to 4.2%, higher than the advanced estimate of 3.9% (4Q2023: 3.0%) on the faster expansion in the services sectors at 4.7% (advanced estimate: 4.4%, 4Q2023: 4.1%). The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 11.9% …
Bond market on firmer footing – May 2024 – Summary Read More »
Summary Malaysia’s economy picked up by 3.9% in 1Q2024 (4Q2023: 3.0%) based on the advanced estimate, close to the official 2024 full-year gross domestic product (GDP) forecast of 4%-5%. The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 9.8% (4Q2023: 3.5%). The Malaysian Government …
Early signs of interest rate outlook divergence – April 2024 – Summary Read More »
Summary Bank Negara Malaysia (BNM) projects the domestic economy to grow between 4% and 5% in 2024, aligning with the government’s estimate while highlighting a potential rebound in the manufacturing sector and a newly forecast contraction in the agricultural sector. Year-to-date exports grew by 3.9% in February, with an 11.0% increase in exports to the …
Market adjusts to delay in rate cuts – March 2024 – Summary Read More »
Summary Malaysia registered a weaker-than-expected gross domestic product (GDP) growth of 3.0% in 4Q2023 (advanced estimate: 3.4%; 3Q2023: 3.3%) as growth in the services sector moderated while that in the manufacturing sector remained tepid, bringing the full-year GDP growth to 3.7%. We forecast a firmer growth of 4.2% in 2024 on an anticipated recovery in …
Bond sell-off on resilient US economy – February 2024 – Summary Read More »
Summary Malaysia posted a weaker-than-expected advanced gross domestic product (GDP) estimate of 3.4% as at 4Q2023 (Consensus: 4.1%; 3Q2023: 3.3%) as the services sector moderated and the manufacturing sector remained flat, which will bring the advanced estimate full year GDP growth to 3.8%, based on the advanced estimate. A stronger rebound in tourism and recovery …
Rate cut pushback leading to bond sell-off – January 2024 – Summary Read More »
Summary The latest economic data for Malaysia was rather mixed but largely within expectations. Domestic activities remained stable, as seen in the resilient wholesale & retail trade and stronger domestic-oriented production for October. While exports data remained subdued, petroleum and rubber products rebounded after consecutive months of double-digit decline. The Brent oil price experienced volatility …
Ongoing disinflation sustains market rally – December 2023 – Summary Read More »
Summary Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%) in line with the advanced estimate, bolstered by private consumption which grew at a faster pace. The latest October trade data showed some nascent signs of recovery in the external sector, supported by an anticipated recovery in the Chinese …
Risk-on market against cautious central banks – November 2023 – Summary Read More »
Summary Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. Despite a temporary pause in the dollar index’s rally against major currencies, the Ringgit ringgit continued its weakening trend in October. The local …
Escalating geopolitical risks fuel market volatility – October 2023 – Summary Read More »
Summary The latest economic data for Malaysia were mixed. Wholesale trade and domestic-oriented manufacturing production for July were rather resilient, whereas trade data showed continued weakness. The removal of the phrase “slightly accommodative” from the monetary policy statement may imply that the current interest rate level is appropriate. Bank Negara Malaysia (BNM) is expected to …
Global Risk-Off Sentiment Drives Local Yield Upsurge – September 2023 – Summary Read More »