Bond Market Updates

Summary Malaysia’s 2024 gross domestic product (GDP) advance estimate read 5.1%, within the official projection and MARC Ratings’ forecast. Overall business activity was healthy, particularly with a sharp rise in exports in December of 16.9%, while consumer spending and the services sector remained robust,. Strong overall exports, despite the decline in exports to China, reflected […]

Summary Malaysia’s 4Q2024 economy started on a strong note, with October’s Industrial Production Index (IPI) expanding by 2.1% (Sep: 2.3%), driven by a 3.3% growth in the manufacturing sector. Private consumption remained robust, as indicated by a year-to-date (YTD) increase in passenger vehicle sales, supporting an overall growth forecast of 5.1% for 2024. Following Trump’s

Summary Malaysia’s economy grew by 5.3% in 3Q2024, with manufacturing growth accelerating to 5.6% (1H2024: 3.3%). The positive investment cycle remains supported by a surge in capital imports. Exports rebounded in October after a minor decline in September. While external uncertainties have increased, particularly following the Republican sweep in the recent US election, Malaysia is

Summary   Following the 50-basis point US rate cut on September 18, subsequent releases of strong economic data and limited signs of easing inflation in the US have driven yields higher across all bond markets. This has prompted a reassessment of the US rate cut trajectory, where current market expectations indicate only one to two more

Summary Malaysia’s 3Q2024 gross domestic product (GDP) is set for stronger growth, driven by robust external demand and a continued recovery in tourism. In August, export growth remained solid at 12.1% (July: 12.3%), supported by increasing demand across the manufacturing subsectors. Meanwhile, the tourism sector, which has been steadily recovering, is expected to gain further

Summary Malaysia’s gross domestic product (GDP) expanded by 5.9% in 2Q2024, surpassing the advance estimate of 5.8% (1Q2024: 4.2%). The acceleration in household spending and sustained strong double-digit growth in gross fixed capital formation were key drivers. Exports surged by 12.3% in July (June: 1.7%), driven by a broad-based increase in manufacturing exports. In July,

Summary The advance gross domestic product (GDP) estimate for Malaysia was positive, pointing to the economy’s better-than-expected performance in 2Q2024. The services sector continued to be robust on the back of sustained growth in private consumption, while previously laggard sectors such as agriculture improved. We have revised our 2024 GDP forecast upwards to 4.8% from

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%

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%

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