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RIYADH, March 26 — Rating agency S&P revised Saudi Arabia’s outlook to “positive” from “stable” yesterday, citing improving GDP growth and fiscal dynamics over the medium term.

S&P affirmed the country’s rating at “A-/A-2”.

Saudi GDP rose by 3.3 per cent in 2021, according to official statistics released last week, a turn from the 4.1 per cent contraction in 2020, when oil crashed and economies across the world were hammered by the pandemic.

Oil prices leapt 50 per cent last year as demand recovered, and then surged above US$100 a barrel to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.

Demand for Saudi crude oil has been further underpinned by demand as some countries attempt to reduce imports from Russia, S&P said.

The rating agency in its report forecast Saudi real GDP growth for the current year to rise to 5.8 per cent and average 2.7 per cent from 2023 to 2025.

“Higher global oil prices and rising production volumes, alongside a recovery from the Covid-19 pandemic, are supporting Saudi Arabia’s fiscal and GDP growth dynamics,” S&P said. — Reuters

NEW YORK, March 26 — The S&P 500 ended higher yesterday as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years.

The Nasdaq ended lower, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally.

For the week, the Nasdaq and S&P 500 registered solid gains of 2 per cent and 1.8 per cent, respectively, and the Dow was nominally higher with a 0.3 per cent rise.

The S&P 500 financials sector gave the S&P 500 its biggest boost yesterday, rising 1.3 per cent, while technology and consumer discretionary sectors were the only two major sectors to end lower on the day.

Investors are assessing how aggressive the Federal Reserve will be as it tightens policy after Fed Chair Jerome Powell this week said that the central bank needed to move “expeditiously” to combat high inflation and raised the possibility of a 50-basis-point hike in rates in May.

US Treasury yields jumped yesterday, with the benchmark 10-year note surging to nearly three-year highs, as the market grappled with high inflation and a Federal Reserve that could easily spark a downturn as it aggressively tightens policy.

Ten-year Treasury yields were last at 2.492 per cent after earlier rising above 2.50 per cent for the first time since May 2019.

The equity market is pricing in a higher rate environment, said Keith Buchanan, portfolio manager at Globalt Investments in Atlanta.

That is causing bank stocks to outperform, while “adding more pressure to the riskier elements of the market,” such as growth shares, he said.

Higher borrowing rates benefit banks, while higher rates are a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.

The Dow Jones Industrial Average rose 153.3 points, or 0.44 per cent, to 34,861.24, the S&P 500 gained 22.9 points, or 0.51 per cent, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16 per cent, to 14,169.30.

Shares of growth companies like Nvidia Corp eased after leading a Wall Street rebound earlier this week.

The utilities sector .SPLRCU also rose sharply, hitting a record high as investors favoured defensive stocks with the Russia-Ukraine war still raging after a month.

The sector ended up 1.5 per cent on the day and up 3.5 per cent for the week, while the energy sector .SPNY ended up 2.3 per cent on the day and jumped more than 7 per cent for the week following sharp gains in oil prices.

Moscow signaled yesterday it was scaling back its ambitions in Ukraine to focus on territory claimed by Russian-backed separatists.

Economists at Citibank are expecting four 50 basis points interest rate hikes from the Fed this year, joining other Wall Street banks in forecasting an aggressive tightening path against the backdrop of soaring inflation.

The US central bank last week raised interest rates for the first time since 2018.

“The market’s really macro driven,” said Steve DeSanctis, small — and mid-capitalization equity strategist at Jefferies in New York. “Company fundamentals haven’t really mattered.”

Volume on US exchanges was 11.92 billion shares, compared with the 14.28 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured decliners.

The S&P 500 posted 57 new 52-week highs and five new lows; the Nasdaq Composite recorded 73 new highs and 79 new lows. — Reuters

NEW YORK, March 25 — Wall Street stocks were mixed in early trading today as a volatile week neared its conclusion, while US and European allies strategised on further measures to counter Russia’s invasion of Ukraine.

Following a day of meetings in Brussels, President Joe Biden and EU commission president Ursula von der Leyen announced a joint task force to lessen Europe’s dependence on Russian fossil fuels.

Equities have been on a roller coaster all week, with investors weighing bargain-hunting instincts after a sluggish start to 2022 against worries over inflation.

Briefing.com analyst Patrick O’Hare noted that the narrowing gap between long- and short-term US Treasury bond yields suggests unease over the global growth outlook, saying that the sustainability of the recent rally “remains in question.”

About 30 minutes into trading, the Dow Jones Industrial Average was up 0.3 per cent at 34,805.31.

The broad-based S&P 500 added 0.1 per cent at 4,524.01, while the tech-rich Nasdaq Composite Index dipped 0.4 per cent to 14,133.27.

Among individual companies, Bed Bath & Beyond was up 1.6 per cent after the retailer announced an agreement with activist shareholder Ryan Cohen to add three board members picked by his firm. — AFP

HONG KONG, March 25 — Hong Kong stocks closed sharply lower today following a roller-coaster week, with tech firms leading losses despite a strong lead from Wall Street.

The Hang Seng Index sank 2.47 per cent, or 541.07 points, to 21,404.88.

The Shanghai Composite Index dropped 1.17 per cent, or 38.02 points, to 3,212.24, while the Shenzhen Composite Index on China’s second exchange shed 1.43 per cent, or 30.61 points, to 2,113.73. — AFP

HONG KONG, March 25 ― Asian shares were headed for a second successive week of gains today, though trading was choppy amid hawkish US monetary policy, shifts in Chinese economic policy, and ongoing ructions in commodity markets due to the war in Ukraine.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded flat, but it’s up 1 per cent on the week.

Japan’s Nikkei was also little changed having closed the previous day at a nine week high.

Hong Kong shares were a drag on the regional benchmark, falling 0.5 per cent, weighed down by tech stocks, as US and Hong Kong dual listed names took a hit from renewed fears that a row over audit records will force them to delist in the United States.

Australian stocks rose 0.4 per cent helped by miners, while Chinese blue chips lost 0.4 per cent.

“In terms of Asia we have seen asset prices stabilise a little bit this week following last week’s statement from the Chinese vice premier. This may not be sustainable unless we see additional easing and have better visibility on the regulatory front, but it did seem to have the desired effect in terms of limiting downside risks,” said Carlos Casanova, senior Asia economist at UBP.

“Though what we are starting to see is a little more caution from global investors when it comes to the US economy, and what that means for Asia,” he added.

Last week, Chinese vice premier Liu He said Beijing would roll out support for the Chinese economy, sending Chinese and Hong Kong stocks higher initially.

Investors were also watching to see whether the Bank of Japan would intervene to buy Japanese government bonds (JGB) as its yield target came under pressure.

The yield on 10 year JGBs rose to 0.235 per cent this morning, exceeding the level at which the BOJ offered to buy an unlimited amount of JGBs at 0.25 per cent on February 10, part of a policy to maintain interest rates at their current ultra-low levels.

Japanese bond yields are being pulled higher by US Treasury yields, which have risen along with expectations for a more aggressive pace of rate hikes by the US Federal Reserve.

US 10 year notes last yielded 2.3681 per cent just off Tuesday’s 22-month high of 2.417 per cent.

Chicago Fed President Charles Evans was the latest US policymaker to sound more hawkish, saying yesterday the Fed needs to raise interest rates “in a timely fashion” this year and in 2023 to curb high inflation before it is embedded in US psychology and becomes even harder to get rid of.

The divergence between US and Japanese monetary policy has weighed on the yen. Today, the dollar climbed a further 0.41 per cent to ¥121.84, a new multi-year high. Higher commodity prices driven by the war in Ukraine is also hurting the Japanese currency, as Japan imports the bulk of its energy.

The dollar’s gains against other currencies have been less dramatic, however, with the US currency’s index measure against six peers down a little at 98.536.

Overnight the three main US stock indexes each rallied more than 1 per cent, as investors snapped up beaten-down shares of chipmakers and big growth names and supported by a fall in oil prices.

S&P 500 future ESc1 inched up 0.1 per cent in early Asia trade.

Oil continued to slide a little, as the United States and allies considered releasing more oil from storage to cool markets. Brent crude falling 0.22 per cent to US$118.77 (RM501.54) per barrel and US crude down 0.5 per cent to US$111.74 a barrel, but prices were still very high by historic standards.

Spot gold remained elevated at US$1961.9 an ounce, up 0.22 per cent. ― Reuters

KUALA LUMPUR, March 25 ― Maybank Investment Bank Bhd has maintained its “buy” call on Malaysia Airports Holdings Bhd (MAHB) with a target price of RM7.00 on the expectation of improvement in domestic traffic as the number of new Covid-19 cases in the country eases.

On the international pax traffic, the research firm expects it to receive a boost after Malaysia reopens its borders on April 1.

“To our positive surprise, the recent Omicron wave in Malaysia and Russia-Ukraine war did not negatively impact February 2022 group pax traffic.

“While the latter may eventually do so, we understand that it should not negatively impact Turkish international pax traffic by much more than 10 per cent,” it said.

At 10.02am, MAHB’s shares up two sen to RM6.47 with 108,100 shares transacted. ― Bernama

NEW YORK, March 25 ― Major US stock indexes rallied more than 1 per cent yesterday, extending the market’s recent rebound, as investors snapped up beaten-down shares of chipmakers and big growth names and as oil prices dropped.

Nvidia Corp’s stock gained 9.8 per cent, leading a rally across the chip sector and hitting its highest level since mid-January. Intel Corp climbed 6.9 per cent, and both stocks helped to boost the S&P 500 and the Nasdaq.

The Philadelphia SE semiconductor index jumped 5.1 per cent in its biggest daily percentage gain since February 15, while it remains down about 10 per cent for the year so far. Apple shares rose for an eighth consecutive day after getting hammered earlier this month.

The three major indexes have rallied in six of the last eight sessions, with all three having rebounded after the S&P 500 and the Dow confirmed they are in correction and the Nasdaq established it is in a bear market.

“The bear market was the dip to buy,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, which has about US$50 million (RM211 million) in assets under management. “People finally said hey, this is a good entry point.”

“They are seeing more value in tech for the first time in a long time,” he said.

Oil prices fell after rallying sharply on Wednesday.

Data earlier showed the number of Americans filing new claims for jobless benefits dropped to a 52-1/2-year low last week, while unemployment rolls continued to shrink.

The Dow Jones Industrial Average rose 349.44 points, or 1.02 per cent, to 34,707.94, the S&P 500 gained 63.92 points, or 1.43 per cent, to 4,520.16 and the Nasdaq Composite added 269.24 points, or 1.93 per cent, to 14,191.84.

Investors watched for the next developments in the Ukraine-Russia crisis. Western leaders have agreed to increase military aid to Ukraine and tighten sanctions on Russia whose invasion of its neighbour entered a second month.

Uber Technologies Inc climbed 5 per cent after the ride-hailing firm reached a deal to list all New York City taxis on its app.

Volume on US exchanges was relatively low at 11.03 billion shares, compared with the 14.3 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.96-to-1 ratio; on Nasdaq, a 2.03-to-1 ratio favoured advancers.

The S&P 500 posted 29 new 52-week highs and four new lows; the Nasdaq Composite recorded 58 new highs and 60 new lows. ― Reuters

KUALA LUMPUR, March 24 — Proton has unveiled its solar power initiative at its Tanjung Malim plant to help the national car maker reduce its carbon dioxide (CO2) emissions by 11,536 tonnes a year while generating utility cost savings.

Proton’s solar power facility has a footprint of 23.4 acres and involves a car park housing 2,880 cars, which is also used as a transit point for cars produced at Tanjung Malim before being distributed nationwide, a statement from the national car maker said.

This parking lot bi-facial solar panel facility, the biggest in Malaysia, is covered by 20,544 bi-facial solar panels, named as such because they can generate energy from direct sunlight on top as well as those reflected from the ground, and from cars parked underneath the panels.

The cars are also protected from the elements because they are shaded. The combined power generated is 12 megawatt peak (MWp), enough to meet up to 25 per cent of the plant’s power consumption.

Built and commissioned by Pekat Group and its associate MFP Solar, the solar panel facility is able to generate 9MWp.

“It allows Proton to potentially save up to RM4.39 million a year on its energy bill with a further saving of RM1.46 million available via the 3MWp generated by the factory roof-mounted panels,” the statement said.

The company launched its first Proton Green Wheel and Green Policy back in 2015, comprising five phases involving energy management system; energy efficiency; waste and water management; renewable energy via solar energy plant; and digitise all of Proton’s energy data on a cloud server to introduce artificial intelligence and big data analysis.

Over a five-year period from 2015-2020, these initiatives saw RM20 million in savings in energy bill, equivalent to 55,000 MWh savings and a reduction of over 40,000 tonnes of CO2 emissions. — Bernama

HONG KONG, March 24 — Equity markets were mixed today as investors contemplate the impact of surging inflation and central bank plans to sharply hike interest rates, while oil prices dipped but remain elevated on fears of further Russia sanctions that could hit already thin supplies.

The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the Ukraine war, with efforts to reach a diplomatic solution crawling along.

All eyes are on meetings this week of Nato, where Joe Biden and other leaders are expected to discuss further punishing Moscow for the month-long invasion, while the European Union is still debating a possible embargo on Russian oil.

A warning from Russia that repairs at a terminal near a Black Sea port may take up to two months, causing a drop in exports of about one million barrels per day, added to supply worries.

Both main contracts rallied more than five per cent yesterday — with Brent back above US$120 (RM507) — and they continued to advance in early Asian business before falling back in the afternoon.

There was a little support from speculation about progress in the Iran nuclear deal, which could lead to the release of Tehran’s crude back onto world markets.

Will Sungchil Yun of VI Investment Corp told Bloomberg News: “There are worries around both supply as well as demand, which may keep prices rather volatile.

“But if fresh sanctions are slapped on Russia, we’re looking at another leg up.”

The surge in oil markets has fanned already sky-high inflation — it is at a 40-year high in the United States and a 30-year high in Britain — putting pressure on central banks to tighten monetary policy before prices run out of control.

In light of that, the Federal Reserve has turned increasingly hawkish.

After last week announcing a quarter-point lift, bank boss Jerome Powell on Monday suggested officials could lift interest rates as much as half a point on more than one occasion if price gains do not slow, even at the expense of the economic recovery.

The prospect of tighter financial constraints down the line is weighing on stocks.

“As traders digest higher (Treasury) yields and higher inflation signals via the oil price channel, stocks are lower,” said SPI Asset Management’s Stephen Innes.

“We may see volatility increase further regarding multiple 50 basis point hikes and even emergency rate hikes in the near term. Pressure points are building again with oil back on the boil, resulting in stagflation weighing on sentiment again.”

Teresa Kong at Matthews Asia added that steeper, quicker tightening by the Fed was necessary.

“The Fed needs to build up its ammunition,” she told Bloomberg Television. “Overall, global growth is going to be dampened and they need to be able to cut rates later on, should this have a greater-than-expected recessionary effect.”

After a negative lead from Wall Street, Asia fluctuated.

Tokyo, Sydney, Singapore, Manila, Bangkok and Jakarta edged up but Hong Kong, Shanghai, Seoul, Wellington, Taipei and Mumbai were all down.

London, Paris and Frankfurt rose at the open.

And the Moscow stock exchange resumed trading of some shares as it continued re-opening after a month-long suspension over Russia’s invasion of Ukraine. 

Trading resumed for only around 30 of the largest companies that make up the rouble-denominated MOEX Russia Index, which saw early gains of more than 10 per cent.

Key figures around 0820 GMT

Brent North Sea crude: DOWN 0.2 per cent at US$121.37 per barrel

West Texas Intermediate: DOWN 0.2 per cent at US$114.75 per barrel

Tokyo — Nikkei 225: UP 0.3 per cent at 28,110.39 (close)

Hong Kong — Hang Seng Index: DOWN 0.9 per cent at 21,945.95 (close)

Shanghai — Composite: DOWN 0.6 per cent at 3,250.26 (close)

London: UP 0.1 per cent at 7,469.30

Euro/dollar: DOWN at US$1.0973 from US$1.1013 late yesterday

Pound/dollar: DOWN at US$1.3181 from US$1.3204 

Euro/pound: DOWN at 83.24 pence from 83.36 pence

Dollar/yen: UP at 121.55 yen from 121.12 yen

New York — DOW: DOWN 1.3 per cent at 34,358.50 (close) — AFP