Petronas, Petrovietnam To Boost Cooperation In Energy Sector In Vietnam Including Re

Economic

Commodity

Summary:

Petroliam Nasional Bhd (Petronas) and Vietnam Oil and Gas Group (Petrovietnam) will expedite cooperation in Vietnam’s energy sector, encompassing upstream and downstream activities, gas, and renewable energy (RE), said Prime Minister Datuk Seri Anwar Ibrahim.

He said that with a focus on RE, both countries' oil companies are actively enhancing collaboration in power generation and grid connectivity from Vietnam to Malaysia.

“This initiative aligns with the Asean Power Grid (APG) aspiration to strengthen energy security in the Asean region through energy infrastructure integration,” he said in a post on his official Facebook page

Anwar met with Vietnam’s Prime Minister Pham Minh Chinh during a breakfast session, as part of his two-day working visit to Vietnam, which began on Tuesday.

Anwar highlighted that Malaysia is seriously investing in green energy, including wind-based energy projects in southern Vietnam, and major initiatives such as the Gentari-Petrovietnam collaboration.

"This reflects a strategic move to strengthen regional energy security and ensure a more sustainable transition," he said.

He added that Malaysia and Vietnam share strong network ties, further reinforced by the Comprehensive Strategic Partnership.

"This is not just an agreement on paper but a commitment to deepening cooperation in key sectors, namely trade, investment, green energy, digital technology, and regional security," said Anwar.

At the same time, he emphasised that Malaysia foresees significant potential in the semiconductor industry, artificial intelligence (AI) and digital economy, and that it is ready to enhance the integration of supply chains between both countries.

"Malaysian investors have played a key role in Vietnam’s economic landscape, and we want to see more joint ventures in high-impact projects," he added.

Meanwhile, trade between Malaysia and Vietnam in 2024 rose by 4.4% to US$18.4 billion (RM83.11 billion), from US$17.38 billion in the previous year, reflecting growing trade between the two Asean members.

Vietnam was Malaysia’s 11th largest trading partner in 2024, accounting for 2.9% of Malaysia’s total trade. It was also Malaysia’s 10th largest export destination with a 3.6% share, and the nation’s 13th largest import source with a 2.1% share of Malaysia’s total imports.

Source: Theedgemarkets

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Alex

Economic

Korea's central bank said Wednesday it will ease regulations on the inflow of foreign currency to allow export companies to secure foreign currency loans for domestic facility investments.

The latest measure aims to resolve imbalances in the foreign exchange market and curb pressures on the weakening won, the Bank of Korea (BOK) said. The local currency has faced mounting pressure amid domestic political turmoil and global trade uncertainties.

Previously, foreign currency loans had been limited to overseas purposes in principle, with exceptions for small and medium-sized manufacturers. Companies could only use foreign currency funds for overseas investments or the purchase of foreign goods.

With the new measure, however, export companies can now obtain foreign currency loans for domestic facility investments, on the condition that the loan amount does not exceed their export performance over the past year or their estimated performance for the current year, the BOK said.

The latest measures are part of a package of policy actions announced by the government in December to ease regulations governing the inflow of foreign currency.

Source: Koreatimes

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Warren Takunda

Economic

London stocks rose in early trade on Wednesday, with miners pacing the gains as copper prices rallied, as investors eyed results from US chip maker Nvidia.

At 0830 GMT, the FTSE 100 was up 0.6% at 8,721.03.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that Nvidia’s results - due after the US close - are set to be a key driver of sentiment.

"Given the AI euphoria, which has swamped markets and led to the chip giant’s heady valuation, there is a keen interest in whether the seemingly insatiable demand for its products is going to continue," she said.

"The arrival of low-cost Chinese model DeepSeek rattled investors but, given Nvidia’s first mover advantage and the huge infrastructure investment plans from tech giants like Meta, it’s an indication that Nvidia’s high-end chips will remain in demand. However, investors have come to expect a lot from Nvidia given its previous record beating results so it could still be a volatile ride ahead especially if Nvidia’s misses forecasts of 72% revenue growth."

Investors were also mulling reports that Ukraine and the US have struck a minerals deal to enable Kyiv to pay back billions in military aid supplied by Washington to fight the Russian invasion.

President Volodymyr Zelenskyy was planning to travel to Washington on Friday to see his US counterpart Donald Trump to sign the agreement.

The Financial Times reported that Kyiv was ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after the US dropped demands for a right to $500bn in potential revenue from the deal.

In equity markets, miners were on the front foot as copper prices rose, with Antofagasta, Glencore and Anglo American among the top performers on the FTSE 100.

Susannah Streeter said: "The threat of more potential tariffs from Trump is moving markets as investors assess the knock-on effect on goods across the global economy. Not only has the President re-committed to introducing 25% tariffs on imports from Canda and Mexico but he’s been scouting for other targets.

"Copper prices have shot up, as the metal is caught in the President’s sights. Mining stocks have helped drive the FTSE 100 higher in early trade after copper futures jumped around 4%, sparked by the President ordering an investigation into extra duties on imports. The plan would be to spark higher US production and put a dent in China’s huge share of the global market. Copper is sought after as a key component in renewable energy systems, for wind, solar power and electric vehicles for example, and prices have been steadily rising this year, after dipping back at the end of 2024."

Medical products company Convatec was the standout gainer on the top-flight index, however, as it posted a jump in full-year profit and revenue and said it expects FY25 "to be another year of strong strategic progress".

Construction and regeneration group Morgan Sindall rose as it reported a record full-year performance, hailing a "significant" contribution from the Fit Out division.

Aston Martin was also in the black as it announced plans to axe around 5% of its global workforce in a bid to cut costs, and reported a widening of its annual losses.

On the downside, Hikma Pharmaceuticals tumbled even as it posted a rise in full-year profits and revenue.

Source: Sharecast

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Owen Li

Economic

German consumer confidence continues to slide, a monthly survey said Wednesday, reflecting the enduring economic pessimism facing the country's new government.

The closely watched consumer-climate index conducted by research groups GfK and the Nuremberg Institute for Market Decisions fell to minus 24.7 in March's forecast, from minus 22.6 in February, the second decline in as many months. Economists polled by The Wall Street Journal by contrast expected it to improve slightly.

"Consumer climate has been stagnating at a low level since the middle of last year. There is still a great deal of uncertainty among consumers and a lack of planning security," said Rolf Buerkl, consumer expert at NIM.

While the survey was undertaken before the election, consumers said an uncertain economic and political situation, dissatisfaction with politics and concerns over inflation were key reasons behind expectations of worse income prospects and willingness to spend money.

"A fast formation of a new federal government after the parliamentary elections and the rapid approval of this year's budget would give both companies and private households more certainty when it comes to planning," Buerkl added.

Opposition leader Friedrich Merz won Sunday's election, likely ousting incumbent Olaf Scholz as chancellor, but will need a coalition partner to govern. He has said he hopes to form a government by April.

But economic prospects remain weak after two-straight years of contracting GDP. Bundesbank President Joachim Nagel said Tuesday that he couldn't rule out a third consecutive year of no growth in 2025.

Source：Dow Jones Newswires

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Alex

Economic

0720 GMT - German Bunds are finding a firmer footing amid second thoughts about fast changes to Germany's debt brake or funding, say Commerzbank Research's Rainer Guntermann and Erik Liem in a note. The market expected a new German government to move quickly to reform the debt brake, increasing the country's fiscal space. Bunds, nevertheless, continue to underperform U.S. Treasurys, the rates strategists say. The data calendar is light on Wednesday; Germany's GfK consumer climate index came in at minus 24.7, below analysts' consensus forecast of minus 21.5 in The Wall Street Journal's poll. Government bond supply will come from Germany, which will auction 2 billion euros in May 2036 and May 2038 Bunds. In early trade, the 10-year rises 2 basis points to 2.469%, according to LSEG data.

0718 GMT - Recent positive sentiment over China's economy boosted by DeepSeek optimism may not be sustained as U.S.-China tensions could rapidly escalate, Nomura analysts write in a note. Markets had previously expected stronger stimulus measures to come from Beijing, but have become more realistic recently, they say. Given supportive trade-in programs and front-loading of shipments amid tariff worries, Nomura projects China's real GDP growth to stay at 5.0% in 1Q. Somewhat similar to previous years, the Chinese economy may get off to a relatively good start only to face stronger downward pressure later, they say. Beijing will likely set its 2025 growth target at around 5% again to instill confidence, Nomura says.

0701 GMT - The Hong Kong budget speech is unlikely to boost market sentiment, as it lacks particularly exciting supporting measures, writes Lorraine Tan, Morningstar director of Asia equity research. "I would classify this budget as a 'non-event' for the stock market," Tan says. While measures like the tax relief of up to HK$1,500 for lower-income families are better than nothing, she says it's unlikely to spark a material increase in consumption. The plans for the housing and land sectors are also somewhat disappointing, she says. The proposal to raise the floor for charging HK$100 stamp duty on residential properties to up to HK$4 million from HK$3 million is seen as immaterial, as it is unlikely to boost homebuyers' confidence, who are more focused the trajectory of property values, Tan says.

0656 GMT - Market moves like those on Tuesday highlight the growing independence of euro rates versus the U.S., ING's Padhraic Garvey and Michiel Tukker say in a note. The correlation on the short end of the curve has already completely broken down since the U.S elections, the rates strategists say. Meanwhile, the spillover in the 10-year maturity has also lessened significantly, the strategists say. "If we look at implied volatility metrics we see a strong divergence with euro rates volatility still gradually coming down whilst U.S. volatility has been trading sideways since much of 2024," they say. ING adds that "U.S. volatility jumped up on Tuesday's move but euro volatility did relatively little."

0652 GMT - South Korea's benchmark Kospi rose 0.4% to close at 2641.09, reversing early losses. Internet and steel stocks were among the top gainers, leading the rebound. Institutional investors were net buyers, but foreign and retail investors remained net sellers amid lingering caution over Trump's tariff policy and future U.S. rate moves. Mobile internet platform company Kakao gained 5.9%, as its digital bank affiliate KakaoBank added 4.1%. Steelmakers Posco Holdings and Hyundai Steel rose 2.7% and 2.6%, respectively. USD/KRW settled 0.2% higher at 1,433.10 in Seoul onshore trading. South Korea's 10-year government bond yield was down 4.4 bps at 2.753%.

0635 GMT - The rally in U.S. Treasurys is expected to reverse after Tuesday's fall in yields, says Capital Economics' Joe Maher in a note. While souring risk sentiment pushed Treasury yields to levels unseen since mid-December, President Trump's policies will prevent the Federal Reserve from cutting interest rates this year, the assistant economist says. Tuesday's fall in yields appears to have been triggered by the largest monthly fall in the Conference Board's measure of consumer confidence since August 2021, which followed other weak U.S. data and survey releases recently. Capital Economics isn't especially upbeat about U.S. economic growth this year but it thinks "fears that the economy is falling off a cliff are overdone," Maher says. The 10-year Treasury yield rises 3 basis points to 4.329%, according to Tradeweb.

0633 GMT - Asia funds have increased their allocation to mainland China while lowering their exposure to Taiwan and India, HSBC analysts say in a research note. "The DeepSeek launch triggered investor attention towards the Chinese equity market, which was already trading at low valuations," the analysts say. Mainland China saw three consecutive weeks of foreign net buying in February, as the exposure to Mainland China by Asian funds marked a five-year high, they say. Also following DeepSeek's launch, India saw a total of $3.9 billion in outflows by foreign institutional investors. In Korea and Taiwan, foreign institutional investors also remained net sellers in the month, though Korean equities saw some selling pressure easing after seven consecutive months of outflows, they add.

0514 GMT - The Reserve Bank of Australia won't draw too much from the outwardly impressive January CPI data, preferring to keep watch on the job market which continues to run hot, says Paul Bloxham, chief economist at HSBC. With both headline and core CPI readings within the RBA's 2% to 3% target band in January, it might be tempting to predict that coming 1Q 2025 inflation data will be the best in years, he adds. But the CPI data for January doesn't include services inflation, which remains elevated, he says. The data won't sway the RBA's view on the possible rates pathway up or down, Bloxham says.

0458 GMT - Taken at face value, it might be tempting to think Australia's January CPI indicator pointed to downward pressure on inflation, given that all results were within the Reserve Bank of Australia's 2% to 3% target band. But Westpac economist Justin Smirk says the report actually points to upside risks. Some of the extra strength in the CPI basket was in quite volatile items, particularly from food prices, which can quickly become troubling, he adds. History has shown that a simple face-value estimate can be misleading, Smirk says. However, the upside risks are only modest, and the bank still expects both headline and core CPI in 2Q 2025 to print below the RBA's forecasts, he adds.

0348 GMT - The Singapore dollar is steady against its U.S. counterpart in the Asian session, underpinned by growing prospects for Fed rate cuts that typically undermine the appeal of U.S. fixed-income assets and demand for the greenback. The U.S. Conference Board's index of consumer sentiment released Tuesday posted biggest monthly decline in more than three years in February. Recent developments in the U.S. highlight worries about consumer health, Maybank analysts say in an FX Research & Strategy report. Markets are pricing in 56% chance of Fed rate cut in June, up from 39% last week, the analysts add. USD/SGD is little changed at 1.3375.

0315 GMT - The euro is likely to rise further against the dollar in the next month or so, says Quek Ser Leang of UOB Global Economics & Markets Research. The currency pair broke above a key resistance level, the top of the daily Ichimoku cloud, on Tuesday, the market strategist notes. The 21-day exponential moving average is set to cross above the 55-day EMA, suggesting increasing upside risk, the strategist says in a report. Also, the weekly moving average convergence divergence indicator turned positive on Friday, signaling a shift in the weekly momentum. However, the daily momentum isn't strong for now, and there is significant resistance in the 1.0630-1.0665 zone, the strategist adds. EUR/USD is 0.1% lower at 1.0505.

0254 GMT - The Bank of Japan is likely to keep raising interest rates to 1% if the results of annual wage talks due mid-March come out as strong as last year, says Mizuho Securities economist Ryosuke Katagi. Japanese companies gave employees an average raise of 5.1% in 2024, according to the Japanese Trade Union Confederation. Katagi had previously expected 4.8% wage growth at this year's negotiations but says the final result could exceed that forecast going by recent surveys. "Labor unions' demand for wage increases have become stronger than last year, and companies have also maintained a positive stance toward pay hikes," he adds.

Source：Dow Jones Newswires

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Cohen

Economic

Thailand's central bank cut its key interest rate by a quarter point on Wednesday amid government calls for further easing to support the economy and weaken the baht to boost exports.

The Bank of Thailand's monetary policy committee voted 6-1 to reduce the one-day repurchase rate by 25 basis points to 2.00% at its first meeting of 2025. That followed a rate hold in December and a quarter-point cut in October.

Ten of 26 economists in a Reuters poll had predicted the key rate would be cut this week. Sixteen economists had expected no policy change on Wednesday.

Finance Minister Pichai Chunhavajira had on Monday said Thailand's low inflation meant there was room for an interest rate cut to boost economic growth and help weaken the baht to support exports, a key growth engine.

Annual headline inflation was 1.32% in January, after averaging 0.4% last year, well below the central bank's target range of 1% to 3%.

The stock market rose after the announcement and was up 2% at 0709 GMT, while the baht pared earlier losses.

Source: Theedgemarkets

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Remarks of Officials

On February 25, 2025, Yannis Stournaras, Greek central bank chief, delivered a speech, stating:

"I don't think that our next meeting is the right moment to discuss pausing. It is too early for that," Stournaras told. "The economic growth will stay weak and that inflation will fall back to target this year. If the situation continues like that, we should definitely bring interest rates down further." The ECB has cut its key deposit rate from a record-high 4 percent to 2.75 percent today, but"we are definitely still in restrictive territory."

Inflation has declined significantly and is expected to reach the ECB's target level this year. While some analysts predict further rate cuts in 2026, "whatever we say now about 2026 is going to be very premature." he said. "Given the information we currently have, I expect that interest rates will reach 2 percent by the autumn of this year and that this is likely to be the terminal rate."

The labor market remains sluggish, with long-term uncertainties. Despite stable unemployment rates, weak growth remains a persistent challenge. The ECB is unlikely to have a clear view by March 6 of how the new U.S. administration's policies, specifically regarding trade tariffs, will affect the Eurozone economy, Stournaras said.

Overall, the ECB will continue its accommodative monetary policy stance until economic recovery and inflation targets are achieved. Amid the current uncertain global environment, Europe needs to further strengthen its economic and defense independence to address potential future risks and challenges.

His comments amount to a clear disagreement with board member Isabel Schnabel, who last week said the ECB's Governing Council should start to debate whether to "pause or halt" rate cuts when it next meets on March 6.

Schnabel had indicated that the timing to halt rate cuts might be approaching. However, Stournaras argued that his views within the ECB Governing Council appear to be in the minority. In recent weeks, several officials, including ECB President Christine Lagarde, Madis Muller, Gediminas Simkus, and Joachim Nagel, have all supported a slower pace of rate cuts, suggesting that "summer would be a more appropriate time for further rate cuts." This indicates that discussions on pausing rate cuts may soon be on the agenda.

ECB's Stournaras

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Petronas, Petrovietnam To Boost Cooperation In Energy Sector In Vietnam Including Re

Source: Theedgemarkets

Seoul to Allow Export Firms to Secure Foreign Currency Loans for Domestic Facility Investment

Source: Koreatimes

London Open: Miners Lead Gains as Copper Prices Rally; Nvidia in Focus

Source: Sharecast

German Consumer Confidence Falls Further, Reflecting Challenge for New Government

Source：Dow Jones Newswires

German Bunds Could Stabilize But Seen Underperforming Versus U.S. Treasurys

Source：Dow Jones Newswires

Thai Central Bank Cuts Key Rate By 25 Basis Points

Source: Theedgemarkets

ECB's Stournaras: As Growth Risks Intensify, Keep Easing Policy on Track

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