Overnight Global Futures Lead
📆 22 Apr 2025
Commentary
(1) FKLI
Amid cautious sentiment and foreign uncertainty, the FKLI closed flat on Monday. Meanwhile, the ringgit rose versus the US dollar to its highest level in almost 12 weeks. It will likely be difficult to sustain current gains given the absence of consistent purchasing pressure on the local front.

(2) U.S. Stock Index Futures
Following US President Donald Trump's attacks on Federal Reserve chair Jerome Powell, which shook investors dealing with an escalating trade war and fueled worries about the central bank's autonomy, Wall Street's major indexes fell more than 1% each on Monday.

(3) FCPO
Due to a higher ringgit relative to the US dollar and declining crude oil prices, FCPO closed lower for the sixth consecutive day. Market sentiment was also thought to be negatively impacted by the worry about growing output.

(4) COMEX Gold
As investor confidence in the U.S. economy is eroded by President Donald Trump's tariffs and threats against the independence of the Federal Reserve, gold prices broke $3,400 on Monday, setting a new record high.

(5) Crude Oil
Oil fell as markets watched Washington-Tehran negotiations over the Islamic republic's nuclear program and worried about how the US-led trade war might affect energy consumption.

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Affin Hwang Investment Bank Daily Insight
📆 Tuesday 22April 2025

Top Call
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Other Calls

Results Note – KIP REIT (BUY, maintain)
DPulze contribution boosts 9MFY25 DPU by 2% yoy

Retail Research – ChartTrek
• Axiata Group Bhd (Technical BUY)
• MBSB Bhd (Technical BUY)

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For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.
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Overnight Global Futures Lead
📆 23 Apr 2025
Commentary
(1) FKLI
The FKLI's losses risen, wiping out almost all of the gains from the previous Friday session. As Trump intensified his assault on the Federal Reserve, the reopening of Wall Street following an extended holiday weekend served to rekindle the selling pressure in international markets.

(2) U.S. Stock Index Futures
Following a steep sell-off in the previous day due to President Donald Trump's growing criticism of Federal Reserve head Jerome Powell, Wall Street's major indexes saw some recovery on Tuesday as investors turned their attention to corporate earnings.

(3) FCPO
Due to rising crude oil and soybean oil prices, FCPO concluded the day higher. As a weaker US dollar makes exports more competitive, soybean futures reportedly increased in response to indications of robust demand for US crops.

(4) COMEX Gold
Following a record-breaking run on Tuesday, gold prices declined as investors' confidence in the United States has been eroded by President Donald Trump's frequent threats to the independence of the Federal Reserve.

(5) Crude Oil
With worries about a US-China trade war still present and a risk-off mood returning to global markets after President Donald Trump's criticism of the Federal Reserve (Fed), oil stabilized after plunging on Monday.

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Affin Hwang Investment Bank Daily Insight
📆 Wednesday 23April 2025

Top Call
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Other Calls

Retail Research – ChartTrek
• Alliance Bank Malaysia Berhad (Technical BUY)
• LGMS Bhd (Technical BUY)

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