Eight Australian Firms to Invest Over $3 Billion in Malaysia, Minister Says
Investments from Australian companies to boost Malaysia’s economy
Eight Australian companies have expressed their commitment to invest approximately AUD 5.2 billion ($3.4 billion) in Malaysia, according to Tengku Zafrul Aziz, the country’s Minister for Investment, Trade, and Industry. These investments will focus on both the digital economy and the green economy sectors. Companies like AirTrunk, a data center operator backed by Macquarie Asset Management, have shown keen interest in Malaysia’s investment potential. Such commitments come in the wake of Malaysian Prime Minister Anwar Ibrahim’s official visit to Melbourne, where major Australian companies expressed interest in investing roughly MYR 24.5 billion ($5.1 billion) in the country.
Australia’s GDP Grows by 0.2% in the Final Quarter of 2023
Government expenditure and private business investment drive economic growth
Australia’s economy grew by 0.2% quarter over quarter in the fourth quarter of 2023, as reported by the Australian Bureau of Statistics. This growth, driven by increased government expenditure and private business investment, slightly fell short of the 0.3% rise predicted in a Reuters poll. The ABS head of national accounts, Katherine Keenan, stated that growth remained steady in December but slightly decelerated throughout the year. The year-on-year increase in real GDP for December was 1.5%, surpassing the Reuters poll forecast of 1.4%.
South Korea’s Inflation Rate Surpasses Expectations, Quickens in February
Inflation on the rise after a consistent decline in recent months
South Korea’s inflation rate rebounded in February, showing a growth of 3.1%. This increase surpassed both January’s 2.8% and the 2.9% estimated in a Reuters poll. Notably, the country’s core inflation rate, which excludes food and energy prices, stood at 2.5%. Despite this inflationary trend, South Korea’s central bank, the first major central bank to halt rate increases in 2023, decided to keep its base rate at 3.5%.
Nvidia Leads Gains in S&P 500 and Nasdaq
Positive performance in contrast to overall stock market decline
While tech stocks dragged down the three major stock indexes, Nvidia stood out as the most positive stock for both the S&P 500 and Nasdaq. Conversely, Microsoft led the losses for both indexes. JPMorgan, on the other hand, displayed the most positive stock performance within the Dow. Notably, Salesforce led the 30-stock decline during Tuesday’s trading session.
Stock Movements After Trading Hours: Nordstrom, CrowdStrike, and More
Impressive results and market reactions
Several stocks experienced significant movements in the after-hours trading session. Nordstrom, despite beating expectations for its fourth-quarter earnings and revenue, observed a nearly 10% slump in share prices due to disappointing full-year 2024 guidance. On the other hand, CrowdStrike, a cybersecurity stock, soared 19% after its fourth-quarter earnings surpassed estimates. Additionally, Box, the cloud storage stock, witnessed an 8% increase in stock value after achieving fourth-quarter revenue that aligned with analyst expectations.
Nasdaq 100 Futures Slightly Increase in Value
Nasdaq 100 futures exhibit a slight upward trend as trading progresses.
