Markets rose as global interest rate hikes subdued inflation, allowing central banks to adopt a softer monetary policy. Investors hoped for Beijing’s support amid weak data, while Wall Street’s strong earnings were tempered by Netflix and Tesla reports. Cautious optimism persisted, given the receding risk of recession but lingering concerns over China’s economy.
Philippine President Ferdinand Marcos signs a law creating a US$9 billion sovereign wealth fund to stimulate economic growth and infrastructure spending, despite critics warning of potential misuse and public opposition. The fund, named the “Maharlika Investment Fund,” will draw funds from various sources, including the national government, gaming revenue, and private investments. Marcos assures transparency and prudent management of the fund.
The ringgit showed slight signs of strengthening against the Singapore dollar at Friday (14 Jul) noon, reaching 3.43.
This slight appreciation follows its lowest level in history against the Singapore dollar, which hit a daily low of 3.50 two days prior.
Additionally, the ringgit also traded higher against a variety of major currencies and other ASEAN currencies.