HEADLINES Economy US: Homebuilding, manufacturing surge; tariffs cast pall over recovery . US single-family homebuilding rebounded HEADLINES Economy US: Homebuilding, manufacturing surge; tariffs cast pall over recovery . US single-family homebuilding rebounded sharply in Feb amid a thaw in winter weather while production at factories surged, but rising prices for raw materials because of tariffs threaten the nascent housing market and manufacturing recovery. Single-family housing starts, which account for the bulk of homebuilding, surged 11.4% to a seasonally adjusted annual rate of 1.108m units last month, the Commerce Department's Census Bureau said. Homebuilding soared in the Northeast and densely populated South as disruptions caused by frigid temperatures eased. (Reuters) UK: BoE set to keep rates on hold as global uncertainty mounts. The BoE is likely to keep interest rates on hold and stick to its mantra of only gradual moves ahead as it grapples with the fallout from US President Donald Trump's trade war and mixed news on Britain's economy. All 61 economists polled by Reuters last week expected the BoE to leave its benchmark interest rate on hold at 4.5%, with the next cut likely in May, followed by further reductions in August and Nov. While there has been limited news on Britain's economy since the BoE's last rate cut on 6 Feb, Trump's stop-start announcements of tariffs on US allies have thrown financial markets into a tailspin and raised questions about the outlook for inflation around the world. (Reuters) Japan: BOJ set to keep interest rates steady as Trump risks cloud outlook. The BOJ is set to keep interest rates steady, as policymakers spend more time gauging how prospects of higher US tariffs would affect the export-reliant economy. The recent market rout and fears of a global slowdown caused by US President Donald Trump's tariff policy are overshadowing wage and price data showing Japan making progress in durably achieving the BOJ's 2% inflation target. Markets are focusing on Governor Kazuo Ueda's post-meeting briefing for clues on how soon the bank could next raise rates, a decision complicated by the contrast between benign domestic data and uncertainty caused by Trump's trade policy. Having just raised interest rates in January, the BOJ is set to maintain its short-term policy rate at 0.5% at a two-day meeting that ends on Wednesday. (Reuters) Japan: Manufacturers' mood sours in March over Trump tariffs, Chinese economy: Reuters poll. Business sentiment among Japanese manufacturers in March worsened for the first time in three months into negative territory on concerns about US tariff policies and weakness in China's economy, a Reuters Tankan poll found. The poll, which tracks the BOJ quarterly business survey, showed the manufacturers' index at minus 1 in March, down from plus 3 in Feb. It marks the first negative reading since Dec when it was also minus 1. "Although we recognise that the long-term demand environment is strong, there may be fluctuations in short-term customer trends," wrote a manager at a nonferrous metal maker in the survey, citing the impact of the uncertainty surrounding tariffs. (Reuters) India: Government recommends 12% temporary tax on some steel products. India has recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports, according to a government notice published. "Authority considers that a provisional safeguard duty of 12% will be appropriate to eliminate the serious injury and threat thereof to the domestic industry," the Directorate General of Trade Remedies (DGTR), which falls under the federal trade ministry, said in the notice. The DGTR has further invited comments on its findings within 30 days, following which there would be an oral hearing before making a final decision, the notice said. In Dec last year, the government launched an investigation to consider if it should impose a safeguard duty or a temporary tax to curtail steel imports. (Reuters) South Korea: Bank of Korea board wary of faster loss of economic momentum, minutes show. Most of the Bank of Korea's board members assessed Asia's fourth largest economy was losing steam faster than expected due to sluggish domestic spending and uncertainties from U.S. tariff policies, minutes from its previous meeting showed. The BOK cut interest rates by 25 bps, opens new tab to 2.75% and significantly lowered its GDP forecasts on Feb 25, taking the economy from a restrictive monetary policy stance towards a neutral one to support growth. "Domestic economy is getting more sluggish than we had expected earlier and downside risks is growing from US tariff policies," one of the seven board members who voted to cut rates in Feb, said, according to the minutes. (Reuters) Markets Focus Point (Outperform, TP: RM1.00): Proposes one-for- three bonus issue. Focus Point has proposed a one-for-three bonus issue, alongside a dividend reinvestment plan (DRP) and a share grant plan, aimed at enhancing shareholder value and incentivising employees. The bonus issue will involve 154m new shares, with the entitlement date to be determined after obtaining all necessary approvals. Under the DRP, shareholders will have the option to reinvest their cash dividends into new shares instead of receiving cash payouts. (The Edge) Solarvest: Bags EPCC deal valued at RM401m . Solarvest Holdings has accepted a letter of award (LoA) worth RM401m from TNB Kuala Muda Solar SB via its wholly-owned subsidiary, Atlantic Blue SB (ABSB). The clean energy specialist said the LoA was awarded after a competitive bidding process for engineering, procurement, construction and commissioning (EPCC) works for a solar facility. (StarBiz) MRCB: Strikes land deals with MOF unit. Malaysian Resources Corp Bhd has struck a land swap deal with Cyberview SB, in which the Minister of Finance Inc owns a 92.24% stake. The other shareholders of Cyberview - the master developer of Cyberjaya - include Sime Darby Propert, with a 5.17% stake, and Permodalan Nasional Bhd, with a 2.59% stake. MRCB said its wholly-owned subsidiary, MRCB Land SB, is selling its 70% stake in CSB Development SB to Cyberview for RM219.04m in cash. (The Edge) Sapura Energy: Says has not been contacted by MACC over bribery, fund misappropriation probe . Sapura Energy clarified that it has not been contacted by the MACC regarding a probe into alleged bribery and fund misappropriation involving the company. In a shortly-worded filing, Sapura said it is fully committed to cooperating with the MACC and will provide all necessary information as required to support its inquiries. The company said: "As a responsible, publicly-listed entity, we uphold the highest standards of corporate governance, transparency, and integrity in all our operations. (The Edge) Salcon: Secures RM99.8m wastewater-related contracts . Salcon has secured two wastewater-related contracts worth RM99.8m. The group said Envitech SB, a 60%-owned subsidiary of Salcon Engineering, which is in turn a wholly-owned subsidiary of Salcon, had accepted two letters of award to redevelop wastewater treatment plant and wastewater infrastructure. The first contract, valued at RM88.8m, was awarded by Perbadanan Pembangunan Pulau Pinang to build wastewater infrastructure in the Batu Kawan Industrial Park. The project is expected to span over 18 months. The second contract was awarded by Binastra Builders SB to redevelop a wastewater treatment plant in Cheras worth RM11m. The project is expected to take about 36 months to complete. (The Edge) Rohas Tecnic: To divest Vietnamese water infra subsidiary for RM87m. Rohas Tecnic has entered into a binding term sheet with South Korea-based Korea Water Resources Corporation to sell its 30%-owned Vietnamese unit Phu My Vinh Construction and Investment Corporation for RM87.1m. The term sheet will take effect from March 14 to April 30 or the signing date of the share sale agreement. (The Edge) MARKET UPDATE The KLCI might open lower today after Wall Street swung back down on Tuesday, and its former superstars once again led the way. The S&P 500 dropped 1.1% for its latest swerve in a scary ride, where it tumbled by 10% from its record and then rallied for two straight days. The Dow Jones Industrial Average fell 260 points, or 0.6%, and the Nasdaq composite sank 1.7%. Tesla was one of the heaviest weights on the market after falling 5.3%. The electric-vehicle maker's stock has been struggling on worries that it will lose sales because of anger at its CEO, Elon Musk, who has been leading efforts to cut spending by the US government. EV rivals, meanwhile, continue to chip away at its business. China's BYD on Monday announced an ultra-fast charging system that it says is nearly as quick as a gasoline fill-up. Wall Street retrenched amid uncertainty about what President Donald Trump's trade war will do to the economy. Trump's rat -a- tat announcements on tariffs and other policies have created worries that US households and businesses could hold pull on their spending, which would hurt the economy. It all makes things more complicated for the Federal Reserve, which is beginning its latest meeting on interest-rate policy and will make its announcement on Wednesday. The Fed could lower its main interest rate, which would make it easier for US businesses and households to borrow. That in turn could boost the economy. But lower interest rates can also push inflation upward, and US consumers have already begun bracing for higher inflation because of tariffs. More attention will be on the forecasts the Fed will publish after the meeting, showing where officials expect interest rates, inflation and the economy to head in upcoming years. In stock markets elsewhere, indices rose across much of Europe and Asia. They've been largely doing better than the US stock market this year, flipping a year's long trend and forcing questions about whether the end has arrived for what was called "US exceptionalism." Japan's Nikkei 225 rose 1.2%. Investors expect the Bank of Japan to keep its benchmark interest rate unchanged at a monetary policy board meeting due to wrap up Wednesday. Trading on Indonesia's stock exchange was suspended temporarily as the benchmark JSX tumbled as much as 6%. But it later pared the loss to 3.8%. Investors have been sending shares of state-owned banks lower after the government launched a sovereign wealth fund, called Danantara, that so far has not proven popular. Back home, the KLCI was shut for a holiday. Source: PublicInvest Research - 19 Mar 2025.