SINGAPORE: Asian shares retreated on Friday as hawkish comments from some Federal Reserve officials and escalating geopolitical tensions put a dent in risk sentiment, while traders were also cautious ahead of U.S. jobs data due later in the day.
The Brent and US West Texas Intermediate crude oil benchmarks rose more than US$1 a barrel during trade on Friday as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies.
Brent futures rose 43 cents, or 0.5%, to settle at $89.35 a barrel, and U.S. West Texas Intermediate futures gained 28 cents, or 0.3%, to $85.43 a barrel.
There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.
Ghana will follow Cote d’Ivoire and raise the fixed farmgate price paid to cocoa farmers by up to 50%. The announcement could be made as early as the end of this week, ConfectioneryNews understands.
The safe haven allure and the ongoing run up in gold has prompted investors to crave expert opinions, even from timeless quotes on the precious metal, to fathom how much longer could the rally sustain.
KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) has urged palm oil industry players to grasp the golden opportunity to export palm tocotrienol products to China after obtaining the approval to register the product in the republic recently.
Renewed rate cut hopes triggered by the unexpected decline in services PMI in the U.S. supported market sentiment despite lingering anxiety ahead of the crucial job market update and cautious statements from Fed officials.
The month-on-month unit price index of steel and cement remained unchanged for most areas in Peninsular Malaysia, Sabah and Sarawak in March 2024 compared with February 2024, says the Statistics Department.