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Second Finance Minister Dato' Sri Amir Hancha stressed that the government's top priority is to implement targeted subsidy measures for other matters such as targeted diesel subsidies and RON95 gasoline, which are still not on the agenda.
Amir Hancha told reporters after the opening of the 2024 Bank of China economic seminar held for the Bank of China today that the current government is fully focused on implementing the targeted diesel subsidy policy, and will only begin implementing other targeted subsidies after completing this matter.
“Implementing targeted diesel subsidies is the government's current focus, and we won't consider anything else until the situation stabilizes.”
After the government began implementing the diesel price fluctuation mechanism on Monday (10th), whether RON95 gasoline will follow suit has become a matter of public concern. Amir Hancha's speech today may give the public a sigh of relief.
Structural reforms are imperative
Amir Hancha reiterated that in order to build a better future for the country, structural reforms are imperative, and that through targeted diesel subsidies, the government can prevent the loss of billions of ringgit due to diesel smuggling and the misuse of subsidies, and use the funds to improve the country's prospects.
“It's clear that targeted diesel subsidies are not a welcome measure. Considering the current macroeconomic environment, steady growth and slowing inflation, we are boldly taking a step forward and implementing a targeted subsidy mechanism for diesel.”
Source: Nanyang Siang Pao
Disclaimer: This content is for reference and educational purposes only, and does not constitute any specific investment, investment strategy,...

The unexpected cooling of the US CPI inflation data brought a significant boost to US stocks. In May, CPI growth slowed to 3.3%, with zero month-on-month growth. Core CPI increased 3.4% year-on-year and 0.2% month-on-month, all showing clear signs of slowing inflation. As a result, the market completely absorbed expectations of two interest rate cuts this year. Driven by this positive news, the S&P 500 and Nasdaq indices hit record highs for three consecutive days.
Meanwhile, the Federal Reserve stated at a recent meeting that although inflation has cooled down, the level is still above target, and more positive data is needed to support interest rate cut decisions. Powell stressed that although inflation has decelerated significantly, more “good data” still needs to be observed. The Federal Reserve now expects to cut interest rates only once this year, reducing the previous forecast of three times.
In terms of individual stocks, technology stocks, driven by the AI boom, have risen sharply. US stocks of Nvidia, Microsoft, Broadcom, and TSMC all hit new highs. Among them, Broadcom rose an additional 10% due to good after-hours earnings performance. After Apple introduced new features at the WWDC conference, its stock price rose by more than 7%, once surpassing Microsoft to become the company with the highest market capitalization, even though Microsoft regained the lead.
In the fixed income market, after the CPI data was released, the price of US bonds rose sharply, and the yield fell sharply. The 10-year US Treasury yield plummeted by more than 10 basis points, hitting a two-month low. The US dollar index fell sharply after the data was released, and although there was some recovery after the Federal Reserve meeting, the increase was limited.
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In May 2024, the US annual inflation rate unexpectedly dipped to a three-month low of 3.3%, defying predictions that it would remain steady at April's rate of 3.4%.
Inflation eased for food (2.1% vs 2.2%), shelter (5.4% vs 5.5%), transportation (10.5% vs 11.2%) and apparel (0.8% vs 1.3%) and prices continued to decline for new vehicles (-0.8% vs -0.4%) and used cars and trucks (-9.3% vs -6.9%). On the other hand, energy costs rose more (3.7% vs 2....