Journey Towards Financial Independence

09/09/2025

Islamic and Halal Investing: Ethical Investment Strategies for the Modern World

Learn how Islamic and halal investing blends faith, ethics, and global finance. Explore halal investment strategies, Shariah-compliant assets, and ethical opportunities for modern investors.

17/07/2025

5 Things You Need To Know Today: 💡

1. TSMC is forecast to report record second-quarter profit of TWD 377 billion, up 52% yoy, driven by soaring AI chip demand from clients like Nvidia and Apple, though headwinds from pending update on the 32% reciprocal tariff earlier, USD weakening so far despite its USD 165 billion US investment pledge.

2. Goldman Sachs posted a strong second-quarter beat, with EPS of USD10.91 and revenue of USD 14.58 billion that topped estimates, driven by a USD 840 million trading windfall, particularly in equities, where a 36% yoy surge pushed revenue to USD 4.3 billion, offsetting weakness in asset and wealth management.

3. Trading in Japan’s Seven & i was halted after Alimentation Couche-Tard scrapped its USD 47 billion takeover bid, citing a “persistent lack of good faith engagement,” underscoring the hurdles foreign acquirers face in navigating Japan’s corporate landscape.

4. Indonesia’s President Prabowo called Donald Trump a “tough negotiator” after the two leaders struck a trade deal lowering proposed US tariffs from 32% to 19%, with Indonesia pledging to purchase US jets, energy and agricultural goods, an agreement welcomed by markets but still lacking key details.

5. MiniMax, the Shanghai-based AI start-up valued at USD 1.2 billion, has filed for a Hong Kong IPO aiming to raise between HKD 4 billion and HKD 5 billion though the final deal size may shift with market conditions, as competition among China’s “AI Tigers” intensifies with rival Zhipu AI also eyeing a listing.

✅ Key Takeaways:
US dollar weakened and US stocks rose in volatile trading after Trump downplayed speculation about removing Fed Powell, calming market nerves with further support from softer-than-expected US producer prices reinforcing rate cut expectations.

17/07/2025

Thursday, July 17, 2025

US markets rose on dismissal of Fed Powell firing rumors and easing chips exports curb to China

🇺🇸 S&P 500: 6,269 (0.32%) 📈
🇺🇸 NASDAQ: 20,741 (0.25%) 📈
🇪🇺 STOXX 600: 543 (-0.57%) 📉
🇯🇵 Nikkei 225: 39,712 (-0.04%) 📉
🇭🇰 Hang Seng: 24,608 (-0.29%) 📉
🇨🇳 CSI 300: 4,043 (-0.25%) 📉
🇸🇬 STI: 4,132 (0.30%) 📈
🇲🇾 FBM KLCI: 1,512 (-0.91%) 📉
🇲🇾 FBM Small Cap: 15,628 (-0.67%) 📉

(returns in local currency terms, data as of 16 July 2025)

• US equities rebounded with S&P 500 and Nasdaq Composite up 0.3% with Nasdaq fetching another record high, as sentiment recovered on the ground that Trump denied the news of firing Federal Reserve Chair Jerome Powell.

• Asia Pacific markets fell with Hang Seng Index and CSI 300 down -0.3% as investors took profit following a brief rally driven by optimism over chip supply improvements boosting the AI growth outlook.

• Japan’s exports slipped -0.5% yoy in June, missed expectations of 0.5% yoy growth and extending a second month of decline, as US-bound shipments tumbled -11.4% and exports to China fell- 4.7%, with pressure mounting for Japan’s auto sector which is already facing 25% tariff that accounts for 28% of exports to the US.

• FBM KLCI extended decline by -0.9%, hovering at 1,511.50, as regional sentiment turned cautious amid continued tension escalation with the latest EU tariffs threat on US goods.

💡 Events Ahead: 💡

• Thursday marks the release of Japan’s exports y/y, Europe’s core inflation and inflation rate y/y final and the US’s initial jobless claims.

• To end the week, Japan’s inflation rate y/y, Malaysia’s exports y/y and the US’s Michigan consumer sentiment and 5 year inflation expectations prel will be announced on Friday.

16/07/2025

5 Things You Need To Know Today: 💡

1. In a sharp reversal from earlier restrictions, Nvidia and AMD have secured US approval to resume sales of H20 artificial intelligence accelerator to China, with Washington assuring export licenses for Nvidia’s H20 and AMD’s MI308 chips, a move seen as a win, potentially signaling a more pragmatic shift on tech exports.

2. Malaysia will now require permits for exports of high-performance US artificial intelligence chips, suggesting the government is seeking to clamp down on potential diversion of the sensitive components to places like China. Exporters must to notify at least 30 days prior to exporting or shipping such hardware.

3. Chinese firms’ Hong Kong-listed shares are now trading at their narrowest discount to mainland A shares in nearly five years, with an average gap of 22%, supported by a weaker US dollar, increased global investor diversification, and strong mainland inflows targeting technology leaders set to benefit from advancements in artificial intelligence.

4. JPMorgan beat second-quarter profit expectations with strong gains in trading and investment banking prompting the bank to raise its 2025 net interest income forecast to USD 95.5 billion and set aside lower provision for credit losses of USD 2.85 billion. While the IPO pipeline shows signs of recovery, management remains cautious amid prolonged tariffs risk.

5. A set of cryptocurrency regulation bills backed by Trump suffered a major setback in Congress after failing to pass a key procedural vote in the House, with 13 Republicans joining Democrats to block the legislation, stalling momentum during what Trump had dubbed "Crypto Week" and leaving the path forward for the package uncertain.

✅ Key Takeaways:
Markets remain optimistic about a potential Fed rate cut in September, with odds holding near 60% after June’s inflation data came in line but stayed at the higher end of the 2% range. Market largely rules out a July move, policymakers continue to stress the need for more evidence before easing.

16/07/2025

Wednesday, July 16, 2025

Nvidia clinched fresh record to drive a rally in Technology stocks amid positive news on chip exports to China

🇺🇸 S&P 500: 6,249 (-0.39%) 📉
🇺🇸 NASDAQ: 20,688 (0.18%) 📈
🇪🇺 STOXX 600: 546 (-0.37%) 📉
🇯🇵 Nikkei 225: 39,727 (0.55%) 📈
🇭🇰 Hang Seng: 24,681 (1.60%) 📈
🇨🇳 CSI 300: 4,053 (0.05%) 📈
🇸🇬 STI: 4,120 (0.26%) 📈
🇲🇾 FBM KLCI: 1,526 (-0.79%) 📉
🇲🇾 FBM Small Cap: 15,734 (-0.40%) 📉

(returns in local currency terms, data as of 15 July 2025)

• US equities mixed with S&P 500 down -0.4% while Nasdaq Composite up 0.2% respectively with the latter fetching fresh record lifted by a surge in Nvidia on the back of loosening of chips exports to China, bucking broader market weakness weighed by sticky inflation data and a slew of bank earnings.

• Asia Pacific markets mixed with Hang Seng Index up 1.6% and CSI flat lifted by improved growth prospect after better-than-expected GDP data that boosted confidence in the strength of local economy amid entrenched deflation. Internet giants led the gain on with Alibaba, NetEase, Techtronic, Li Auto and Meituan jumped on optimism, in contrast to struggling mainland property developer weighed by the steep decline in home prices at -0.3% mom.

• FBM KLCI edge lower by -0.8%, hovering at 1,525.40, as regional sentiment turned cautious amid continued tension escalation with the latest EU tariffs threat on US goods.

💡 Events Ahead: 💡

• Thursday marks the release of Japan’s exports y/y, Europe’s core inflation and inflation rate y/y final and the US’s initial jobless claims.

• To end the week, Japan’s inflation rate y/y, Malaysia’s exports y/y and the US’s Michigan consumer sentiment and 5 year inflation expectations will be announced on Friday.

15/07/2025

5 Things You Need To Know Today: 💡

1. The European Union has finalised a second list of countermeasures targeting EUR 72 billion worth of US goods including Boeing aircraft, cars, bourbon, medical devices, and agricultural product, as a calibrated response to earlier US tariff actions, signaling a rising risk of transatlantic trade escalation.

2. Trump on Monday threatened to impose “secondary tariffs” of around 100% on Russia’s trade partners if President Putin fails to reach a ceasefire deal in Ukraine within 50 days, while also announcing plans to send billions in US-made military equipment funded by Europe to NATO allies supporting Ukraine, signaling a sharp escalation in trade and geopolitical pressure.

3. Chinese banks extended RMB 2.24 trillion in new Yuan loans in June, more than triple May’s total and well above expectations driven by stimulus efforts and easing US trade tensions, though economists caution the credit boost may be short-lived as government bond issuance slows in the second half.

4. The Bank of Japan is expected to slightly raise its inflation forecast for fiscal 2025 currently at 2.2% amid rising food costs, but maintain its projections for 2026 (1.7%) and 2027 (1.9%), reinforcing expectations for a rate pause at its July 30–31 meeting as policymakers assess the potential economic fallout from renewed US trade tariffs.

5. Chinese EV giant BYD is accelerating its expansion in Saudi Arabia, aiming to open seven new showrooms by mid-2026 as it taps into the kingdom’s ambitions to become an EV hub, building on Tesla’s recent entry and targeting over 5,000 vehicle sales this year despite the market’s nascent shift away from petrol-powered cars.

✅ Key Takeaways:
The EU has extended its pause on retaliatory tariffs until early August in hopes of reaching a negotiated truce, as talks with the US, Canada, and Mexico continue, but markets showed little reaction, with investors largely more prepared for Trump’s recurring tariff threats and abrupt policy shifts.

15/07/2025

Tuesday, July 15, 2025

US markets rebounded amid growing optimism ahead of big banks earnings

🇺🇸 S&P 500: 6,275 (0.14%) 📈
🇺🇸 NASDAQ: 20,653 (0.27%) 📈
🇪🇺 STOXX 600: 548 (-0.06%) 📉
🇯🇵 Nikkei 225: 39,508 (-0.28%) 📉
🇭🇰 Hang Seng: 24,322 (0.26%) 📈
🇨🇳 CSI 300: 4,058 (0.12%) 📈
🇸🇬 STI: 4,109 (0.52%) 📈
🇲🇾 FBM KLCI: 1,539 (0.09%) 📈
🇲🇾 FBM Small Cap: 15,824 (0.44%) 📈

(returns in local currency terms, data as of 14 July 2025)

• US equities rebounded with S&P 500 and Nasdaq Composite up 0.1% and 0.3%, respectively as investors stayed cautious amid renewed tariff threats from Trump who proposed a 30% levy on most EU and Mexican imports starting August 1 while awaiting a wave of economic data and the kickoff of earnings season.

• Asia Pacific markets climbed with Hang Seng Index and CSI 300 up 0.3% and 0.1% on expectations of additional policy support from Beijing to spur growth as market looking forward to the Politburo meeting scheduled for later this month, that the entrenched deflation had raised expectations for more robust stimulus measures.

• FBM KLCI edge higher by 0.1%, hovering at 1,537.51, as regional sentiment turned cautious amid continued tension escalation with the latest EU tariffs threat on US goods.

💡 Events Ahead: 💡

• On Tuesday, we will see the release of China’s GDP growth rate y/y, Europe’s ZEW economic sentiment index and the US’s core inflation and inflation rate y/y.

• Thursday marks the release of Japan’s exports y/y, Europe’s core inflation and inflation rate y/y final and the US’s initial jobless claims.

• To end the week, Japan’s inflation rate y/y, Malaysia’s exports y/y and the US’s Michigan consumer sentiment and 5 year inflation expectations prel will be announced on Friday.

14/07/2025

5 Things You Need To Know Today: 💡

1. Trump announced a sweeping 30% tariff on goods from the EU and Mexico effective August 1, escalating trade tensions despite recent negotiation progress, while warning that any retaliation would trigger additional levies—underscoring his strategy to pressure foreign partners into reshoring production to the U.S. and tightening enforcement ahead of the election cycle.

2. Singapore’s economy outpaced expectations in 2Q25, GDP expanding 4.3% yoy—up from 3.9% in 1Q and far outpaced forecast of 3.% driven by a strong rebound in manufacturing and a sharp quarter-on-quarter turnaround. Yet, uncertainty around US tariff polic may cloud the outlook ahead of the central bank’s policy decision later this month.

3. Consensus pointed towards a 5.1% yoy GDP growth for China in 2Q25, likely just above the official full-year target, driven by resilient exports amid a US trade truce and sustained fiscal support—momentum that may prompt policymakers to pause on further easing for now, though some market players still anticipate modest rate and RRR cuts by year-end as tailwinds begin to fade.

4. Hong Kong’s IPO market is staging a strong comeback, fueled by surging global investor appetite for mainland Chinese AI firms, a trend catalyzed by the high-profile January debut of DeepSeek, a Shenzhen-developed large language model that reshaped perceptions of China’s AI prowess and helped drive 15 IPO filings in 1Q25, including six billion-dollar tech listings.

5. Chinese banks stood with RMB 74 billion of non-performing loans (NPLs), a 190.5% yoy increase despite record-low initial rates below 3%, underscore rising household debt risks and income uncertainty amid efforts to cushion the economy from US trade war pressures. ICBC NPL ratio rose to 2.39% at the end of 2024, from 1.34% a year earlier.

✅ Key Takeaways:
A rally that has taken US stocks to record highs will be tested in the coming week by the kick-off of corporate earnings season, with the impact of tariffs will also be scrutinized as CPI is due on Tuesday. Gold price advanced as investors sought safe-haven assets following announcement of new tariffs.

14/07/2025

Monday, July 14, 2025

Global markets soured amid renewed concern over intensifying tariffs threats

🇺🇸 S&P 500: 6,266 (-0.33%) 📉
🇺🇸 NASDAQ: 20,599 (-0.22%) 📉
🇪🇺 STOXX 600: 548 (-1.01%) 📉
🇯🇵 Nikkei 225: 39,618 (-0.19%) 📉
🇭🇰 Hang Seng: 24,298 (0.46%) 📈
🇨🇳 CSI 300: 4,054 (0.26%) 📈
🇸🇬 STI: 4,088 (0.30%) 📈
🇲🇾 FBM KLCI: 1,538 (-0.03%) 📉
🇲🇾 FBM Small Cap: 15,765 (0.05%) 📈

(returns in local currency terms, data as of 11 July 2025)

• US equities fell with S&P 500 and Nasdaq Composite down -0.3% and -0.2%, respectively as Trump latest decision to intensify his tariff offensive against Canada weighed on sentiment led by the decline in Meta shares, further amplifying the uncertainty swirling around US trade policy.

• Asia Pacific markets climbed with Hang Seng Index and CSI 300 up 0.5% and 0.3% on expectations of additional policy support from Beijing to spur growth as market looking forward to the Politburo meeting scheduled for later this month, that the entrenched deflation had raised expectations for more robust stimulus measures.

• FBM KLCI fell marginally, hovering at 1,536.07 on Friday, as regional sentiment was subdued with investors staying on the sidelines amid escalation in US tariff posture.

💡 Events Ahead: 💡

• On Tuesday, we will see the release of China’s GDP growth rate y/y, Europe’s ZEW economic sentiment index and the US’s core inflation and inflation rate y/y.

• Thursday marks the release of Japan’s exports y/y, Europe’s core inflation and inflation rate y/y final and the US’s initial jobless claims.

• To end the week, Japan’s inflation rate y/y, Malaysia’s exports y/y and the US University of Michigan consumer sentiment and inflation expectations will be announced on Friday.

10/07/2025

5 Things You Need To Know Today: 💡

1. Nvidia became the first public company in the world to hit USD 4T in market cap, and now accounts for 7.5% of the S&P 500. Fuelled by USD350 bn in AI capex from tech giants, momentum is set to continue with upcoming earnings expected to beat and raise guidance.

2. President Trump issued final tariff notices ranging from 20-30% to seven minor trading partners, including the Philippines and a 50% levy on Brazil, while his administration inched closer to a deal with its largest trading partner, the EU.

3. Nvidia-backed Perplexity AI launched Comet, an AI-powered browser designed to streamline tasks into conversational workflows, challenging Google’s search dominance.

4. US online sales surged 9.9% y/y on July 8 per Adobe as Amazon’s Prime Day and rival retailer promotions fuelled demand, with spending on high-ticket electronics jumping 55% and mobile purchases accounting for over half of sales.

5. China announced new job support measures, including higher insurance subsidies for struggling firms and USD 209 hiring incentives for unemployed youth, as youth unemployment remains high at 14.9%.

✅ Key Takeaways:
The market is driven by momentum and FOMO, with mega-cap tech stocks acting as magnets for investors and pushing indices to new highs while tariff fears are being shrugged off, but with a top-heavy, AI-led rally, earnings season could test sentiment as momentum cuts both ways.