World

The EU has agreed on a fresh round of sanctions against Russia over the Ukraine war. Ambassadors from the 27-nation bloc discussed and approved the package, with implementation expected by Friday. French President Macron emphasized the effectiveness of these sanctions.

IBM partners with Rapidus, a new Japanese chipmaker backed by the government, to develop cutting-edge semiconductor technology. The collaboration aims to help Japan regain its competitive edge in chip production, addressing supply chain challenges and technological gaps in the global semiconductor industry.

Bursa Malaysia announced 21 new additions to the FTSE4Good Bursa Malaysia (F4GBM) Index, bringing the total constituents to 98. The index, which measures publicly traded companies' environmental, social, and governance (ESG) performance, continues its growth trend since its 2014 launch.

[SEMI predicts semiconductor manufacturing equipment sales will reach US$108.5 billion in 2022, surpassing 2021's record of US$102.5 billion. The market is expected to decline to US$91.2 billion in 2023, with front-end and back-end categories driving future growth.]

JPMorgan Chase CEO Jamie Dimon predicts a potential mild to hard recession in 2023, citing consumer savings depletion and inflation's impact. Despite current economic stability, he warns that economic conditions may deteriorate as consumer purchasing power decreases and Federal Reserve interest rates stabilize.

The European Union is proposing travel bans and asset freezes on over 200 Russian politicians and military officers. The European Commission's recommendations target political parties, regional governors, and government ministers involved in actions against Ukraine.

Asian stocks showed modest gains as investors weighed global economic challenges. Hong Kong's Hang Seng Index surged over 2%, while Chinese markets increased slightly following government COVID policy adjustments. Despite growth concerns and potential Federal Reserve interest rate hikes, regional markets demonstrated resilience.[100 words: Summarizes market performance, key factors, and sentiment]

The Institute of Chartered Accountants in England and Wales (ICAEW) predicts a challenging start for Asian economies in 2023, but highlights Malaysia's relative economic resilience. Despite global supply chain disruptions and inflation, the country is expected to maintain economic strength through the anticipated economic downturn.

Banking stocks remain a relatively safe investment despite emerging challenges. Industry experts suggest focusing on non-interest revenues while navigating increasing deposit competition, declining account rates, and potential macroeconomic pressures. Hong Leong Investment Bank has adjusted its industry outlook to a neutral stance.

OPEC+ continues its 2 million barrel per day output reduction while China relaxes COVID curbs. U.S. West Texas Intermediate crude futures rose 0.9% to $80.68, and Brent crude increased 0.8% to $86.29, signaling potential demand recovery and market stability.