MALAYSIA: Country Wrap: 1MDB Recovery Continues
Aug-14 05:24
- The Malaysian government has recovered 29.7 billion ringgit ($7 billion) of funds relating to 1Malaysia Development Bhd and its former unit SRC International Sdn. since the establishment of the Assets Recovery Trust Account, according to the Finance Ministry. As of end-July, 42.17 billion ringgit has been channeled to 1MDB to finance debt repayments and fulfill the company’s commitments, the Finance Ministry said in a written parliamentary reply on Wednesday. Of the amount, 15.44 billion ringgit was channeled from the Finance Ministry and the Minister of Finance Incorporated in the form of shareholder advances or loans, while 26.73 billion ringgit came from the proceeds of 1MDB’s asset recovery, it said. (source BBG)
- Malaysia’s southernmost state Johor has approved 164.45 billion ringgit ($39 billion) in overall data center investments as of 2Q 2025, according to the state’s chief minister. Some 42 projects are expected to create 6,000 jobs and contribute 78.6% of Malaysia’s overall operational IT capacity, Onn Hafiz said in a Facebook post on Wednesday. Johor seeks to host 60% of all Malaysian data centers by 2030 as the state administration seeks to make Johor a pioneer in artificial intelligence and digital economy in Malaysia (source BBG)
- The FTSE Malaysia KLCI is giving back some of yesterday's outsized gains of +1.19%, to be down -0.45% today.
- The Ringgit is up +0.22% at 4.1967 to trade below the key technical of 4.20.
- After Tuesday's sell off that saw a +4bp move higher, the MGS 10yr is steady at 3.42%.
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LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-15 05:23
| Date | UK | Period | Event |
| 15-Jul | 2100 | Q1 | Mansion House: Chancellor Reeves and BOE Bailey |
| 16-Jul | 0700 | Q1 | Consumer inflation report |
| 17-Jul | 0700 | Q1 | Labour Market Survey |
| 22-Jul | 0700 | Q1 | Public Sector Finances |
| 23-Jul | 0001 | Q1 | Brightmine pay deals for whole economy |
| 24-Jul | 0930 | Q1 | S&P Global Flash PMI |
| 24-Jul | 1100 | Q1 | CBI Industrial Trends |
| 25-Jul | 0001 | Q1 | Gfk Monthly Consumer Confidence |
| 25-Jul | 0700 | Q1 | Retail Sales |
| 28-Jul | 1100 | Q1 | CBI Distributive Trades |
| 29-Jul | 0001 | Q1 | BRC Monthly Shop Price Index |
| 29-Jul | 0930 | Q1 | BOE Lending to Individuals M4 |
| 01-Aug | 0930 | Q1 | S&P Global/ CIPS UK Final Manufacturing PMI |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Jul-15 05:18
| Date | Time | Country | Event |
| 15-Jul | 0800 | ES | HICP (f) |
| 15-Jul | 1000 | EU | Industrial Production |
| 15-Jul | 1000 | DE | ZEW Current Expectations Index |
| 16-Jul | 0900 | IT | HICP (f) |
| 16-Jul | 1000 | EU | Trade Balance |
| 17-Jul | 1000 | EU | HICP (f) |
| 17-Jul | ---- | EU | ECB Cipollone At G20 Meeting |
| 18-Jul | 0700 | DE | PPI |
| 18-Jul | 0900 | EU | EZ Current Account |
| 18-Jul | 1000 | EU | Construction Production |
| 18-Jul | ---- | EU | ECB Cipollone At G20 Meeting |
| 21-Jul | 1000 | EU | EZ Quarterly GDP Third Estimate |
| 22-Jul | 0900 | EU | ECB Bank Lending Survey |
| 23-Jul | 1500 | EU | Consumer Confidence Indicator (p) |
JGBS: Bear-Steeper But Off Cheapest Levels
Jul-15 05:16
JGB futures are weaker, -13 compared to settlement levels, but ranges have been narrow.
- Today, the local calendar will be empty apart from 5-year Climate Transition supply.
- Cash US tsys are little changed in today’s Asia-Pac session. Focus is on today’s June CPI inflation data and several Fed speakers ahead of Friday evening's policy blackout.
- Cash JGBs are flat to 7bps cheaper across benchmarks, with a steeper curve. The benchmark 10-year yield is 0.7bp higher at 1.589% after revisiting the cycle high of 1.596% earlier in the session.
- As Japan's upper house elections approach (held July 20), focus remains on the relentless rise in longer-dated JGB yields. The 30-year is up 1bp at 3.182% after hitting 3.219%. This is a fresh high on record (since it was debuted in 1999, per BBG). Concerns around fiscal slippage are a factor in the JGB sell-off. The 2/30yr JGB curve is at +240bps, just off multi-decade highs.
- Swap rates are ~1bp higher to 1bp lower, with a flatter curve. Swap spreads are mostly tighter.
- Tomorrow, the local calendar will be empty.
