Eight Australian firms have announced plans to invest over $3 billion in Malaysia, marking a significant boost to the country’s economy. The investments, totaling around 5.2 billion Australian dollars, will focus on the digital and green economy sectors, according to Malaysia’s minister for investment, trade, and industry, Tengku Zafrul Aziz.
Among the companies showing interest in Malaysia is data center operator AirTrunk, backed by Macquarie Asset Management. This news comes on the heels of Malaysian Prime Minister Anwar Ibrahim’s visit to Melbourne, where he reportedly stated that major Australian companies are looking to invest approximately RM24.5 billion in the country.
In other economic news, Australia’s GDP grew by 0.2% in the final quarter of 2023, driven by government expenditure and private business investment. While slightly below expectations, the growth was steady, with real GDP for the year ending in December slightly exceeding forecasts.
Meanwhile, South Korea’s inflation rate accelerated in February, surpassing expectations after three months of decline. The country’s core inflation rate also rose, indicating potential economic challenges ahead.
On the stock market front, Nvidia led gains for the S&P 500 and Nasdaq on Tuesday, despite overall market declines. The tech giant’s positive performance contrasted with losses from other tech stocks, contributing to a mixed trading day for major indexes.
After the bell, Nordstrom, CrowdStrike, and other companies made significant moves in extended trading, with Nordstrom’s stock sliding despite beating earnings expectations, while CrowdStrike soared after strong fourth-quarter results.
Overall, these developments highlight the dynamic nature of global markets and the ongoing impact of economic decisions on various industries and countries. Stay tuned for more updates on these and other key economic events.
