A Penang state executive councillor stated that the recent collapse of a Tenaga Nasional Berhad (TNB) cable bridge in Bayan Lepas was due to its inability to bear the load. Repair work on the damaged bridge is expected to commence by the end of November.
Penang exco says TNB cable bridge in Bayan Lepas collapsed as it couldn’t sustain load; repair works to start end NovThe blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which also boosted small-cap stocks and enabled Wall Street’s three main indexes to post weekly gains. — Reuters picUS PCE stands at 2.2 per cent in AugIndexes: Dow up 0.33 per cent, S&P 500 down 0.13 per cent, Nasdaq down 0.
“The market at this point... pretty much pricing in a soft landing, and pricing in that we have defeated inflation, and that the Fed will be able to lower rates without causing a bunch of harm to the economy”, said Liz Young Thomas, head of investment strategy at SoFi in New York. The Russell 2000 index, which tracks small caps that fare better in a low-rate environment, gained 0.67 per cent to a one-week high.Investors now slightly favour a 50-basis-point cut at the Fed’s next meeting with a 52.1 per cent chance, up from a coin toss before the data, as per the CME Group’s FedWatch Tool.
The optimism extended to miners, with Arcadium gaining 2.13 per cent, and US-listed shares of BHP also adding 1.81 per cent.
Bridge Collapse Penang TNB Bayan Lepas Infrastructure
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