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Thursday, February 27th, 2020

Breakfast briefing: Tuesday, March 29

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by March 29, 2016 General

MarketWrap: Wall Street was mixed on Monday as weaker-than-expected US economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares. Trading was choppy and volume was low, with markets closed in Europe. – Reuters

The DJIA rose 0.11% to finish at 17,535.39 points and the S&P 500 edged up 0.05% to 2,037.05. The Nasdaq dropped 0.14% to 4,766.79.

Forex summary

*The ringgit up 0.42% to 3.998 per US$

*It rose 0.26% to 4.4739per euro

*Down 0.04% to 5.6932 to the pound sterling

*0.28% up to 2.9224 per Singapore dollar

*0.22% higher to 3.0191 per Aussie

* Up  0.53% to3.5207 per 100 yen

Energy

Oil futures edged lower for a second straight session on Monday in thin trade as European markets observed the Easter holiday and as hedge funds and other big speculators were still hesitant to wager on a two-month long price rebound amid hefty crude inventories. Sentiment in Brent and US crude’s West Texas Intermediate futures remained soft with investment banks, such as Barclays and Macquarie, warning that market fundamentals were weak enough to pull prices back to US$30 a barrel levels. Brent LCOc1 settled down 17 cents at US$40.27 a barrel. – Reuters

Top foreign stories

China’s Anbang raises offer for Starwood to US14b: China’s Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide Inc to almost US$14 billion, Starwood said on Monday, in the latest challenge to the US hotel operator’s merger with Marriott International Inc. – Reuters

US consumer spending, trade data signal sluggish growth: US consumer spending barely rose in February and inflation retreated, suggesting the Federal Reserve could remain cautious about raising interest rates this year even as the labor market rapidly tightens. Monday’s report from the Commerce Department also showed consumer spending in January was not as strong as previously reported. That, together with other data showing a widening in the goods trade deficit in February, indicated economic growth remained sluggish in the first quarter. – Reuters

Top local stories

Pudu jail site development will finally kick off in June: The first phase of the RM8.7bil mixed development Bukit Bintang City Centre (BBCC) will kick off by the middle of the year, following the securing of partnerships with Japanese retail property developer Mitsui Fudosan (Asia) Pte Ltd and Zepp Hall Network Inc, a unit of Sony Music Entertainment (Japan) Inc. – StarBiz

SunCon wins RM1.2b MRT viaduct contract: Sunway Construction Group Bhd (SunCon) has been awarded a contract worth RM1.21bil by Mass Rapid Transit Corp Sdn Bhd to build a viaduct for the MRT Sungai Buloh-Serdang- Putrajaya line. – Starbiz

S&P reaffirms Malaysia’s sovereign ratings:
Standard & Poor’s Ratings Services (S&P) has reaffirmed its sovereign ratings on Malaysia, with a stable outlook based on the country’s strong external position and considerable monetary flexibility. – StarBiz

Public Bank sees marginally lower net return on equity: Public Bank Bhd expects a marginally lower net return on equity of 15% this year, despite a record-breaking pre-tax profit of RM6.49bil in the financial year ended Dec 31, 2015. – StarBiz

VS Industry earnings up 50%: VS Industry Bhd’s net profit increased 50.3% to RM27.5mil in its second quarter ended Jan 31, 2016, on higher sales, net foreign exchange gains and higher allowance for slow-moving inventories. Its revenue increased 7.7% to RM501.1mil. – StarBiz

El Nino could reduce Malaysia’s palm oil output by two million tonnes: Palm oil output in Malaysia, the world’s second-largest producer, is estimated to fall by 2 million tonnes from a year earlier in the oil year ending September 2016 due to the effects of El Nino, leading industry analyst Dorab Mistry said. – Reuters

JAKS: Vietnam plant will give IRR of 12%: JAKS Resources Bhd is eyeing an internal rate of return of 12% for its US$1.87bil (RM7.52bil) Vietnam coal-fired thermal independent power plant project. – StarBiz

XingQuan’s rights issue undersubscribed by 12.97%: China-based shoemaker XingQuan International Sports Holdings Ltd’s rights issue with warrants has been undersubscribed by 21.92 million shares, or 12.97%. – Edge FD

RM2.37b allocation to repay KLIA Bhd debt: Putrajaya said it set aside RM2.37 billion under Budget 2016 to repay loans taken by the now defunct Kuala Lumpur International Airport Bhd that are maturing this year. Prime Minister Datuk Seri Najib Razak said more allocation would be needed until 2019 to settle KLIA Bhd’s remaining loans. – Edge FD

Fitch downgrades Sime’s ratings: Fitch Ratings has downgraded its ratings of Sime Darby Bhd to “BBB+” from “A”, with a negative outlook.Fitch said the downgrade reflects the extended period of high leverage, with the group taking longer than initially anticipated to deleverage, due to the challenging environment for the industrial business and still low, though recovering, crude palm oil prices. – Edge FD

TMC wants to partner UK firm in Johor: TMC Life Sciences Bhd is looking to partner with a UK-based education and training institution to offer medical education and training in Johor. TMC executive director and group chief executive officer Roy Quek said the company has shortlisted a small number of potential players in the UK. – Edge FD

AGMs/EGMs

Hubline Bhd

Time: 11am

Venue: Dewan Perpaduan II, Merdeka Palace Hotel & Suites, Jalan Tun Abang Haji Openg, Kuching, Sarawak.

Anzo Holdings Bhd

Time: 9am

Venue: Inspire I & II, Food Tree Café, No. 10, Jalan Pelukis U1/46, Kawasan Perindustrian Temasya, Shah Alam, Selangor

Adventa Bhd

Time: 10.30m

Venue: 21, Jalan Tandang 51/205A, Seksyen 51, Petaling Jaya, Selangor

Pharmaniaga Bhd

Time: 9.30am

Venue: The Royale Chulan Damansara Hotel, The Royale Ballroom, Level 2, Petaling Jaya, Slinger

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