Saturday, October 15th, 2016

 

Continental buys auto supplier Konrad Hornschuch

FRANKFURT, Oct 15 ― Leading German car industry manufacturer Continental today announced it had bought Hornschuch, a maker of films, foam laminates and artificial leather for cars and other applications, to help it expand into other industry… Source: The Malay Mail Online


Report: German finance minister wants ESM to be budget watchdog for euro zone states

BERLIN, Oct 15 ― German Finance Minister Wolfgang Schaeuble told a German newspaper he wanted the euro zone bailout fund ― the European Stability Mechanism ― to be given responsibility for monitoring euro zone countries’ budgets instead of… Source: The Malay Mail Online


Twitter charts solo path as Salesforce rules out takeover

NEW YORK, Oct 15 ― Twitter Inc faces an uncertain future after Saleforce.com Inc, the last of the companies believed to be interested in buying the troubled social network, said yesterday that it would not make a bid. Twitter and Chief… Source: The Malay Mail Online


Sales scandal costs Wells Fargo, JPMorgan and Citi please Wall Street

NEW YORK, Oct 15 ― JPMorgan Chase and Citigroup trounced third-quarter estimates yesterday on a sharp rebound in trading revenues while Wells Fargo & Co barely beat expectations as a sales scandal engulfed the bank. Wells Fargo is under… Source: The Malay Mail Online


S&P 500 Index closes little changed amid data, earnings results

NEW YORK, Oct 15 — US stocks closed little changed, amid data that bolstered the case for higher borrowing costs while remarks from Federal Reserve Chair Janet Yellen signalled the central bank will remain deliberate in raising interest rates…. Source: The Malay Mail Online


Emerging markets rise on Yellen comments, China growth outlook

NEW YORK, Oct 15 — Emerging-markets stocks rose for the first time in four days as Federal Reserve Chair Janet Yellen reassured investors that policy makers will raise US interest rates slowly and a surprise increase in China’s producer prices… Source: The Malay Mail Online


Dollar advances as retail sales strengthen case for rate hike

NEW YORK, Oct 15 — The dollar advanced to near a seven-month high after a report showing retail sales rose by the most in three months bolstered the Federal Reserve’s case to raise interest rates by year-end. The greenback gained against… Source: The Malay Mail Online


Bursa to rebound on Budget 2017 fresh catalysts next week

KUALA LUMPUR: Bursa Malaysia is expected to rebound next week, fuelled by positive sentiment ahead of the Budget 2017 fresh catalysts.

Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the key index FTSE Bursa Malaysia KLCI (FBM KLCI) would likely move to the 1,680 region next week.

He said this would drive buying interest mostly in technology, telecommunications and construction-related stocks as they would likely benefit from the new budget.

“The budget is expected to be consumer-friendly and it will have more incentives for the people,” he told Bernama.

Prime Minister Datuk Seri Najib Abdul Razak is scheduled to table the budget on Oct 21.

On the external front, he said the oil price recovery, the upcoming US presidential race and the US Federal reserve interest rate hike probability would continue to weigh on interest in Bursa Malaysia next week.

For the week just ended, the benchmark FBM KLCI eased 6.41 points to 1,658.97 compared with 1,665.38 last Friday.

The oil price movement coupled with the development in the two world's largest economies, the US and China, were among factors that would influence risk appetite in the local market.

On a week-to-week basis, the FBM Emas Index fell 24.51 points to 11,737.64, the FBMT 100 Index decreased 24.51 points to 11,434.86 and the FBM Emas Syariah Index was 14.84 points lower at 12,404.89.

However, the FBM Ace rose 14.66 points to 5,149.2 and the FBM 70 gained 11.38 points to 13,792.42.

On a sectoral basis, the Finance Index gave up 45.79 points for 14,225.37, the Industrial Index lost 14.71 points to 3,121.04, but the Plantation Index perked 24.07 points to 7,914.57.

Weekly turnover widened to 7.56 billion units worth RM8.52 billion versus 6.27 billion units valued at RM7.39 billion last Friday.

Main market volume expanded to 4.81 billion units worth RM8.11 billion against 4.07 billion units valued at RM7.05 billion last week.

Warrant turnover rose to 1.15 billion units valued at RM213.87 million vis-a-vis 939.82 million units valued at RM175.12 million previously.

The ACE market improved to 1.58 billion shares worth RM199.33 million from 1.25 billion shares valued at RM162.55 million previously. — Bernama Source: The Sun Daily


Ringgit likely to rebound next week

KUALA LUMPUR: The ringgit is expected to rebound to the 4.10 level against the US dollar next week, driven by optimism ahead of Budget 2017 tabling.

Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the budget was expected to provide attractive measures to boost the economy, as well as attract foreign investments.

“Ringgit trading next week will be influenced (largely by expectations) in anticipation of the budget outcomes,” he told Bernama.

The budget will be tabled by Prime Minister Datuk Seri Najib Abdul Razak on Friday.

On a Friday-to-Friday basis, the local note weakened against the greenback to 4.1980/2050 from 4.1535/1585 following the release of the Bank Negara data which showed heavy sell-off of Malaysian bond by foreign investors in September.

The ringgit also ended lower against a basket of currencies.

It depreciated against the Singapore dollar to 3.0247/0302 from 3.0214/0252 last Friday and eased against the yen to 4.0230/0301 from 3.9999/9066.

The ringgit weakened against the British pound to 5.1249/1339 against the previous week's 5.1142/1220 and declined against the euro to 4.6245/6331 from 4.6199/6267. — Bernama Source: The Sun Daily


Ringgit likely to rebound

KUALA LUMPUR, Oct 15 — The ringgit is expected to rebound to the 4.10 level against the US dollar next week, driven by optimism ahead of Budget 2017 tabling. Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri… Source: The Malay Mail Online