Wednesday, October 19th, 2016

 

Energy, banks push Wall Street higher but Intel limits gains

NEW YORK, Oct 19 — A rise in energy and financial stocks pushed Wall Street higher yesterday, but a drop in consumer staples and Intel limited gains, especially on the Nasdaq. Intel tumbled nearly 6 per cent and was the biggest drag on all… Source: The Malay Mail Online


Energy, banks push Wall St higher but Intel limits gains

NEW YORK, Oct 19 — A rise in energy and financial stocks pushed Wall Street higher yesterday, but a drop in consumer staples and Intel limited gains, especially on the Nasdaq. Intel tumbled nearly 6 per cent and was the biggest drag on all… Source: The Malay Mail Online


Black shirts bright spot in Thai economy as mourning for king begins

Black shirts bright spot in Thai economy as mourning for king begins

BANGKOK (Oct 19): Thais are crowding shopping malls and department stores to stock up on black clothes, as they begin a year of mourning for beloved King Bhumibol Adulaydej that could end up dampening consumption in Southeast Asia’s second-biggest economy.

The rush on retail outlets such Japan’s Uniqlo, Tesco Lotus and BigC is in sharp contrast to thinning crowds at Bangkok’s cinemas, coffee shops and usually bustling bars since the king died on Thursday after a long illness.

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Source: The Edge Markets


Stocks advance on earnings as crude oil rallies, Treasuries fall

NEW YORK, Oct 19 — Stocks rose for a second day as energy companies surged with oil while corporate earnings boosted optimism on the economy. Treasuries fell. American equities gained as Morgan Stanley reported better-than-estimated results,… Source: The Malay Mail Online


European shares propped up by firmer bank and retail stocks

European shares propped up by firmer bank and retail stocks

LONDON (Oct 19): European stocks rose on Wednesday as gains in the shares of major banks and retail companies offset weaker earnings elsewhere in the market.

The pan-European STOXX 600 index rose 0.4%, although the index remains down by around 6% since the start of 2016.

The European bank index got a lift to stand 1.1% higher, after Wall Street bank Morgan Stanley reported better-than-forecast profits on Wednesday.

“Morgan Stanley’s results have generally been a positive for the banking sector across the board,” said Hantec Markets’ analyst Richard Perry.

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Source: The Edge Markets


Oil up 2% after big draw in U.S. crude inventories

Oil up 2% after big draw in U.S. crude inventories

NEW YORK/LONDON/SINGAPORE (Oct 19): Oil prices rose about 2% on Wednesday, after the U.S. government reported a surprising drop in domestic crude stockpiles, versus analysts expectations for a build.

Brent crude was up US$1.12 or 2% at US$52.80 per barrel by 10:33 a.m. EDT (1533 GMT).

U.S. West Texas Intermediate (WTI) crude rose US$1.16 or 2.3% to US$51.45.

The Energy Information Administration (EIA) said U.S. crude stocks fell by 5.2 million barrels in the week ended Oct 14.

Analysts polled by Reuters had forecast a 2.7 million-barrel build.

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Source: The Edge Markets


‘Quick learner’ Jokowi building momentum after slow start

‘Quick learner’ Jokowi building momentum after slow start

JAKARTA Oct 19): After a shaky start, Indonesia’s leader Joko Widodo has put Southeast Asia’s largest economy — and his presidency — back on track.

Two years into the job, Jokowi, as he is better known, has managed to assert his authority over Indonesia’s political establishment, cut fuel subsidies and boost revenue with a tax amnesty program. Still, serious challenges remain: He must implement an ambitious infrastructure programme, reduce corruption and hit a 7% growth target by 2019.

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Source: The Edge Markets


Starbucks names China CEO, sees 5,000 stores there by 2021

LOS ANGELES, Oct 19 — Starbucks Corp today named its first chief executive officer for China and said it plans to more than double its store count in that country to 5,000 by 2021. The world’s biggest coffee chain promoted Belinda Wong to… Source: The Malay Mail Online


Apple supplier Laird warns of sharply lower profit; shares plunge

BENGALURU (Oct 19): Apple Inc supplier Laird Plc said it expected to post a sharply lower profit for the year, citing a slowdown in smartphone sales and “unprecedented” pricing pressure, sending its shares down by as much as 50%.

The selloff, marking the worst single-day drop for the stock, wiped out more than 420 million pounds from Laird’s market capitalisation.

The profit warning raises doubts about a recovery in the company’s biggest business — the performance materials division, which makes parts for the iPhone and other smartphones.

Source: The Edge Markets


Philippines’ Duterte says S.China Sea arbitration case to take ‘back seat’

Philippines' Duterte says S.China Sea arbitration case to take 'back seat'

BEIJING/MANILA (Oct 19): The South China Sea arbitration case will “take the back seat” during talks with China, Philippine President Rodrigo Duterte said on Wednesday in Beijing, adding that he would wait for the Chinese to bring up the dispute rather than doing so himself.

Duterte arrived in Beijing on Tuesday with at least 200 top business people to pave the way for what he calls a new commercial alliance, amid deteriorating ties with longtime ally the United States.

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Source: The Edge Markets