Market wrap: The S&P 500 and the Nasdaq closed slightly higher on Thursday in a choppy start to the fourth quarter as investors waited for the monthly US jobs report and the quarterly earnings season. After starting with a brief rally, stocks fell before edging up again after the latest in a spate of volatile trading days for an equities market where rallies quickly evaporate amid uncertainty about the global economy and US interest rates. - Reuters
The DJIA fell 12.69 points, or 0.08%, to 16,272.01, the S&P 500 gained 3.79 points, or 0.2%, to 1,923.82 and the Nasdaq added 6.92 points, or 0.15%, to 4,627.08.
Forex summary
*The ringgit lost 0.75% to 4.4397 per US$
*It fell 0.97% to 4.9674 per euro
*Down 0.74to 6.7237 to the pound sterling
*0.47% lower to 3.1006 per Singapore dollar
*0.45% lower to 3.1279 per Aussie
*Down 0.71% to 3.7007 per 100 yen
Energy
Oil prices fell as much as 1% on Thursday as the government's storm monitor altered forecasts for the path of the latest US hurricane, snuffing out an early rally that was prompted by fears of storm damage US East Coast oil installations. Brent LCOc1was down 55 cents, or 1.1%, at US$47.82 a barrel by1622 GMT after hitting a one-week high at US$49.84.
Top foreign news
Volkswagen says emission scandal probe to take months: Volkswagen said on Thursday it would take longer than expected to investigate its rigging of vehicle emissions tests, raising the prospect of months of uncertainty for customers, shareholders and staff. After a seven-hour meeting late on Wednesday, the German carmaker's supervisory board said it would take "at least several months" to complete investigations, including an external inquiry by US law firm Jones Day. - Reuters
US factories show vulnerability to chill in global economy: The pace of growth at US factories slowed in September, a sign that the chill falling over the global economy could complicate the Federal Reserve's plans to raise interest rates. The Institute for Supply Management said its index of national factory activity fell to 50.2, its lowest since May 2013 and just below the median forecast in a Reuters poll. - Reuters
Atlanta Fed slashes third quarter view on US economic growth: The US economy is on track to grow 0.9% in the third quarter after a bigger-than-expected widening of the trade gap for goods in August, the Atlanta Federal Reserve's GDPNow forecast model showed on Thursday. This was a much slower rate from the regional Fed bank's prior estimate of 1.8% on Monday, the Atlanta Fed said on its website. - Reuters
Japan Aug household spending picks up: Japan's household spending rose in August for the first time in three months and the availability of jobs improved to its best in more than two decades, which could temper concerns that the economy has fallen into a recession. The 2.9% annual increase in household spending in August was more than the median estimate for a 0.4% year-on-year increase and followed a 0.2% annual decline in July as consumers bought more cars. - Reuters
Market turmoil takes toll on venture-backed IPOs in US: Initial public offerings by start-up companies with venture backing fell to 13 last quarter, down from 29 the previous quarter and 24 a year earlier, as market turmoil deterred start-ups from pursuing IPOs, the National Venture Capital Association said Thursday. The offer amount totalled US$1.75 billion, an average of US$134.5 million per company, compared to US$2.7 billion or US$112.7 million per company a year earlier. - Reuters
Top local stories
Nod for merger talks: Bank Negara has given Malaysia Building Society Bhd
(MBSB) and Bank Muamalat Malaysia Bhd the approval to begin merger talks, a move that would pave the way for the creation of the country’s biggest standalone Islamic bank. - StarBiz
More shareholding change in Lay Hong: The changes in shareholding at integrated poultry company Lay Hong Bhd is not likely to be over. Sources said some shareholders of Lay Hong, who had taken over a block of a 38.8% stake from QL Resources Bhd, could be disposing of their interest to a foreign partner that has a regional presence in the food business. - StarBiz
Top Glove in bullish mode: Top Glove Corp Bhd expects its sales and profit to be at an all-time high this year, boosted by the weak ringgit and lower pric- es of raw materials. Chairman Tan Sri Lim Wee Chai said business was “very encouraging”, also due to the results seen from the rubber glove manufacturer’s heavy investment in automation and computerisation in its factories. - StarBiz
Zarinah, Sharifah join Petronas board: Petroliam Nasional Bhd (Petronas) has appointed a former regulator and a banker as members of its board in a move seen as strengthening the national oil company. The appointment of Tan Sri Zarinah Anwar and Datuk Sharifah Sofianny Syed Hussain took effect from Aug 7 and today, respectively. - StarBiz
Media Prima buys radio station for RM20mil: Media Prima Bhd has proposed to acquire the entire stake in a radio broadcasting com- pany for a total cash consideration of RM20mil to expand its portfolio of media assets. The integrated media group said its unit, Synchrosound Studio Sdn Bhd, had signed a conditional agreement to buy 500,000 shares in Copyright Laureate Sdn Bhd: - StarBiz
Consortium gets year-end deadline to submit application: The Penang government has set year-end timeline for the Gamuda Bhd-led SRS Consortium to submit application for approval to construct the light rail transit (LRT) project under the Penang Transport Master Plan. State Local Government, Traffic Management and Flood Mitigation Committee chairman, Chow Kon Yeow, said the group had yet to submit its initial proposal, which would include the alignment and the sites for the stations, to the state government. - Bernama
Slightly higher budget to boost economy: The Government is set to announce a slightly higher budget for 2016 on Oct 23 compared with Budget 2015 given the year is the beginning of the 11th Malaysian Plan, as well as to boost the domestic economy. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said Budget 2016 was very challenging as the Government in the face of the global economic uncertainty. - StarBiz
SOBA 2015 heating up: The initial round of judging for The Star Outstanding Business Awards (SOBA) 2015 proceeded smoothly at Star Media Group’s headquarters at Menara Star. The judging yesterday was to shortlist the finalists, wherein the final judging will take place a week later where the judges will select the winners. The results will be announced at the Awards Ceremony on Nov 26. - StarBiz
Proton’s first Asean car to be ready in 20 months: Proton Holdings Bhd, which may partner one or more China automakers for its Asean car project, will likely roll out its first product in 20 months. International Trade and Industry Minister II Datuk Seri Ong Ka Chuan said Proton was currently in negotiations with a few carmakers in China including Geely. - Bernama
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
