MarketWrap: US stocks fell on Tuesday after weak economic data in China and Europe reignited worries about global growth, while oil prices dropped for a second day, dragging down energy shares. Bucking the day's trend, Apple rose 1.6% to US$95.18, breaking an eight-session streak of losses. - Reuters
The DJIA closed down 140.25 points, or 0.78%, to 17,750.91, the S&P 500 lost 18.06 points, or 0.87%, to 2,063.37 and the Nasdaq dropped 54.37 points, or 1.13%, to 4,763.22.
Forex summary
*The ringgit lost 0.40% to 3.9315 per US$
*It fell 1.41% to 4.5581 per euro
*Down 1.09% to 5.7848 to the pound sterling
*0.44% down to 2.9281 per Singapore dollar
*0.17% lower to 2.9863 per Aussie
*Up 0.27% to 3.6796 per 100 yen
Energy
Oil prices fell for a second day on Tuesday, retreating further from the year's highs hit last week, as rising output renewed worries about the global glut of crude, the US dollar rebounded and equity markets weakened. Brent crude futures LCOc1 settled down 86 cents, or 1.9%, at US$44.97 a barrel. - Reuters
Top foreign stories
Seven big banks settle US rate-rigging lawsuit for US$324m: Seven of the world's biggest banks have agreed to pay US$324 million to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the US$553 trillion derivatives market. The settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc. - Reuters
Pfizer approaches Medivation about potential takeover: Pfizer Inc has approached US cancer drug maker Medivation Inc to express interest in an acquisition, raising the possibility of a bid rivalling a US$9.3 billion offer by Sanofi SA, sources said on Tuesday. Pfizer's approach comes less than a week after Sanofi went public with its US$52.50 per share cash offer, complaining that Medivation refused to engage. Medivation subsequently rejected the offer as too low. - Reuters
Google, Fiat Chrysler to partner on self-driving minivans: Alphabet Inc's Google unit and Fiat Chrysler Automobiles NV have agreed to work together to build a fleet of 100 self-driving minivans in the most advanced collaboration to date between Silicon Valley and a traditional carmaker, the companies said Tuesday. - Reuters
M&A slowdown clouds Wall Street view on stocks: Worldwide merger deals have declined sharply from the frenetic pace that pushed them to record levels in 2015, a sign that could reflect broader weakness in the US economy and vulnerability for US stocks. - Reuters
Glencore considers selling gold mine worth over US$2b: Mining company Glencore is considering selling its Vasilkovskoye gold mine in Kazakhstan, sources close to the deal said on Tuesday. The sources said the assets are worth more than US$2 billion. - Reuters
Top local stories
ANZ writes down AMMB stake: Australia and New Zealand Banking Group Ltd has provided A$260mil (RM773.07mil) as impairment losses on its stake in AMMB Holdings Bhd
in its latest result, sending yet another clear signal of its intention to dispose of the stake. According to ANZ’s 2015 annual report, the value of its stake in AMMB is booked at A$1.424bil (RM4.23bil). With the impairment, the value is now estimated at A$1.16bil (RM3.46bil). - StarBiz
FGV withdraws RSPO certification on 58 mills: Felda Global Ventures Holdings Bhd (FGV) has withdrawn the Roundtable on Sustainable Palm Oil principles and criteria certificates (RSPO P&C) on 58 complexes to fix potential risks and to incorporate some of the latest sustainability policies for the group. The withdrawal, which took effect on Tuesday, does not affect the the group’s membership in RSPO. - StarBiz
Hibiscus’ plan to buy Hydra Energy falls through: Hibiscus Petroleum Bhd’s plan to acquire Australia-based Hydra Energy Holdings Pty Ltd has fallen through following the non-fulfilment of the conditions precedents before April 30. - StarBiz
Bellew upbeat about MAS: Malaysia Airlines Bhd (MAS) executive director and chief operating officer Peter Bellew says he is optimistic about the future of the airline, as things are moving in the right direction. “We will fix it... it will be fixed. We (also) have to grow after that and move forward. It has to be better, better and better,” Bellew said. - StarBiz
Lumut yacht club end membership scheme: The Lumut International Yacht Club, operated by a subsidiary of Johan Holdings Bhd, is winding up its membership scheme because of the low membership base and said it will refund part of the fees paid by existing members. - StarBiz
EPF: No need to sell assets overseas for cash: The Employees Provident Fund (EPF) says it has no need to sell assets overseas for cash, as the net inflow of contributions of close to RM16bil a year is more than enough to cover for its domestic investment requirement. ‘We do not have shortage of money to invest in Malaysia,” said chief executive officer Datuk Shahril Ridza Ridzuan. - StarBiz
MBSB has not applied for banking licence: Malaysia Building Society Bhd (MBSB) has not applied for a banking licence, said its largest shareholder The Employees Provident Fund. - StarBiz
Ex-MRT Corp chief appointed Malakoff group MD: Malakoff Corp Bhd has appointed Mass Rapid Transit Corp’s former chief executive officer Datuk Wira Azhar Abdul Hamid group managing director effective May 1. - StarBiz
Hartalega fourth-quarter profit rises 12%: Hartalega Holdings Bhd’s net profit rose 12.3% to RM61.7mil in the fourth quarter on a revenue that jumped 31.2% to RM400.42mil. It declared a third interim dividend of 2 sen per share, bringing the total dividend to 8 sen per share for the financial year ended March 31, 2016. - StarBiz
LBS Bina optimistic of RM1.2bil sales: LBS Bina Group Bhd is optimistic of achieving sales of RM1.2bil this year with the launch of more affordable homes. Managing director Tan Sri Lim Hock San said the company will launch two projects by July, with a total gross development value of RM1.19bil. - StarBiz
NewCo to take listing status after Nationwide’s internal revamp: Nationwide Express Courier Services Bhd (NECSB) is planning an internal reorganisation involving the exchange of all its shares with a new investment holding company’s, Nationwide Express Holdings Sdn Bhd (NewCo). The NewCo will then be listed on the Main Market of Bursa Malaysia, replacing NECSB. - Edge FD
Shareholders approve Kulim's delisted: Kulim (M) Bhd has received shareholders’ for the company's delisting from the Main Market of Bursa Malaysia. Kulim is expected to be delisted in July or August this year. - StarBiz
Bursa warns Maxwell, Multi Sports of trade suspensions: Bursa Malaysia said it will suspend Maxwell International Holdings Bhd and Multi Sports Holdings Ltd’s share if both companies failed to submit their latest annual reports by the regulator’s deadline. - Edge FD
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