MarketWrap: Wall Street surged more than 1% on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the US Federal Reserve might soon raise interest rates. - Reuters
DJIA jumped 1.22% to end at 17,706.05, the S&P 500 rallied 1.37% to 2,076.06 and the Nasdaq surged 2% to 4,861.06.
Forex summary
*The ringgit gained 0.28% to 4.1095 per US$
*It rose 0.63% to 4.5776 per euro
*Down 0.28% to 6.0047 to the pound sterling
*0.18% higher to 2.9741 per Singapore dollar
*0.03% lower to 2.9532 per Aussie
*Up 0.38% to 3.7318 per 100 yen
Energy
Oil rose about 1% on Tuesday on a boost from Wall Street and expectations of a drawdown in US crude inventories, then prices jumped another 1% after settlement to nearly US$50 a barrel after an industry group suggested the draw was larger than expected. Brent crude futures finished up 26 cents, or 0.5%, at US$48.61, ending a four-day slide. It reached US$49.24 in after-hours trade. - Reuters
Top foreign stories
EU regulators clear AB InBev, SABMiller deal: The world's largest brewer Anheuser-Busch InBev gained EU antitrust approval on Tuesday for its US$100 billion-plus acquisition of SABMiller on condition it sells almost the whole of SABMiller's beer business in Europe. - Reuters
Toyota, Uber latest to join forces in ride-sharing rush: Toyota Motor Corp and Uber said on Tuesday they would partner to explore ridesharing, including an investment by the Japanese automaker in the on-demand ride company, the latest in a wave of high-profile partnerships between carmakers and ride-sharing services. Toyota and Uber will create new leasing options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers, the companies said. - Reuters
Monsanto rejects Bayer bid, but open to more talks: Monsanto Co, the world's largest seed company, turned down Bayer AG's US$62 billion acquisition bid as "incomplete and financially inadequate" on Tuesday, but said it was open to engage further in negotiations. Monsanto's decision puts pressure on Bayer to decide whether to raise its bid, even as the company faces criticism from some shareholders that its US$122-per-share cash offer is already too high. - Reuters
MasterCard ties up with Softbank's robot for Asia payment services: MasterCard Inc said on Tuesday it will partner with Japan's SoftBank Corp and its robot 'Pepper' to offer payment services in Asia, as it gradually allows customers to pay from different gadgets like fitness bands and refrigerators. MasterCard will launch its payment service at Pizza Hut Restaurants Asia, a unit of Yum Brands Inc, which will pilot Pepper in its stores by the end of 2016 and use it to take orders and provide other customer services. - Reuters
Top local stories
EPF braces for a tough year: The Employees Provident Fund (EPF) is bracing itself for a difficult year ahead, given the ongoing investment climate and poor corporate results. “The uncertainties in the world economy, following prolonged slower growth in major economies and high volatility in the equity markets and commodity prices, are expected to remain throughout the year,” says chief executive officer Datuk Shahril Ridza Ridzuan. - StarBiz
Genting Q1 net profit falls to RM131mil: Genting Bhd
’s net profit for the first quarter fell to RM130.8mil from RM620.1mil a year ago on lower percentage contribution from premium players at its operations in Malaysia and Singapore. Its revenue increased by 8% to RM4.7bil year-on-year. - StarBiz
FGV confident of better results this year: Felda Global Ventures Holdings Bhd (FGV) is confident the group’s full-year 2016 financial results will be better compared with last year after posting a first-quarter net loss of RM65.54mil as its crude palm oil production was severely impacted by the El Nino. It turned in a higher revenue of RM3.75bil against RM2.71bil a year ago. - StarBiz
Affin Holdings net profit surges 284%: Affin Holdings Bhd’s net profit surged 284% to RM115.56mil in the first quarter. boosted by lower allowance for loan impairment and higher loan recoveries. It also gained a higher share of profit from associates, as well as an increase in net interest iand Islamic banking income. Revenue was marginally down to RM426.92mil from RM428.67mil a year earlier. - StarBiz
IOI Prop expects to match 2015 earnings in current financial year: IOI Properties Group Bhd (IOI Prop) expects earnings for its current financial year ending June 30 to match that of its previous financial year, despite the slowdown in the property sector. It posted a net profit of RM890.70mil in 2015 on revenue of RM1.91bil. - StarBiz
Star Media’s events segment revenue rises 10%: Star Media Group Bhd’s event, exhibition, interior and thematic segment saw a 10.3% increase in revenue to RM42.02mil in the first quarter,versus RM38.09mil a year earlier, marking another milestone of it being a significant contributor to the media group. It attributed the performance of the segment largely to Cityneon’s Victory Hill Exhibitions Pte Ltd, which has the global rights to produce, exhibit and market characters from The Avengers and Transformers series. - StarBiz
HLB posts lower net profit on higher operating expenses: Hong Leong Bank Bhd (HLB) posted a net profit of RM497.83mil for its third quarter, down 4% from a year earlier. Its revenue was marginally higher at RM1bil compared with RM988.12mil a year ago. - StarBiz
Challenging outlook for Maybulk: Malaysian Bulk Carriers Bhd (Maybulk) expects the depressed dry bulk trade environment to persist this year on weak demand and made worse by the over- supply situation in the market. The group, which reported a RM24mil loss in the first quarter on weak charter rates, said its immediate focus was to selectively monetise its assets to improve liquidity. - StarBiz
IGB Corp gets offer for Renaissance KL: IGB Corp Bhd, which saw its latest quarterly net profit slump 20.5%, announced on Tuesday it has received an offer for its 20-year-old, 910-room Renaissance Kuala Lumpur hotel, and is in the midst of evaluating the offer. The identity of the party or the offer price was not disclosed. - Edge FD
AAX profiable for 2nd straight quarter: AirAsia X Bhd (AAX) reported profits for a second straight quarter, posting earnings of RM179.49 million for the first quarter compared to a net loss of RM125.92 million a year ago. Revenue rose 25.2% to RM970.67 million. - Edge FD
UMW Holdings Q1 net profit slumps 90%: UMW Holdngs Bhd’s net profit slumped 90% to RM16.58 million in the first quarter, as revenue declined 32% to RM2.2 billion. It sees a challenging year ahead and will continue to effect cost-cutting measures to mitigate market volatility’s impact on performance. - Edge FD
TH Heavy first-quarter net loss widens on forex loss: TH Heavy Engineering Bhd’s net loss widened to RM33.44 million in the first quarter, from RM18.85 million a year ago, mainly due to unrealised foreign-exchange (forex) losses of RM26.8 million. Revenue fell 69.6% to RM14.52 million. - Edge FD
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