Green titan?: Tesla and SolarCity would form a one-stop clean energy shop.
MarketWrap: Stocks ended lower on Wall Street on Wednesday, as energy shares tracked oil prices lower, and the S&P posted a loss for August, the first negative month for the benchmark index since February. - Reuters
The DJIA fell 53.42 points, or 0.29%, to 18,400.88, the S&P 500 lost 5.17 points, or 0.24%, to 2,170.95 and the Nasdaq dropped 9.77 points, or 0.19%, to 5,213.22.
Forex summary
*The ringgit lost 0.23% to 4.0767 per US$
*It was 0.39% lower at 4.5484 per euro
*Down 0.20% to 5.3556 to the pound sterling
*Down 0.32% to 2.9921 per Singapore dollar
*0.31% lower to 3.0677 per Aussie
*Down 0.48% to 3.9516 per 100 yen
Energy
Oil prices fell 3% or more on Wednesday, paring their big gains for August, after government data showed a large surprise weekly build in US crude and distillate stockpiles and a smaller-than-expected drawdown in gasoline. Brent crude futures settled down US$1.33, or 2.8%, at US$47.04 per barrel. It rose nearly 11% for August. - Reuters
Top foreign stories
State Grid poised to conclude Brazil's CPFL deal: State Grid Corp of China plans to sign final terms of the purchase of a 23.6% stake in Brazilian power holding company CPFL Energia SA from conglomerate Camargo Correa SA as early as Friday, said a person directly involved in the matter. - Reuters
China official services PMI expands at slightly slower pace in August: Activity in China's services industry expanded again in August, but at a slightly slower pace than in the previous month, an official survey showed on Thursday. The official non-manufacturing Purchasing Managers' Index (PMI) stood at 53.5 in August, compared to the previous month's reading of 53.9. - Reuters
Tesla plans to raise funds this year to tackle cash crunch: Facing a severe cash crunch, Tesla Motors Inc plans to raise additional money this year to help fund development and production of its new Model 3 sedan and build out a massive battery factory, the company said on Wednesday.
The electric carmaker plans to raise money through an equity or debt offering, it said. - Reuters
Top local stories
Parkson selling assets: Parkson Holdings Bhd
is in the final stages of discussions for an asset disposal, the proceeds of which would be used to shore up its balance sheet. A company spokesperson said the company was always on the lookout for opportunities to unlock the value of its assets. - StarBiz
A mixed bag of results: The second-quarter earnings season has been a mixed bag, but green shoots are starting to show. Overall, most companies delivered numbers that were within expectations, indicating the worst could perhaps be over and investors can now look forward to an earnings recovery trend. - StarBiz
LBS Bina on track to hit RM1.2bil sales target: LBS Bina Group Bhd is poised to meet its RM1.2bil full-year sales target , despite the soft property market. CIMB Research said in a report LBS sold RM443mil worth of properties in the first half of 2016. - StarBiz
Mudajaya’s outlook still weak: The outlook for Mudajaya Group Bhd has turned weaker after the construction and civil engineering outfit reported wider losses for the first six months of 2016. At least one research house expects the company to remain in the red through its financial year ending Dec 31, 2016, which would be its third consecutive year of losses, before recovering in the subsequent year. - StarBiz
SCB set to win power cable contract: Sarawak Cable Bhd (SCB) is set to clinch a major contract for the supply of power cables for the Pan Borneo Highway project. Group managing director and chief executive officer Aaron Toh Chee Ching indicated the contract, which is estimated to be worth between RM80mil and RM100mil, could be signed this month. - StarBiz
Tong Guan in talks to form foreign JVs: Tong Guan Industries Bhd, whose half-year’s net profit has more than doubled, is in talks with prospective Japanese companies on tapping the barrier film manufacturing, a niche market in Asean with a market size of RM800 million. It also keen on expanding its technology for blown film and stretch film production with Japanese partners. - Edge FD
Limited time offer:
Just RM5 per month.
