Malaysian palm oil futures rose on Tuesday evening in their second consecutive day of gains, helped by strong export data and firmer soyoil prices
Energy
Brent crude was 0.93% lower to US$47.93 per barrel at 3.35pm.
Forex
Ringgit down 0.24% to 4.3378 versus the US dollar at 3.41pm.
Top foreign stories
Indonesia’s Q1 GDP growth edges up on higher exports: Indonesia’s economic growth picked up a touch in the first quarter on firmer export prices of some commodities and stronger demand in major trading partners, though analysts were split on how far this momentum will carry through to the rest of the year. The economy grew 5.01% in the January-March period on an annual basis, the statistics bureau said on Friday, matching a Reuters poll and up slightly from 4.94% in the preceding quarter. — Reuters
ChemChina clinches US$43b takeover of Syngenta: ChemChina has won more than enough support from Syngenta shareholders to clinch its US$43 billion takeover of the Swiss pesticides and seeds group, the two companies said on Friday. Based on preliminary numbers, around 80.7% of Syngenta shares have been tendered, above the minimum threshold of 67% support, the partners said. — Reuters
US employment growth seen rebounding, wages increasing: US job growth likely rebounded in April and wages increased, pointing to a further tightening in labour market conditions that could pave the way for the Federal Reserve to raise interest rates next month. — Reuters
Japan, China and S. Korea pledge to resist protectionism: Finance leaders of Japan, China and South Korea agreed to resist all forms of protectionism in a trilateral meeting on Friday, taking a stronger stand than G-20 major economies against the protectionist policies advocated by US President Donald Trump. In an attempt to reduce the region’s vulnerability to dollar swings, Japan also proposed forming bilateral swap arrangements with South-East Asian nations that would allow it to provide yen funds in times of financial stress. — Reuters
Macquarie beats estimates with record annual profit, dividend hike: Australia’s Macquarie Group beat expectations with annual net profit climbing 7.5% to a record A$2.22 billion (US$1.6 billion), helped by acquisitions and a strong performance from businesses such as its commodities and financial markets unit. The country’s top investment bank also hiked its dividend 17%, higher than expected, and it shares surged as much as 4.5% to a 10-year high. — Reuters
Made-in-China jet takes maiden flight: The first large made-in-China passenger plane took off on its maiden test flight on Friday, marking a key milestone on the country’s ambitious journey to compete with the world’s leading aircraft makers. The plane represents nearly a decade of effort in a government-mandated drive to reduce dependence on European consortium Airbus and US aerospace giant Boeing. — AFP
Top local stories
BIMB said to consider sale of stake in Syarikat Takaful: BIMB Holdings Bhd, the parent of Malaysia’s oldest Islamic bank, is considering a sale of a stake in its listed insurance unit amid a strategic review of its businesses, sources said. The lender has reached out to banks to advise on its 60% holding in Syarikat Takaful Malaysia Bhd, which has a market value of about US$755 million, they said. — Bloomberg
March exports surge past RM80b for first time: Malaysia’s exports for March 2017 surged to RM82.63bil – exceeding the RM80bil mark for the first time – underpinned by manufactured, mining and agricultural products.The International Trade and Industry Ministry said exports rose 24.1% from a year ago, exceeding economists’ forecast for a 20% increase. — StarBiz
Malaysia palm oil inventories seen rising to four-month high: Palm oil stockpiles in Malaysia probably climbed to the highest since December as production in the world’s second-largest grower rose to a six-month high. Inventories rose 5.2% in April from a month earlier to 1.63 million tonnes, a second monthly increase, a poll shows. Production rose 9.6% to 1.6 million tonnes, the highest since October. Exports rose 3.9% to 1.32 million tons, the survey showed. — Bloomberg
Bilateral swap arrangement between Japan and Malaysia: The Bank of Japan, acting as the agent for the Finance Minister, and Bank Negara have reached an agreement in-principle to conclude a bilateral swap arrangement of up to US$3bil. Bank Negara said under the arrangement Japan and Malaysia will, upon request, provide US dollars to each other through currency swaps. — StarBiz
Bank Negara foreign reserves rises by US$400m: Bank Negara’s international reserves rose US$400mil to US$96.1bil as at April 28 from US$95.7bil on April 14. — StarBiz
Inta Bina to raise RM27m from IPO: Construction firm Inta Bina Group Bhd
, slated to list on the ACE market on May 25, aims to raise RM26.76 million from its initial public offering. Managing Director Paul Lim said, among others, it will use RM5 million of the proceeds to invest in Industrialised Building System and machinery, RM9 million to repay bank borrowings and RM9.56 million for general capital requirements. — Bernama
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