Breakfast briefing: Tuesday, September 29


Market wrap: US stocks finished sharply lower on Monday and were on track for their worst quarter in four years as investors worried about the health of China's economy and its potential impact on the timing of a U.S. interest rate increase. - Reuters

The DJIA 1.92% to end at 16,001.89 points. The S&P lost 2.57%to 1,881.77 and the Nasdaq dropped 3.04% to finish at 4,543.97.

Forex summary

*The ringgit lost 1.01% to 4.4683 per US$

*It fell 1.67% to 5.0271 per euro

*Down 0.61% to 6.7767 to the pound sterling

*0.75% lower  to 3.1196 per Singapore dollar

*0.01% lower to 3.1082 per Aussie

*Down 1.16% to 3.7315 per 100 yen

Energy

Oil prices fell nearly 3% on Monday, pressured by tumbling equities on Wall Street and weak Chinese economic data, although an estimated drawdown in crude stocks at the key US storage hub appeared to limit losses, traders said. Brent, the key indicator for global crude prices, settled down US$1.26, or 2.6%, at US$47.34 a barrel. - Reuters

Top foreign news

Glencore slumps 30% as debt fears grow: Shares in mining and trading company Glencore fell almost 30% and closed at a record low on Monday over concerns it is not doing enough to cut its debt to withstand a prolonged fall in global metals prices About 3.5 billion pounds (US$5.33 billion) in market value was wiped off the Swiss-based firm, whose $US10 billion share offering in 2011 turned its managers into billionaire shareholders but left it saddled with debt - a growing problem as commodity prices fell. _ Reuters

Top local stories

Alternative to Kidex: The Government is looking at an alternative to the Kinrara-Damansara Expressway (Kidex), which has not taken off the ground because of objections from the Selangor state government.
Works Minister Datuk Seri Fadillah Yusuf said an option that the Federal Government was co sidering was an underground highway.- StarBiz

Way to go: Poor management of public finances is marked by an ineffective separation of powers and when government con- tracts are awarded based on “who you know” and not who can give the best value for money. Awarding government contracts based on “who you know” often resulted in projects becoming costly, poorly delivered and failed to provide the incentives for increased proficiency and productivity, said Bank Negara deputy governor Dr Sukhdave Singh. -  StarBiz

UEM Sunrise aims big with Aussie project: Property developer UEM Sunrise Bhd is targeting to achieve RM500mil in sales for its latest development in Australia by year-end. Conservatory, its 42-level tower on Mackenzie Street in Melbourne, will be predominantly a residential project, with a signature retail component of 300 sq m and a total gross development value (GDV) of A$320mil (RM993mil).
To-date, 60% of the project had been sold. - StarBiz

Zeti: Malaysia can weather market volatility: Bank Negara governor Tan Sri Zeti Akhtar Aziz is unconcerned with the possible downgrade to “junk status” by cred- it default swap (CDS) traders as she believes Malaysia is resilient enough to weather the current mar- ket volatility. - StarBiz

SP Setia to continue global expansion: Property developer SP Setia Bhd will push ahead with its international momentum now that it has gained a certain amount of traction in the countries it is in.
Acting president and CEO Datuk Wong Tuck Wai said the company will ride on the success of its maid- en condo project here, 18 Woodsville, which obtained a tem- porary occupation permit two months ahead of schedule. - StarBiz


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