Market wrap: US stocks jumped on Monday, with the S&P 500 rising for the fifth day in a row, as rising oil prices boosted energy stocks and investors bet the Federal Reserve would not raise interest rates this year. The S&P's five-day rise of 5.6% was its best five days dating back to late 2011. Monday saw strong increases in industrials, energy, telecommunications and materials stocks. - Reuters
The DJIA rose 304.06 points, or 1.85%, to 16,776.43, the S&P 500 gained 35.69 points, or 1.83%, to 1,987.05 and the Nasdaq added 73.49 points, or 1.56%, to 4,781.26.
Forex summary
*The ringgit lost 0.03% to 4.3705 per US$
*It rose 0.64% to 4.8894 per euro
*Up 0.31% to 6.6170 to the pound sterling
*0.19% lower to 3.0692 per Singapore dollar
*0.25% higher to 3.0958 per Aussie
*Flat at 3.6269 per 100 yen
Energy
Crude oil prices settled up more than 2% on Monday, bolstered by a rally in US gasoline and Russia's willingness to meet other major oil producers to discuss the market. Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities. Global crude benchmark Brent settled at US$49.25 a barrel, up US$1.12 or 2.3%. - Reuters
Top foreign news
Historic Pacific trade deal faces skeptics in Congress: Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalise commerce in 40% of the world's economy in a deal that faces scepticism from US lawmakers. If approved, the Trans-Pacific Partnership (TPP) pact would cut trade barriers and set common standards for a region stretching from Vietnam to Canada. It would also furnish a legacy-shaping victory for US President Barack Obama, who will further promote the agreement on Tuesday in remarks to business leaders in Washington. - Reuters
DuPont CEO Kullman steps down: DuPont chief executive Ellen Kullman is stepping down this month and will be replaced temporarily by board member and veteran US executive Edward Breen, who oversaw the break-up of conglomerate Tyco International.
Google in talks to invest in chat company Symphony: Google, which has now morphed into holding company Alphabet Inc, is in talks with messaging startup Symphony Communication Services LLC for a round of fundraising, a person familiar with the matter told Reuters. Symphony's chat service allows financial firms, corporate customers and individuals to put all of their digital communications on one centralised platform. The talks are ongoing and no terms are finalised yet, the source added. - Reuters
Suncor Energy launches US$4.3bil hostile bid for Canadian Oil Sands: Suncor Energy Inc launched a hostile bid for Canadian Oil Sands Ltd on Monday, aimed at boosting its stake in the country's biggest synthetic crude project and cementing its position as the country's largest oil producer. Canadian Oil Sands shares rose 55% to C$9.60 on the TSX, well above Suncor's implied offer price, suggesting investors expect a rival bid or sweetened offer to emerge. - Reuters
Nestle confirms in talks to merge international ice cream ops with R&R: Nestle is in "advanced discussions" to merge its international ice cream business with R&R Ice Cream, in its latest effort to refocus on other, higher-performing brands. The world's largest packaged food company announced the talks on Monday, after Reuters reported that R&R, maker of Cadbury Flake Cones, Rowntree's Fruit Pastille lollies and Kelly's Cornish ice cream, was in talks with Nestle to form a 50:50 joint venture in a 3 billion euro (US$3.4 billion) deal. - Reuters
Top local stories
YTL Power deal expires: Tenaga Nasional Bhd
(TNB) said it has stopped buying electricity from YTL Power International Bhd following the expiry of a power purchase agreement (PPA) between the two companies. It is unclear how the latest development would impact YTL Power. The company had previously said it was in discussions with the Energy Commission for an extension of the PPA. - StarBiz
World Bank sees Malaysia’s growth easing to 4.7%: Malaysia’s growth is expected to ease from this year through 2016 amid intensifying downside risks from a potential slowdown in China’s economy, the impending US interest rate hike, weak com- modity prices and moderating domestic demand, says World Bank. The global lender has projected Malaysia’s gross domestic product growth to slow to 4.7% in 2015 from 6% last year. - StarBiz
MSM expanding into UAE: MSM Malaysia Holdings Bhd is expanding its business into United Arab Emirates (UAE) with the opening of the MSM Trading International DMCC office. MSM said the Dubai-based trading hub would start operations on Dec 1, after receiving its trading licence from the Dubai Multi-Commodities Centre. - Bernama
WCT wins RM70.4mil job from 1MDB real estate: WCT Holdings Bhd has secured a RM70.4 million earthwork contract to developed a lifestyle quarter (Phase 1) mixed- use development in the Kuala Lumpur International Financial District in Jalan Tun Razak from 1MDB Real Estate Sdn Bhd. - Bernama
UMW Toyota to raise car prices: UMW Toyota Motor Sdn Bhd, the distributor of Toyota and Lexus vehicles, has said it has no choice but to raise prices in January, as it struggles to cope with the weaker ringgit. The price increase, effective January, varies between 4% and 16% across all models. - StarBiz
TNB to know outcome of bid this month: Tenaga Nasional Bhd (TNB) will know the results of its bid for 1Malaysia Development Bhd’s (1MDB) power assets by the middle of this month, according to its chief executive officer Datuk Seri Azman Mohd. He also said there was no outside influence when the bid was submitted for these assets in July. - StarBiz
Khazanah awaits outcome of Bank Muamalat-MBSB talks: Khazanah Nasional Bhd will wait for the outcome of a merger talks between Bank Muamalat Malaysia Bhd and Malaysia Building Society Bhd (MBSB) before deciding what to do with its stake in the Islamic bank. - StarBiz
EPF members withdraw RM3.12bil: A total of RM3.12bil was withdrawn under the Employees Provident Fund’s (EPF) “Flexible Age 55 Withdrawal” scheme in the second quarter of 2015. The pension fund said this was an increase of 72.3% from the RM1.81bil in the second quarter of 2014 and also higher by 16.4% from RM2.68bil in the first quarter of 2015. - StarBiz
Aspire’s offer to Kian Joo stays at RM3.30 per share: Kian Joo Can Factory Bhd on Monday announced that the offer from Aspire Insights Sdn Bhd to buy the former’s assets and liabilities remains at RM3.30 per share, or RM1.47 billion, in total. This is likely to put to rest spec- ulation that whether Aspire Insight, in which the Employees’ Provident Fund (EPF) holds a 40% stake, might have to up its offer for Kian Joo, considering the aluminium can maker’s earnings have improved since the offer was launched in November 2013. - Edge FD
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Jobstreet to sell remainder of Cinderella stake: Jobstreet Corp Bhd has accepted a mandatory unconditional cash offer of HK$2.038 per share or HK$29.43 million (RM16.58 million) in total for its remaining 4.33% stake or 14.439 million shares in Hong Kong-based Cinderella Me- dia Group Ltd. - Edge FD
OCK aims to increase recurring income: OCK Group Bhd aims to increase its recurring income to contribute 50% of its revenue, from 20% now, said its group managing director Sam Ooi Chin Khoon. To achieve this, Ooi said OCK will expand its footprint in the Asean region for the next three years. - Edge FD
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