MarketWrap: Wall Street rallied for a second straight day on Wednesday, led by gains in beaten-down financial shares after JPMorgan's quarterly results. The major indexes each ended up at least 1%. The S&P 500 finished at its highest level in more than four months, while the Nasdaq registered its highest close of the year and the Dow industrials touched a more than five-month high.
The DJIA rose 187.03 points, or 1.06%, to 17,908.28, the S&P 500 gained 20.7 points, or 1%, to 2,082.42 and the Nasdaq added 75.33 points, or 1.55%, to 4,947.42.
Forex summary
*The ringgit down 0.60% to 3.8955 per US$
*It rises 0.06% to 4.3876 per euro
*Down 0.34% to 5.5213 to the pound sterling
*0.35% up to 2.8617 per Singapore dollar
*0.23% lower to 2.9754 per Aussie
*Down 0.55% to 3.5611 per 100 yen
Energy
Oil futures fell from fresh four-month highs in choppy trading on Wednesday as comments from Russia's energy minister added to doubts a producer meeting set for Sunday in Doha to discuss freezing output would yield a positive outcome. Brent crude LCOc1 settled down 51 cents at US$44.18 per barrel, while US crude CLc1 settled down 41 cents at US$41.76. _ Reuters
Top foreign news
US economic activity expands: The US economy continued to expand from late February to early April and low unemployment appears to be spurring an uptick in wage growth, the Federal Reserve said on Wednesday. - Reuters
US regulators fail 'living wills' at five of eight big banks: US regulators gave a failing grade to five big banks on Wednesday, including JPMorgan Chase & Co and Wells Fargo & Co, on their plans for a bankruptcy that would not rely on taxpayer money, giving them until Oct 1 to make amends or risk sanctions. The move officially starts a long regulatory chain that could end with breaking up the banks. - Reuters
Top local stories
Lift for Pengerang after 2019?: Oil majors are only expected to commit investments in the Pengerang Integrated Petroleum Complex after 2019. This is because the the companies, who form the bulk of investors, are adopting a “wait-and-see” stance before committing to major investment decisions. - StarBiz
Malaysia the biggest gainer of fund inflow in the region: Malaysia is the biggest gainer in terms of the inflow of foreign funds in the region due to the country’s strong fun- damentals and the valuation of the companies here, says Bursa Malaysia chief executive officer Datuk Seri Tajuddin Atan. - StarBiz
Muhibbah JV firm bags RM88mil Cambidia airport contract: The construction joint venture company formed by Vinci Group and Muhibbah Engineering (M) Bhd have secured a US$23mil (RM88mil) contract from Societe Concessionnaire De L’Aeroport. The consortium will design and construct a new domestic terminal at the Phnom Penh Airport in Cambodia. - StarBiz
EPF plans to double property investments: The Employees Provident Fund (EPF) plans to double its real estate assets in the next few years as it seeks to diversify its holdings that are mostly invested in bonds and stocks. EPF, whose property investments include 11-12 St James Square and the Battersea Power Station project in London, is now looking at buying more assets in continental Europe, says chief executive officer Datuk Shahril Ridza Ridzuan. - Bloomberg
Sona sweetens deal for investors: Sona Petroleum Bhd, which is making a second attempt at a qualifying acquisition, has sweetened its proposed capital repayment that is conditional on shareholders’ approving its US$25mil (RM96.9mil) purchase of Stag Oilfield assets in western Australia. The company said under revised plan, the proposed cash distribution had been fixed at eight sen per share from zero to 7.1 sen previously. - StarBiz
AFG set for more M&D-related deals: The shareholding changes that saw the emergence of three new shareholders at Alliance Financial Group Bhd (AFG) could pave the way for further merger and acquisition (M&A)-related corporate developments for the company, according to UOB KayHian. - StarBiz
KLCCP seeks new tenants for Menara Exxonmobil: KLCC Property Holdings Bhd (KLCCP) will be looking for new tenants to set up office at Menara Exxonmobil after the main occupant – US oil giant Exxonmobil – decided not to take up the whole building under a new long-term lease agreement. - StarBiz
SapuraKencana expects O&G sector to remain volatile: SapuraKencana Petroleum Bhd, which took a RM2bil hit on its assets last year to account for the sharp drop in oil prices, expects the operating envi- ronment in 2016 to remain difficult due to the wild swings in the crude oil market. Despite the challenges, the company has so far secured about RM6bil in new contracts, bringing its current orderbook to RM21bil. - StarBiz
SC draws up guidelines for P2P financing: The Securities Commission (SC) announced the regulatory framework for peer-to-peer financing (P2P), paving the way for small and medium-sized companies to access a new avenue of debt funding. The guidelines do not allow personal loans to be raised via the new platforms. - StarBiz
P1 is now known as webe: Packet One Networks (Malaysia) Sdn Bhd (P1) is now known as webe, a new digital mobility services provider. The company, however, did not announce any mobile plans. - StarBiz
Japan's Sompo nears tie-up with CIMB: Sompo Japan Nipponkoa Holdings Inc is nearing an agreement with CIMB Group Holdings Bhd to distribute general insurance products through the Malaysian lender’s branches across Asia, sources said. Japan’s third-largest general insurer could pay about US$200mil to CIMB under the proposed deal, they said. - Bloomberg
Dancomech eyes Main Market listing: Dancomech Holdings Bhd, a process control equipment and measurement instruments distributor, is eyeing a listing on the Main Market of Bursa Malaysia. It plans to use proceeds from its initial public offering to repay bank borrowings, and purchase equipment and an office and store, as well as for working capital.
AGMs/EGMs
Amanah Harta Tanah PNB