BAILOUT?: Loss-making Sharp wants government funding to keep it afloat.
Energy
Brent crude was 1.24% lower to US$48.63 per barrel at 3.45pm.
Forex
Ringgit down 0.60% to 4.1480 versus the US dollar at 3.54pm.
Top foreign stories
China funds cut suggested equity exposure: China fund managers further cut suggested equity holdings for the next three months to the lowest level in nearly one year, as the domestic stock markets remain rangebound in thin volume amid increasing uncertainties overseas. Eight fund managers polled by Reuters cut their recommended equity allocations for the next three months to 68.1% from 71.9% a month ago. — Reuters
Goldman feels the heat in Asia as IPO engine slows: Goldman Sachs failed to make it to the upper echelon of Asia’s equity market fee earners for the first time in more than a decade, hit by a squeeze in fees that is prompting the US bank to cut back jobs in the region. — Reuters
Sharp to spend US$570m on OLED panel production: Japan’s Sharp Corp said it will spend US$570 million on its organic light-emitting diode (OLED) screen business - one of its first major investments since it was taken over by Taiwan’s Foxconn although the amount pales in comparison to efforts by South Korean rivals. — Reuters
Japan consumer prices fall 4.6% in August: Japan’s core consumer prices fell in the year to August, a sixth straight month of declines and a daunting challenge for the Bank of Japan’s relaunched stimulus campaign. Household spending fell 4.6% year-on-year in the month, considerably exceeding the 2.5% drop expected by economists. — Reuters
RBI seen holding interest rate at 6.50%: India’s central bank will probably keep interest rates on hold at its meeting on Oct 4, although the decision is close, with tame inflation pointing to the strong possibility of a 25-basis-point rate cut by the end of the year, a poll showed. — Reuters
China Sept factory activity expands marginally as orders edge up: China’s factory activity expanded in September as domestic and export orders picked up but the improvement was marginal and manufacturers continued to shed jobs, a private business survey showed on Friday. The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) rose to 50.1, in line with analysts’ forecasts. — Reuters
Top local stories
SapuraKencana units bag RM889m contracts: SapuraKencana Petroleum Bhd units have secured contracts totalling US$215mil or RM889mil for pipelines, provision of a drilling rig and maintenance services. — StarBiz
PNB invests RM80m to redevelop resort: Permodalan Nasional Bhd (PNB) via subsidiary PNB Commercial Sdn Bhd is investing RM80 million to refurbish an old chalet and build a new wing at the Lanjut Beach and Golf Resort in Rompin. — Bernama
International trade in services rises to RM291b in 2015: Malaysia’s total international trade in services rose by 1.8% to RM291.1 billion last year, the statistics department said. It said this represented 25.2% of the gross domestic product at current prices compared with 25.8% in 2014. — Bernama
Sony unveils X-series flagship smartphones in Malaysia: Sony has launched its first flagship smartphones of the X series, the Xperia XZ and Xperia X Compact, in Malaysia, with the camera being the major focus point. — Bernama
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