Goldman described commodity client activity as "muted" during the quarter.
MarketWrap: A gauge of global equity markets climbed to a one-week high on Tuesday, lifted by rising commodity prices and a strong bounce in Europe, while solid corporate earnings helped drive share prices higher. Wall Street rose after a raft of stronger-than-expected results from UnitedHealth Group Inc, Netflix Inc and Goldman Sachs Group Inc, among others. - Reuters
The DJIA rose 75.54 points, or 0.42%, to 18,161.94. The S&P 500 added 13.1 points, or 0.62%, to 2,139.6 and the Nasdaq gained 44.01 points, or 0.85%, to 5,243.84.
Forex summary
*The ringgit gained 0.14% to 4.1865 per US$
*It was 0.47% higher at 4.6003 per euro
*Down 0.15% to 5.1464 per pound sterling
*Up 0.13% to 3.0214 per Singapore dollar
*0.18% higher to 3.2167 per Aussie
*Up 0.04% to 4.0346 per 100 yen
Energy
Oil settled higher on Tuesday as expectations of Opec output curbs lifted prices despite forecasts that data would show a second straight weekly build in US crude stockpiles. Brent crude settled up 16, or 0.3%, at US$51.68 a barrel. - Reuters
Top foreign stories
Goldman Sachs Q3 profit soar 58%: Goldman Sachs Group Inc reported much bigger profit on Tuesday than Wall Street had been expecting, helped by a substantial rebound in bond trading. The bank generated US$2.1 billion in net income for common shareholders in the third quarter, up 58% from the year-earlier period. - Reuters
Yahoo profit beats Wall St, some analysts worry over effect of hack: Yahoo Inc reported better-than-expected quarterly adjusted profit on Tuesday, a boost for the beleaguered company whose deal to sell its core business to Verizon Communications Inc has been shaken by a massive data breach. For the third quarter ended Sept 30, net income attributable to Yahoo rose to US$162.8 million, or 17 cents per share, from US$76.3 million, or 8 cents per share, a year earlier. - Reuters
Intel's results beat estimates: Intel Corp reported better-than-expected quarterly earnings and revenue, boosted by improving PC demand and growth in its data centre and cloud businesses, but its revenue forecast for the current quarter disappointed Wall Street. The company's net revenue rose 9.1% to US$15.78 billion, while net income increased to US$3.38 billion in the third quarter ended Oct 1. - Reuters
China third-quarter economic growth seen steadying but property, debt key risks: Fuelled by government spending and a housing frenzy, China's economic growth likely steadied at 6.7% in the third quarter, but slumping private investment, surging debt and the risk of a property correction are keeping the government and global investors on edge. - Reuters
Top local stories
AmBank shuffle: AmBank Group expects to have in place a complete team by the middle of next year to lead the country’s fifth-largest lend- er by assets into its next phase of growth. With the contracts of most top management in the AmBank Group up for review over the next few months, group chief executive officer Datuk Sulaiman Mohd Tahir is expected to optimise his manpower resources. - StarBiz
Block of Titijaya shares crossed off-market: Some 14.9 million shares of property developer Titijaya Land Bhd
, representing a 3.7% stake, was crossed off-market on Tuesday RM1.76. Sources say the block could be from a local institutional fund that may be positioning itself ahead of Budget
2017 to be tabled on Friday. - StarBiz
Analysts expect a ‘populist budget’: Prime Minister Datuk Seri Najib Tun Razak is expected to put a raft of populist measures into the 2017 budget he unveils on Friday. The budget will be Najib's best opportunity to shore up support before possible early polls, but any widening of the fiscal deficit at a time the economy is cooling could risk downgrades to Malaysia’s sovereign rating. - Reuters
Top Glove targets 10% sales growth next year: Top Glove Corp Bhd is eyeing to grow sales by 10% next year as the company expands its nitrile glove production, says chairman Tan Sri Lim Wee Chai. For the financial year ended Aug 31, 2016, Top Glove hit another record sales of RM2.89bil a 15% jump from RM2.51bil previous year. - StarBiz
UEM Sunrise unit loses case against IRB: UEM Sunrise Bhd told Bursa Malaysia that its unit Bandar Nusajaya Development Sdn Bhd will have to pay RM50.92mil in additional taxes and RM22.91mil in penalty after the latter lost its case against the Inland Revenue Board (IRB) in the Federal Court. - StarBiz
Perisai gets notice for immediate payment on bonds: Financially-troubled Perisai Petroleum Teknologi Bhd has received a notice of demand for the immediate payment of the principal amount and interest of the notes on a S$125mil (RM378mil) bond programme. - StarBiz
Risk to commercial property loans seen: TA Securities expects some default risk stemming from a glut in office and retail spaces given the challenging environment. The non-residential property segment accounts for more than RM180bil or close to 15% of total loans in the system. - StarBiz
Pensonic to set up ops in Thailand, Indonesia: Pensonic Holdings Bhd will set up marketing and distribution subsidiaries in Thailand and Indonesia by next May as part of the company’s overseas expansion plan. - StarBiz
Selangor Dredging sells Damansara Heights land for RM71m: Property developer Selangor Dredging Bhd has disposed of 16 plots of vacant freehold land in Damansara Heights to Bukit Selesa Development Sdn Bhd for RM71mil. The company said the disposals will enable it to unlock value and gain cash resources for working capital, apart from improving its cash flow position. - StarBiz
Commission-free pure protection products via direct channel: Beginning next year, insurers will be required to offer pure protection products through a direct channel without commissions, said Bank Negara governor Datuk Muhammad Ibrahim. “The high Internet and mobile phone penetration in Malaysia suggests that internet or mobile insurance makes good sense,” he said. - StarBiz
Mier warns of current account deficit risk: Malaysia’s current account balance faces a growing risk of slipping into deficit, Malaysian Institute of Economic Research (Mier) said, as the country’s trade surplus continues to shrink rapidly. - Edge FD
Ezra may reassess Perisai investment: Ezra Holdings Ltd said it may need to reassess its investment in Bursa Malaysia-listed Perisai Petroleum Teknologi Bhd as it seeks waivers from bondholders on some of its debt covenants amid “strong headwinds” from low oil prices, weak charter rates and industry overcapacity. The Singapore-listed oil-service provider held a 23.01% stake in Perisai as at March 31. - Edge FD
Pantech 2Q net profit halved amid weak O&G demand: Pantech Group Holdings Bhd saw its net profit plunge 51% to RM5.14 million for the second quarter on weak demand in the oil and gas (O&G) sector, while competition pressured margins.Revenue was down 14% to RM103.81 million. - Edge FD
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
