MarketWrap: Wall Street surged on the eve of the US presidential election, with Democratic nominee Hillary Clinton's prospects brightening after the FBI said it would not press criminal charges against her over the use of a private email server. US stocks on Monday racked up their biggest one-day percentage gain since March 1, while a volatility measure recorded its biggest drop since late June. - Reuters
The DJIA jumped 2.08% to end at 18,259.67 points and the S&P 500 surged 2.22% to 2,131.52 and the Nasdaq added 2.37% to 5,166.17.
Forex summary
*The ringgit gained 0.02% to 4.2120 per US$
*It was 0.11% higher at 4.6478 per euro
*Down 0.08% to 5.2205 per pound sterling
*Up 0.03% to 3.0266 per Singapore dollar
*0.38% lower to 3.2449 per Aussie
*Up 0.03% to 4.0306 per 100 yen
Energy
Oil prices were stable early on Tuesday after posting strong gains the previous day, with investors piling money into financial markets in expectation that Democrat Hillary Clinton would win the US presidential election. US West Texas Intermediate crude futures were down 1 cent at US$44.88 per barrel at 0038 GMT. - Reuters
Top foreign stories
US banks gird for Brexit-style tumult following Tuesday's election: US banks, including Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs Group Inc, are bracing for potential tumult on financial markets in the wake of Tuesday's US election. Traders expect US stock prices to swing by about 2% in either direction on Wednesday, the day after the election, based on the price of S&P 500 index options. - Reuters
News Corp posts quarterly loss as print ad sales fall: News Corp, the owner of the Wall Street Journal, Dow Jones Newswires and book publisher HarperCollins, reported a quarterly loss as it struggles to cope with a decline in newspaper advertising sales. News Corp's net loss attributable to shareholders was US$15 million, or 3 cents per share, compared with a profit of US$175 million, or 30 cents per share, a year earlier. - Reuters
Wal-Mart Pay in talks with several mobile wallet companies: Wal-Mart Stores Inc is in talks with several mobile wallet companies to offer more payment options in its Wal-Mart Pay app, an executive at the world's largest retailer said, after signing up JPMorgan Chase & Co last week. Starting next year, Chase Pay will become the first third-party digital wallet on Wal-Mart's website and app. - Reuters
Russia signs decree to sell 19.5% Rosneft stake: Russia published a government decree on Monday ordering the sale of a 19.5% stake in state-controlled oil giant Rosneft in time for the proceeds to be received by the end of the year. - Reuters
Top local stories
Currencies under pressure: Emerging market currencies came under pressure just two days before the majority of Americans cast their votes in the US presidential election. Most emerging market currencies were trending lower against US dollar, with the ringgit slumping near its lowest point in months on the back of a renewed strengthening of the US dollar. - StarBiz
Axiata to buy 12.5% more in edotco Myanmar: Axiata Group Bhd proposes to exercise a call option for the acquisition of an additional 12.5% stake in edotco Myanmar Ltd in a deal valued at US$35mil (RM147.4mil). - StarBiz
Reach to hold deferred EGM on Nov 16: Special-purpose acquisition company Reach Energy Bhd, which is seeking to secure shareholder approval for its maiden acquisition, has set Nov 16 as the new date for its deferred EGM. - StarBiz
S&P affirms Malaysia’s sovereign ratings: Standard & Poor’s Ratings Services (S&P) has affirmed Malaysia’s sovereign ratings with a stable outlook based on the country’s strong external position and high monetary flexibility with its relatively weaker but stable public finances. The rating agency said Malaysia’s foreign-currency sovereign credit ratings at A- for the long-term and A-2 for the short-term papers has been maintained while the local-currency sovereign credit ratings would be maintained at A for the long-term and A-1 for the short-term papers. - StarBiz
Sunway proposes JV to tap digital media: Sunway Bhd unit Sunway Holdings Sdn Bhd has inked an agreement with three parties to collaborate as partners to invest in digital media business content and assets. - StarBiz
AirAsia, AirAsia X staff move into new corporate base: AirAsia and AirAsia X staff moved into its new corporate base called RedQ, located beside KLIA2 on Monday. RedQ, short for RedQuarters, covers an area of 18,000 sq m and will house up to 2,000 AirAsia Allstars, the name the budget carriers’ employees are known as. - StarBiz
Analysts laud Star Media’s move into VoD services: Star Media Group Bhd’s venture into video-on-demand (VoD) services is a bold move for the group as it diversifies its business model to the digital entertainment space to complement its traditional print business, analysts say. The strategy to launch dimsum to enter the entertainment space through over-the-top technology was a good entry point into video broadcasting as it was an asset-light model, they say. - StarBiz
Scicom profit jumps 24%: Scicom (MSC) Bhd posted a 23.71% jump in net profit to RM12mil for its first quarter mainly due to an increase in billings for outsourcing projects in line with positive industry projections. Revenue rose 16.29% to RM52.1mil. - StarBiz
Bank Negara reserves unchanged at US$97.8b: Bank Negara’s international reserves were unchanged in US dollar terms at US$97.8bil as at Oct 31. However, in ringgit terms, the reserves dipped to RM405.5bil from RM405.6bil as at Oct 14. - StarBiz
RSPO in a spot again over IOI Corp case: The Roundtable on Sustainable Palm Oil (RSPO) has found itself in a difficult position again over the suspension and reinstatement of the certification of sustainable palm oil for IOI Corp Bhd. This time, a non-governmental organisation is unhappy and threatening to quit the self-regulating body established to promote the growth and use of certified sustainable palm oil. - Edge FD
Shareholders advised to accept Taisei’s RM1 revised offer for Maypak: Mercury Securities Sdn Bhd, the independent adviser for the takeover offer for 54.95% of Malaysia Packaging Industry Bhd (Maypak) by Taisei Lamick Co Ltd, has recommended that shareholders accept the revised offer of RM1, although it deemed the offer not fair. - Edge FD
New Hoong Fatt 3Q net profit up 22%, pays three sen dividend: New Hoong Fatt Holdings Bhd net profit jumped 22.4% to RM6.41 million for the third quarter, on fair value gain on its investment properties amounting to RM900,000 recognised during the period. Revenue rose 2.5% to RM54.48 million, mainly due to higher demand in the local market. - Edge FD
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