Breakfast briefing: Thursday, November 17


Plans for additional China desks in Europe and Africa are being finalised, Keefe said

MarketWrap: The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. - Reuters

The DJIA closed down 54.92 points, or 0.29%, to 18,868.14, the S&P 500 lost 3.45 points, or 0.16%, to 2,176.94 and the Nasdaq added 18.96 points, or 0.36%, to 5,294.58.

Forex summary

*The ringgit lost 0.06% to 4.3525 per US$

*It was 0.18%% higher at 4.6570 per euro

*Up 0.39% to 5.4100 per pound sterling

*Down 0.11% to 3.0784 per Singapore dollar

*0.65% higher to 3.2575 per Aussie

*Down 0.28% to 3.9991 per 100 yen

Energy

Oil prices were little changed in volatile trading as the market weighed Russia’s comments about a possible meeting with Saudi Arabia that renewed hopes for a production freeze deal against a bigger-than-expected US crude inventory build. Brent futures LCOc1 fell 2 cents to US$46.93 a barrel by 1752 GMT. - Reuters

Top foreign stories

Citigroup CFO says US tax rate cut could bring US$4b charge: If federal corporate tax rates decline 20% under President-elect Donald Trump, Citigroup Inc may have to take a US$4 billion charge to profits to reflect lower values for its deferred tax assets, the bank's chief financial officer said on Wednesday. - Reuters

Microsoft offers EU concessions over its US$26b LinkedIn bid: Microsoft has offered concessions to EU antitrust regulators over its US$26 billion bid for social network LinkedIn, the European Commission said on Wednesday, as the US software company seeks to allay concerns over its largest ever deal. - Reuters

Deutsche Telekom CEO plays it cool on T-Mobile US: Deutsche Telekom is 'not in the mood' to sell T-Mobile US, its chief executive said on Wednesday, although it is watching for any change in the US regulatory environment under Donald Trump's administration. - Reuters

Top local stories

Bank Negara to make local ringgit market a more attractive choice: Bank Negara will develop the onshore ringgit market to provide more depth to companies and investors engaged in the US dollar-ringgit trade to reduce the influ- ence of the ringgit non-deliverable forward (NDF) market on the local currency. - StarBiz

Petronas third-quarter pre-tax profit jumps to RM8b: Petroliam Nasional Bhd (Petronas) more than doubled its profit before tax to RM8bil for the third quarter on cost savings, lower impairment charges on its assets and a favourable currency exchange rate. Revenue declined 18.9% to RM48.7bil.- StarBiz

Investors urged to look beyond short-term volatility: Investors should look beyond short-term volatility and invest in equities for the long term as the growth opportunities remain highly attractive, said Maybank Asset Management. - StarBiz

CIMB posts RM1.02b Q3 profit: CIMB Group Holdings Bhd recorded RM1.02bil in net profit for the third quarter, a 27.3% increase from a year ago. The higher earnings were attributed to a strong performance in the group’s consumer banking segments in Malaysia, Indonesia and Thailand. Its revenue was up 7.4% to RM4.12bil. - StarBiz

Boustead Plantations Q3 profit jumps to RM37.36m: Boustead Plantations Bhd’s net profit jumped 58% to RM37.36mil in the third quarter on better palm product prices and lower operating expenditure for shortfalls in fresh fruit bunches production. Its revenue rose to RM199.32mil against RM166.55mil a year earlier. - StarBiz

Almost 41% of MP Evans shareholders reject KLK offer: London-listed plantation company MP Evans Group Plc said close to 41% of its shareholders have rejected Kuala Lumpur Kepong Bhd’s improved offer to take over the company. “MP Evans is worth very substantially more than 740 pence per share,” its chairman Peter Hadsley- Chaplin said on Wednesday. - StarBiz

Ong: China is the ‘current attraction’: China is the biggest trading partner for some 90 countries in the world and Malaysia does not want to be left out of this “current attraction.” “Not only is Malaysia talking about China, even the United States is talking about China. If India rises next, everyone will talk about it as well. But for now, China is the attraction,” said International Trade and Industry Minister II Datuk Seri Ong Ka Chuan. - StarBiz

Hua Yang to launch RM874m properties in Seberang Prai: Hua Yang Bhd plans to launch RM874mil worth of residential and commercial properties, comprising 1,930 units, in Seberang Prai over the next two years. - StarBiz

Kenanga joint venture gets approval in-principle from SC: Kenanga Investment Bank Bhd’s joint venture with Rakuten Securities Inc-EB Global JV Sdn Bhd has received an approval in-principle for a capital markets services licence from the Securities Commission. - StarBiz

Reach gets the green light: Reach Energy Bhd received 81.07% approval from its shareholders to buy a stake in an oil and gas (O&G) field in Kazakhstan at its adjourned EGM on Wednesday. The company hopes to complete the deal by the end of this month. - StarBiz

October auto sales fall 14%: Malaysia’s automotive sales fell 14.17% to 47,879 units in October from 55,788 units in the previous corresponding period, as consumers adopted a wait and see attitude pending the Budget 2017 announcement, said the Malaysian Automotive Association. - StarBiz

Taliworks Q3 profit surges 81%: Taliworks Corp Bhd’s net profit for the third quarter surged 80.6% to RM19.5mil year on year on a revenue that rose 13.6% to RM83.8mil. - StarBiz

RM700m allocated for small-cap firms, says KWAP: Kumpulan Wang Persaraan (Diperbadankan) or KWAP said it has to date allocated RM700 million in funding for investments in small-capitalisation companies in Malaysia through its small cap equity mandate set up two years ago. - Edge FD

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