Top foreign and local stories at 4pm

Energy

Brent crude was 0.54% higher to US$55.65 per barrel at 2.39pm.

Forex

Ringgit was flat at 4.4797 versus the US dollar at 2.47pm.

Top foreign stories

China’s money markets battle dual deficits of cash and trust: China’s money markets are bracing for a rough transition into 2017 as a traditional year-end cash deficit coincides with heavy capital outflows and a disruptive bond default that are creating sporadic cash shortages and ramping up counterparty risk. — Reuters

Japan govt raises view on economy for first time since March 2015: Japan’s government upgraded its overall assessment of the economy on Wednesday, echoing the Bank of Japan’s more upbeat view, in a sign the economy may be steadying. The government also upgraded its view of household spending, exports and business sentiment, saying consumers’ mindsets are improving and exports to Asia are recovering. — Reuters

Australia set for strong M&A year though foreign investor limits dampen sentiment: Australia’s privatisation drive is set to draw billions of dollars of acquisition funds in 2017 adding to what corporate advisers expect to be a strong year for dealmaking, albeit one tempered by potential restrictions on foreign suitors. A flurry of smaller deals involving firms battling to stay competitive in an era of disruptive startups is likely to add to an infrastructure privatisation push aimed in part at narrowing public budget deficits, four corporate advisers said. — Reuters

Philippines seen holding rates, confident on growth and inflation: Strong growth and manageable inflation should let the Philippine central bank, at its first meeting since the Federal Reserve hiked US interest rates, keep its benchmark interest rate on hold at 3.0% on Thursday. — Reuters

Top local stories

November inflation exceeds forecasts on higher food prices: Malaysia’s consumer price index for November rose 1.8% to 116.9 from 114.8 from a year earlier due to a 3.8% increase in the indices for food and non-alcoholic beverage and housing, water, electricity, gas and  other fuels (2.1%), the statistics department said. — StarBiz

Maybank, Western Union launch digital remittance service: Malayan Banking Bhd (Maybank) and Western Union have launched the first digital remittance service in Malaysia via its Maybank2u mobile banking App. Maybank said the service will enable its customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries and territories. — StarBiz

Petronas to cut crude oil output by 20,000 barrels per day: Petroliam Nasional Bhd (Petronas) will reduce its crude oil output by up to 20,000 barrels per day starting January 2017, in line with the oil producers’ move to shore up oil prices. Petronas said the adjustment followed the pact between the Organisation of the Petroleum Exporting Countries and non-Opec producers. — StarBiz

Boustead Plantations to sell entire stake in unit for RM60m: Boustead Plantations Bhd is selling its entire 76.1% interest in its unit, Boustead Sedili Sdn Bhd, to Permodalan Darul Ta’zim Sdn Bhd for RM60 million, as part of its drive to unlock value. — StarBiz

Tanjung Offshore gets RM100m Repsol contract: Tanjung Offshore Bhd subsidiary Tanjung Offshore Services Sdn Bhd has secured a RM100mil contract from Repsol Oil & Gas Malaysia Ltd to supply manpower over a three-year period. — StarBiz