MarketWatch: Stock investors could have at least one less worry in the next earnings period: the suddenly limp US dollar. The greenback, whose strong rally after the Nov 8 US election hit profits at many US multinationals in the fourth quarter, has had a sharp reversal since the start of the year.
Coupled with comments suggesting that the Trump administration favours a weaker currency, that could shift the picture for the current quarter. - Reuters
Forex summary
*The ringgit gained 0.03% to 4.4265 per US$
*It lost 0.30% to 4.7713 versus euro
*Up 0.29%% to 5.5280 per pound sterling
*Down 0.43% to 3.1446 per Singapore dollar
*0.17% lower to 3.3938 per Aussie
*0.10% lower at 3.9366 per 100 yen
Top foreign stories
Canada's Hudson's Bay makes takeover approach for Macy’s: Hudson's Bay Co has made a takeover approach for struggling retailer Macy's Inc, sources said, trying to push further into the US market where it already owns the Lord & Taylor and Saks Fifth Avenue chains. - Reuters
Google sells satellite imaging business Terra Bella to Planet Labs: Alphabet Inc's Google said it would sell its satellite imaging business, Terra Bella, to Planet Labs, a San Francisco-based private satellite operator founded by former NASA scientists. The financial terms of the deal were not disclosed. - Reuters
Barclays to overhaul back office operations: Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. It has formed a new company that will operate as a standalone unit providing support services to both of its two main operations when they are formally separated - retail and investment banking, the bank said. - Reuters
National Australia Bank first-quarter earnings fall 1% as costs rise: National Australia Bank Ltd (NAB), the No. 4 lender by market value, on Monday reported a 1% fall in first quarter unaudited cash profit as costs grew faster than revenue. NAB posted unaudited cash earnings of A$1.6 billion (US$1.23 billion) in line with market expectations for the quarter ended Dec 31, with its net interest margin remaining "broadly stable”. - Reuters
Top local stories
CCM to return to the black: The Chemical Company of Malaysia Bhd (CCM), which recently received certification to produce halal pharmaceutical products, is looking to turn around its fortunes after two years of chalking up losses. The group is poised to make inroads into the global halal pharmaceutical industry which is estimated to be worth about US$75bil. - StarBiz
Denko takeover poser: Singaporean businessman Foo Chee Juan’s intention to take over Denko Industrial Corp Bhd could possibly consolidate and strengthen his business footprint in the Malaysian plastic injection moulding sector, but his bid faces an uphill battle, given that his offer price of 55 sen a share was at premium of 28.2% versus Denko’s share price on Friday. - StarBiz
Strong client base to drive Yinson’s earnings momentum: Yinson executive group chairman Lim Han Weng says the company’s earnings momentum will be driven by its strong client base and long-term contracts. The African and Asian regions will remain as its geographical focus, he says. - StarBiz
Foreign funds buy into Lay Hong: Foreign funds seem to be eyeing selected poultry players, chief among them being Lay Hong Bhd, with a few blocks of the company’s shares being crossed over the last two weeks. - StarBiz
CIMB-Principal eyes RM300mil sales from new fund: CIMB-Principal Asset Management Bhd expects RM300mil sales of its newly-launched CIMB-Principal Preferred Securities Fund this year. - StarBiz
Report: Plywood prices likely to go up in Japan: Prices of Malaysian plywood products in the Japanese market are expected to increase if the yen remains weak, an International Tropical Timber Organisation report shows. - StarBiz
‘Cheap sale’ changes - boon or bane for traders?: Retailers are divided on whether recent changes to cheap sale regulations would be a boon or bane for them, given the present lacklustre economic environment. While some traders feel the reduction in the number of such sales will not hit their takings, others want the government to reconsider the decision. - Edge FD
Logistics firms see fuel price hikes as a growing challenge: The recent hike in fuel prices has been challenging for logistics and delivery firms, with some saying that they are managing by making tough adjustments to stay competitive. Some also signalled that further hikes may see them having to charge consumers higher prices. - Edge FD
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