Fed Chair Janet Yellen said "it makes sense to gradually reduce the level of monetary policy support".
MarketWrap: US stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month. - Reuters
The DJIA fell 29.58 points, or 0.14%, to 20,924.76, the S&P 500 lost 6.92 points, or 0.29%, to 2,368.39 and the Nasdaq dropped 15.25 points, or 0.26% , to 5,833.93.
Energy
Oil prices ended little changed on Tuesday, as growing US production expectations offset earlier gains after Saudi Arabia's oil minister said market fundamentals were improving. Brent futures LCOc1 slipped nine cents, or 0.2%, to settle at US$55.92 a barrel. - Reuters
Forex summary
*The ringgit lost 0.06% to 4.4507 per US$
*It gained 0.06% to 4.7048 versus euro
*Down 0.07% to 5.4340 per pound sterling
*Down 0.11% to 3.1560 per Singapore dollar
*0.07% lower to 3.3829 per Aussie
*0.23% lower at 3.9114 per 100 yen
Top foreign stories
Confronted by market doubts, Fed drove March rate rise expectations: Early last week, financial markets saw just a 30% chance of the Federal Reserve raising interest rates in March, but by Friday after a striking series of comments from Fed officials, including chair Janet Yellen, traders saw an 80% chance. - Reuters
China's ZTE pleads guilty, settles with US over Iran, North Korea sales: Chinese telecom equipment maker ZTE Corp has agreed to pay US$892 million and plead guilty to criminal charges for violating US laws that restrict the sale of American-made technology to Iran and North Korea. - Reuters
Fiat Chrysler CEO says a GM merger still makes sense: Fiat Chrysler chief executive Sergio Marchionne remains interested in a merger with General Motors, saying on Tuesday that it still made sense even after GM sold its European operations to PSA Group. - Reuters
Top local stories
Experts: Palm oil industry needs to improve production efficiency: The palm oil industry urgently needs to improve its production efficiency or risk losing its position in the competitive global vegetable oils market, industry experts warned. They pointed out that in 2015 and 2016, new production growth slowed and this trend would negatively impact the palm oil market share, as other vegetable oils producers are ramping up production. - StarBiz
Malaysia expected to raise biodiesel output by 80% this year: Malaysia is expected to produce 900,000 tonnes of biodiesel in 2017, up about 80% from half a million tonnes last year, while Indonesia’s production is projected to rise to 3.5 million tonnes this year from three million tonnes in 2016, says industry expert U.R. Unnithan. - StarBiz
Mah: CPO prices on course to reach RM2,700-RM2,800 this year: Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong maintains his crude palm oil price projection of RM2,700-RM2,800 per tonne this year, higher than the 2016 average RM2,653 and RM2,513 in 2015. - StarBiz
Foreign reserves unchanged at US$95b: Bank Negara’s international reserves remained unchanged at US$95bil (RM426.3bil) as of Feb 28, 2017. It says the reserves position was sufficient to finance 8.5 months of retained imports and was 1.1 times the country’s short- term external debt. - StarBiz
Time dotCom buys 49% stake in Thailand’s Symphony for RM280m: TIME Dotcom Bhd
has invested 2.2 billion baht (RM280mil) for 49% stake in Thailand’s Symphony Communication Pcl. The transaction is expected to be completed in the fourth quarter of 2017. - StarBiz
Digital Free Trade Zone details expected next month: Malaysia is expected to announce details of its planned Digital Free Trade Zone in April, as it seeks to boost the country’s burgeoning e-commerce sector, says International Trade and Industry Minister II Datuk Seri Ong Ka Chuan. - StarBiz
Mesiniaga possibly faces RM8.23mil liability if it loses civil suit: Mesiniaga Bhd says it potentially faces a liability of RM8.23mil or more, if it loses a civil suit that was filed against the company. - StarBiz
Hap Seng to sell logistics arm to pare debt: Hap Seng Consolidated Bhd plans to sell its transportation and logistics services arm Hap Seng Logistics Sdn Bhd for RM750 million cash, with the proceeds to be used to pare down the group’s borrowings and for working capital. - Edge FD
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