Energy
Brent crude was 0.06% lower to US$50.70 per barrel at 3.30pm.
Forex
Ringgit down 0.07% to 4.2965 versus the US dollar at 3.36pm.
Top foreign stories
Yuan’s strength against the dollar fails to snuff out depreciation expectations: China has given those who bet against the yuan a bloody nose this year thanks to policy moves and intervention by the authorities. And yet, many traders and investors are still tipping the Chinese currency to decline against the US dollar in the next year. They argue that after a Communist Party leadership meeting in the fall there will be room for the yuan to weaken. — Reuters
Thai central bank seen holding key rate for rest of 2017: Thailand’s central bank on Wednesday is expected to keep its low benchmark interest rate where it has been for more than two years, as inflation is benign and the economy is improving but high levels of household debt remain a worry. The Bank of Thailand’s one-day repurchase rate will be kept at 1.50% at Wednesday’s monetary policy committee meeting, a poll shows. — Reuters
Australia’s ANZ Bank rides housing boom to Q3 profit rise: Australia and New Zealand Banking Group Ltd, said a booming housing market helped lift third-quarter profit 5.3% above the previous two quarters, although it warned a new mortgage levy would squeeze margins. ANZ said cash net profit, which excludes various one-off items, was A$1.79 billion (US$1.41 billion) for the three months to June 30. — Reuters
China warns of retaliation as Trump launches trade probe: Trade tensions between the United States and China heated up on Tuesday as Beijing warned that it “will not sit idle” if a US probe into its intellectual property practices leads to sanctions. President Donald Trump on Monday signed a memorandum directing US Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies - with retaliatory measures a possible outcome. — AFP
German economy grew 0.6% in Q2 on strong domestic demand: The German economy grew by less than expected 0.6% in the second quarter as net trade dampened an overall expansion which was driven by strong household spending and rising state expenditure, the Federal Statistics Office said on Tuesday. This was slightly weaker than the consensus forecast of 0.7%. — Reuters
Top local stories
Merdeka PNB 118 mega-tower development on track: PNB group chairman Tan Sri Abdul Wahid Omar says the construction of its Merdeka PNB 118 mega-tower is progressing well. The tower’s sub-structure works on the former Merdeka Stadium site is completed, he said. — StarBiz
Insurers refute allegations of wanting ‘cuts’ from hospitals: The major life insurers in Malaysia - Life Insurance Association of Malaysia, Persatuan Insurans Am Malaysia and Malaysian Takaful Association - have refuted allegations that their members have sought for “cuts” from hospitals for the medical expenses incurred by their policyholders. — StarBiz
Public Mutual launches Asia Pacific Dividend Fund: Public Mutual launched the PB Asia Pacific Dividend Fund on Tuesday where the focus is to generate regular income and capital growth. It said the fund would invest in a diversified portfolio of stocks in domestic and regional markets that have the potential to offer attractive dividend yields. - StarBiz
UEM Sunrise targets RM300mil sales from campaign: UEM Sunrise Bhd is targeting sales of more than RM300mil for its Signature Selection: Road to Russia 2018 home ownership campaign. The campaign will run from Aug 15 to Nov 30. — StarBiz
Mavcom resolves 95% of airline complaints: the Malaysian Aviation Commission (Mavcom) has received over 2,000 consumer complaints up to June this year and has resolved 95% of them, according to chief operating officer Azmir Zain. The top three complaints were ticket refunds, mishandled baggage and fight delays and cancellations. - StarBiz
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