Investors poured $9 billion into Asian government and corporate bonds in May, topping $8.8 billion in April, ANZ Research shows. Both were the highest levels since September 2016.
Energy
Brent crude was 0.36% higher to US$57.96 per barrel at 3.42pm.
Forex
Ringgit down 0.22% to 4.2343 versus the US dollar at 3.51pm.
Top foreign stories
China’s home price growth steadies in September as speculative curbs weigh: China’s new home prices registered a second straight month of weak growth in September, with prices in the biggest markets slipping and gains in smaller cities slowing as government measures to cool a long property boom took hold. — Reuters
Australia’s ANZ in last-minute settlement with regulator over rate rigging: Australia and New Zealand Banking Group Ltd (ANZ) has reached a last-minute agreement to settle a case brought by the country’s securities regulator accusing it of manipulating the bank bill swap rate. Australia’s third-largest lender did not give a reason for its decision to settle or disclose financial terms. — Reuters
UK insurers review premiums on high-rises after Grenfell fire: Insurers are considering raising premiums for tall buildings in Britain with flammable cladding panels and no sprinklers or even excluding related risks following the Grenfell fire in London earlier this year. Inquiries into the tragedy are expected to take several years, but property insurers are not waiting for that, or for subsequent changes to the law. — Reuters
Tencent unit China Literature launches up to US$1.1b HK IPO: China Literature Ltd, China’s largest online publishing and e-book company, launched an initial public offering for up to US$1.1 billion on Monday, seeking funds for acquisitions and to expand its digital publishing business. — Reuters
Tokyo’s Nikkei index posts longest-ever winning streak: Tokyo’s Nikkei 225 index on Monday posted the longest winning streak in its nearly 70-year history as markets cheered the weekend election victory of Japan’s pro-business prime minister. The benchmark index rose 1.11%, or 239.01 points, to end the day at 21,696.65, its 15th consecutive rise and the longest since it came into existence in 1950. — AFP
Top local stories
I-Bhd nine-month earnings up 10.2% to RM57.8m: I-Bhd’s nine-month earnings rose 10.2% to RM57.79mil, underpinned by the property development segment, with unbilled sales of RM303.3mil. Revenue increased 19.7% to RM335.97mil. Executive chairman Tan Sri Lim Kim Hong said the group remained on track with its plan of being a billion ringgit property group. — StarBiz
Hidden in tech supply chain, Techfast surges 400%: Techfast Holdings Bhd, a small supplier of everything from screws and self-clinching fasteners to materials for light-emitting diodes, has surged more than five-fold this year alone, making it one of the best performers on Bursa, as investors took notice of an overseas expansion and a profitable alliance. — Bloomberg
S&P says escaping middle income trap challenging Malaysia: S&P Global Ratings expects that Malaysia’s objective to escape the middle income trap will continue to be a challenge while credit risk is high because of the country’s high private-sector credit level relative to income. — StarBiz
Hong Leong picks five startups for mentorship programme: Hong Leong Bank Bhd has selected five Malaysian start-ups - Blinkware Technology, CapitalBay, Kakitangan.com, Propsocial and Sales Candy International - for its inaugural HLB LaunchPad mentorship programme. — StarBiz
Dutch, Belgian investors show strong interest in Malaysia: There is strong interest in the Malaysian economy within the Dutch and Belgium business communities and many are leveraging on the country’s strategic position as their gateway to Asean, said International Trade and Industry Minister Datuk Seri Mustapa Mohamad. — Bernama
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