MO R N I N G C O F F E E - Thursday, April 19, 2012
U.S. and European market roundup U.S. stocks slipped on Wednesday, as uninspiring earnings from tech bellwethers IBM and Intel gave investors a reason to take profits. IBM missed its revenue forecast, while investors said Intel's results failed to make a "bull case" for the stock. The Dow dropped 0.63%, S&P500 shed 0.41% and Nasdaq slipped 0.37%.
U.S. crude futures fell on Wednesday after a government report showed oil inventories rose more than expected last week to post the biggest 4-week increase in over 3-years. NYMEX, May crude fell $1.53, to $102.78 brl. -Reuters
European stocks declined as Bank of England policy maker Adam Posen ended his support for more stimulus, falling house prices signaled slowing growth in China and bad loans surged in Spain. France's CAC 40 declined 1.6%, UK FTSE100 slid 0.4 % and Germany's DAX lost 1%. -Bloomberg
Macro News n.a
Corporate News LBS Bina Group Bhd is looking to sell two companies involved in golf club operations and property development projects in Zhuhai, China for an estimated HK$1.65bil. On Wednesday they signed a memorandum of understanding (MoU) with Hong Kong Stock Exchange-listed Jiuzhou Development Company Ltd's unit to dispose of up to 100% but not less than 60% equity interest in Dragon Hill Corp Ltd. 'StarBiz
MAA to be considering selling fund management business. MAA's fund management operates in under MAAKL Mutual Bhd and its takaful MAAKL bunisess comes under MAA Takaful. It total funds size currently stands at about RM1.9bil. 'StarBiz
Guocoland losses narrows in Q3 to RM2.36mil on an increase in earnings from its hotel division. Revenue was marginally lower due to more property sales in the previous quarter. 'StarBiz
Public Bank Bhd records RM941mil net profit in Q1, boosted by 12.8% higher revenue of RM3.4bil. Latest quarterly earnings were measured against a higher restated profit in the same period a year ago, bumped up by RM56mil to RM884mil. -SunBIZ
Eversendai Corporation Bhd's subsidiary has secured a RM134mil sub-contract for the second package of the National Museum of Qatar. Work on this contract is expected to be completed in 2013 and will have a positive impact on the group's financial performance for FY2012 and FY2013. 'StarBiz
Three-A Resources' new plant in china to start producing hydrolysed vegetable protein (HVP) and related product this month. The facility is a 50:50 joint venture with Wilmar International Ltd. 'StarBiz
Perodua March sales down 11%. The decline in sales was largely due to the new hire purchase guideline introduced by BNM in January. The new guideline resulted in a much lower loan approval rate, delay in loan approval and approval loan at reduce amounts. -Sun Biz
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