Edition:
United Kingdom

Niyati Shetty

Australia's Vocus tumbles after AGL backs out of offer for second time

17 Jun 2019

Australia's AGL Energy Ltd withdrew a proposal to buy Vocus Group on Monday, just days after it offered A$3.02 billion ($2.08 billion) for the telecoms firm, knocking Vocus shares down by a third.

Australia shares buoyed by miners, energy stocks; NZ flat

14 Jun 2019

* AMP down as regulator slaps stricter conditions on pension fund

Australia shares edge down as oil slump hits energy stocks; NZ flat

13 Jun 2019

June 13 Australian shares inched lower on Thursday as a slump in oil prices dented energy stocks, offsetting a rise in financials which had gained on heightened expectations of further interest rate cuts by the central bank after bleak employment data.

Australian shares end flat as global gloom offsets mining gains; NZ up

12 Jun 2019

* Mining index hits over 2-mth closing high (Updates to close)

Australian shares rise buoyed by mining stocks; NZ up

12 Jun 2019

* Wesfarmers hits record intraday high on $160 mln acquisition

Australia, NZ shares gain as U.S.-Mexico deal eases trade worries

11 Jun 2019

June 11 Australian shares climbed on Tuesday, supported by mining and financial stocks following a boost in sentiment after a U.S.-Mexico tariff agreement helped ease broader concerns about global trade tensions.

SE Asia Stocks-Inch higher on rate-cut hopes, US jobs data awaited

07 Jun 2019

* Singapore snaps four consecutive weekly losses * Philippines posts 3rd straight weekly gain * Thailand up 2.1% this week, biggest since late Jan By Niyati Shetty June 7 Southeast Asian stock markets closed slightly higher on Friday on prospects of global central banks easing monetary policy to prop up economic growth, but trading volumes across the region were low with China and Hong Kong markets closed for holidays. After top Federal Reserve officials took a more dovish stance this week, investors around the globe are focussing on the timing of a rate cut by the U.S. central bank. Investors are now focused on the U.S. employment report later in the day for further cues about the health of the world's largest economy. "Should the U.S. ease monetary policy, perhaps some of the headwinds building up can be assuaged, and the long global expansion cycle can be prolonged, goes the (market's) thinking," DBS Bank said in a note. Meanwhile, China's central bank chief, Yi Gang, told Bloomberg in an interview that there was "tremendous" room for fiscal and monetary policy easing if the bitter trade war with the United States worsened. Singapore stocks gained 0.6%, underpinned by financials, and snapped four straight weekly falls. DBS Group Holdings Ltd rose 0.6% on Friday and United Overseas Bank Ltd gained 1.1%. Philippine shares added 0.3% and clocked a third consecutive weekly gain. Financials and industrials drove gains, with BDO Unibank Inc and JG Summit Holdings Inc adding 1.3% and 1.2%, respectively. Vietnam shares climbed 1.1% for the day but posted a third weekly loss. Real estate stocks Vinhomes JSC and Vingroup JSC were among the top gainers on Friday. Thai stocks were flat on Friday, but posted a weekly gain of 2.1%, the most since late January. Earlier this week, Thailand's new parliament confirmed military junta leader General Prayuth Chan-o-cha as the prime minister, five years after he seized power from an elected government while he was army chief. With the appointment a major overhang on the Thai market is removed, DBS Bank said, adding that the market would now focus on potential stimulus measures to boost the economy in the second half of the year. Indonesian financial markets were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3166.29 3146.18 0.64 Bangkok 1653.5 1653.41 0.01 Manila 7983.98 7959.86 0.30 Kuala Lumpur 1649.33 1644.09 0.32 Ho Chi Minh 958.28 948.21 1.06 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3166.29 3068.76 3.18 Bangkok 1653.5 1563.88 5.73 Manila 7983.98 7,466.02 6.94 Kuala Lumpur 1649.33 1690.58 -2.44 Ho Chi Minh 958.28 892.54 7.37 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most rise on Fed rate cut hopes, await U.S. jobs data

07 Jun 2019

* Singapore likely to rise 1.4% this week * Vietnam set for 3rd weekly loss * Thailand poised for biggest weekly gain since late Jan By Niyati Shetty June 7 Most Southeast Asian stock markets eked out gains on Friday ahead of key U.S. employment data that could solidify growing expectations of a rate cut by the U.S. Federal Reserve. Following Wednesday's weaker-than-expected U.S. private sector jobs report, the critical non-farm payrolls data due later on Friday will provide further insight into the state of the world's largest economy. Markets aggressively started factoring in potential rate cuts after top Fed officials earlier this week moved away from their "patient" stance and warned that the fallout from the trade wars may force them to respond appropriately. The Singapore index gained up to 0.6% and was on track to rise 1.4% this week. Industrials and financial stocks buoyed the index, with conglomerate Jardine Strategic Holdings adding 0.6% and United Overseas Bank rising 1.1%. OCBC Bank in a note said while markets await U.S. data, optimism over a possible U.S.-Mexico trade deal may also give boost to Singapore stocks. Broader financial markets rose on optimism that a trade deal between the North American neighbours could be close, possibly postponing the 5% tariffs on Mexican goods due to start on Monday. A U.S. tariff war with Mexico could further depress the global economic activity which has taken a hit from the protracted Sino-U.S. trade spat. Malaysian stocks gained as much as 0.5% on Friday after returning from a two-and-a-half day market holiday. Telecommunication shares were among the top gainers, with Axiata Group and Maxis each gaining about 2%. The Vietnam index rose as much as 0.7% but was set for a third weekly loss. Financials and real estate sectors supported the benchmark. Thai shares were poised to rise for a fourth straight session and to gain 2.3% for the week, the most since late January. Philippine equities declined 0.4% as industrial and real estate stocks weighed on the index. SM Investments Corp and SM Prime Holdings Inc slipped 2.1% and 0.5%, respectively. Markets in Indonesia are closed for a public holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0323 GMT Market Current Previous close Pct Move Singapore 3161.81 3146.18 0.50 Bangkok 1656.93 1653.41 0.21 Manila 7923.55 7959.86 -0.46 Kuala Lumpur 1648.43 1644.09 0.26 Ho Chi Minh 952.5 948.21 0.45 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3161.81 3068.76 3.03 Bangkok 1656.93 1563.88 5.95 Manila 7923.55 7,466.02 6.13 Kuala Lumpur 1648.43 1690.58 -2.49 Ho Chi Minh 952.5 892.54 6.72 (Reporting by Niyati Shetty in Bengaluru)

SE Asia Stocks-Most inch higher on rate cut hopes, growth concerns limit gains

06 Jun 2019

* Thailand gains for 3rd straight session * Indonesia, Malaysia closed for holidays By Niyati Shetty June 6 Most Southeast Asian stock markets edged higher on Thursday as hopes that the U.S. Federal Reserve would ease monetary policy to shore up slowing economic activity, countered concerns over global growth risks. Also, markets moved in a tight range with investors waiting for key employment data from the United States on any insight in the world's largest economy. Given recent dovish comments by the U.S. Federal Reserve, a milder reading in employment could further the case for a rate cut in the future, which may benefit regional markets with more capital inflows. Markets anticipate that the Fed will cut interest rates soon after the central bank's top officials warned that the global trade war may force them to respond appropriately. The Philippine bourse ended up 0.2% with a slowing economy and a lack of price pressures likely making the case for further policy easing by the central bank this year. While data released on Wednesday showed annual inflation accelerating in May for the first time in eight months, investors remained optimistic after the central bank chief said the figure "does not constitute a trend". Conglomerates SM Investments Corp and Ayala Corp dragged the Manila-index, each declining nearly 1%. Restricting gains in the region, the International Monetary Fund on Wednesday warned that the Sino-U.S. tariffs could slash global gross domestic product by 0.5% in 2020, as the escalating dispute could depress growth that is currently expected to improve this year. The estimate does not include the potential ramifications of U.S. tariffs on Mexican goods starting on Monday. Talks between the North American neighbours ended with few signs of progress on Wednesday. Thai stocks rose on strength in the real estate and industrial sectors, although gains were capped by weakness in energy stocks tracking a protracted downtrend in oil prices. However, in comparison to its regional peers, Thailand's economic outlook is rather strong for the year, given its strong current account balance and manufacturing activity. Thailand's new parliament confirmed military junta leader General Prayuth Chan-ocha as civilian prime minister on Wednesday, in a vote that comes more than two months after the March 24 general election. Elsewhere, utility and financial stocks weighed on the Vietnam index. Petrovietnam Gas Joint Stock Corp and Joint Stock Commercial Bank for Foreign Trade of Viet Nam declined 1.6% and 1.2%, respectively. Indonesian and Malaysian markets were closed on Thursday due to holidays. For Asian Companies, click: SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3146.18 3142.37 0.12 Bangkok 1653.41 1648.46 0.30 Manila 7959.86 7945.37 0.18 Ho Chi Minh 948.21 951.41 -0.34 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3146.18 3068.76 2.52 Bangkok 1653.41 1563.88 5.72 Manila 7959.86 7,466.02 6.61 Ho Chi Minh 948.21 892.54 6.24 (Reporting by Niyati Shetty and Ambar Warrick in Bengaluru; Editing by Bernard Orr)

SE Asia Stocks-Investors cautious as IMF warning adds to global growth uncertainty

06 Jun 2019

* Philippine May CPI rises 3.2% y/y, above f'cast * Indonesia, Malaysia closed for holidays By Niyati Shetty June 6 Most Southeast Asian markets were flat on Thursday in lacklustre trade as persistent concerns about global economic activity and escalating trade wars weigh on investor sentiment. Investors were cautious after the International Monetary Fund on Wednesday warned that the Sino-U.S. tariffs could cut 2020 global gross domestic product by 0.5%, or about $455 billion. The estimate does not include the impact of a looming U.S. trade war with Mexico, which would further depress global growth. International trade tensions have ramped up over the last month as U.S. President Donald Trump's administration rekindled a bitter trade war with China, and threatened 5% tariffs on goods from Mexico starting on Monday. The Singapore bourse was marginally lower with index heavyweights DBS Group Holdings Ltd and Jardine Strategic Holdings Ltd declining 0.4% and 0.6%, respectively. Vietnam stocks fell as much as 0.2%, hurt by utilities and consumer staple shares. Petrovietnam Gas Joint Stock Corp lost 1.7% and Vietnam Dairy Products slipped 0.7%. Thai shares recovered from early falls as losses in energy stocks offset gains in real estate. Oil and gas firm PTT PCL lost 0.5% while Land and Houses PCL added 6.4%. Losses were limited in the region due to expectations of monetary policy easing after top U.S. officials moved away from their "patient" stance and warned that the global tariff dispute may force them to respond appropriately. Philippine equities pared early gains and were flat at 0338 GMT amid a slowing economy and expectations of lack of price pressure this year will likely mean further policy easing. Data on Wednesday showed, that the country's annual inflation rate rose 3.2% from a year earlier in May, speeding up for the first time in eight months. The Bangko Sentral ng Pilipinas chief, however, said the faster-than-expected inflation is only one data point and "does not constitute a trend". "The central bank appears unfazed by the latest print, suggesting that more rate cuts would be on the way," ING said in a note to clients. Markets in Indonesia and Malaysia are closed for holidays on Thursday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0338 GMT Market Current Previous close Pct Move Singapore 3139.72 3142.37 -0.08 Bangkok 1648.74 1648.46 0.02 Manila 7944.86 7945.37 -0.01 Ho Chi Minh 949.68 951.41 -0.18 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3139.72 3068.76 2.31 Bangkok 1648.74 1563.88 5.43 Manila 7944.86 7,466.02 6.41 Ho Chi Minh 949.68 892.54 6.40 (Reporting by Niyati Shetty in Bengaluru; editing by Bernard Orr)

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