MarketWrap: Wall Street sold off on Tuesday as disappointing corporate reports gave a sour tone to the start of earnings season and investors digested possible changing dynamics for the upcoming US elections. - Reuters

The DJIA fell 200.38 points, or 1.09%, to 18,128.66, the S&P 500 lost 26.93 points, or 1.24%, to 2,136.73 and the Nasdaq dropped 81.89 points, or 1.54%, to 5,246.79.

Forex summary

*The ringgit lost 0.34% to 4.1920 per US$

*It was 0.24% higher at 4.6297 per euro

*Down 0.22% to 5.1421 per pound sterling

*Down 0.46% to 3.0405 per Singapore dollar

*0.62% lower to 3.1689 per Aussie

*Down 0.29% to 4.0480 per 100 yen

Energy

Oil prices on Tuesday retreated from one-year highs, after Opec said it was trying to reach a global agreement to cap production for at least six months amid doubts about how much that would reduce a crude glut. Brent crude settled down 73 cents, or 1.4%, at US$52.41 a barrel, retreating from a one-year high of US$53.73 hit on Monday. - Reuters

Top foreign stories

Deutsche Bank dashes back to bond market: Deutsche Bank made a rapid-fire return to the US high-grade bond market on Tuesday, satisfying investor demand by tapping last week's US$3 billion deal for another US$1.5 billion in fresh cash. - Reuters

Opec, key producers to discuss six-month oil deal: Opec will hold talks with non-member oil producers on Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan. - Reuters

BoJ’s Kuroda says he will ease policy again if needed, including more rate cuts: Bank of Japan governor Haruhiko Kuroda said on Wednesday he is prepared to ease monetary policy again if needed, including pushing short-term interest rates further into negative territory. Kuroda said the BoJ's government debt purchases may fluctuate around 80 trillion yen (US$778 billion) but the BoJ will continue to buy a lot of debt to influence the yield curve. - Reuters

Yum Brands to return US$13.5b to shareowners by 2019: Yum Brands Inc, owner of Pizza Hut, KFC and Taco Bell chains, said on Tuesday it will more than double returns to shareholders by 2019 as part of a programme started last year.  The company, which is spinning off its China division at the end of the month, now plans to expand its share buyback plan to US$13.5 billion, including dividends. - Reuters

Top local stories

Sime on firm footing: Sime Darby Bhd’s aggressive deleveraging efforts over the past year are beginning to bear fruit, as the conglomerate is on track to eliminate a large chunk of its RM11bil debt pile. Sime had reduced its short-term borrowings exposure by RM1.9bil during its past financial year ended June 30, 2016. - StarBiz

Push for rental schemes: Real Estate and Housing Developers Association deputy president Soam Heng Choon said the Government should provide more homes for rental purposes for those who genuinely cannot afford them or for the low-income group. “There is Projek Perumahan Rakyat for those who cannot afford homes. More of such schemes are needed for rental purposes,” he said. - StarBiz

Liverpool FC boost for MAS: Malaysia Airlines Bhd (MAS) has tied up with English football club Liverpool FC. Chief executive officer Peter Bellew, who declined to disclose the exact amount to partner the English Premier League football club, hopes the airline can sell more seats with the tie-up. - StarBiz

Sona obtains court order on winding up company: Special purpose acquisition company Sona Petroleum Bhd has obtained a High Court order to empower the SPAC’s liquidators for the completion of its winding-up process. - StarBiz

Kamdar court battle resumes: The court battle continues between Kamdar Group (M) Bhd – helmed by chairman and managing director Kamal Kumar Kishorchandra Kamdar – and Kamal Kumar’scousin and the company’s biggest shareholder Bipinchandra Balvantrai. The company said the Court of Appeal had on Sept 5 declared a mistrial and ordered to remit the case for re-hearing before a different judge in the High Court. - StarBiz

Iskandar Waterfront considers reviving IPO: Iskandar Waterfront Holdings Sdn Bhd is considering reviving an initial public offering as early as 2017 as it steps up the construction of projects including one linked to 1Malaysia Development Bhd. The company may pursue a dual listing in Malaysia and Hong Kong or Singapore as it seeks to monetise some of its assets valued at more than RM30bil, Iskandar Waterfront executive vice-chairman Tan Sri Lim Kang Hoo said. - Bloomberg

TH Heavy seeks to extend maturity date of debt papers: TH Heavy Engineering Bhd told Bursa Malaysia that it has sought the Securities Commission approval to update the maturity date of its sukuk murabahah from Sept 30, 2016 to Sept 29, 2017. - StarBiz

Falcon comes under fire from Singapore and Swiss regulators: Singaporean and Swiss regulators slammed Falcon Private Bank for “serious” breaches of anti-money laundering regulations in relation to its role in moving funds associated with 1Malaysia Development Bhd (1MDB). - Bloomberg

Pos M’sia plans to provide logistics services to Alibaba: Pos Malaysia Bhd is seeking a more direct role in providing logistics services to Chinese e-commerce giant Alibaba Group Holding Ltd, tapping a boom in online retailing. The company planned talks with Alibaba this month on bypassing the middlemen when shipping goods sold on its platforms, chief executive officer Datuk Mohd Shukrie Mohd Salleh said. - Bloomberg

DanaInfra to tap 3-year low borrowing costs: DanaInfra Nasional Bhd plans to offer RM2bil of government-guaranteed Islamic bonds this week after selling RM4.5bil of sukuk in April, sources said. The proceeds will be used to help finance construction of the country’s mass rail transit system. - Bloomberg

Selangor Properties unveils AIRA Residence: After decades of silence, the family-owned Selangor Properties Bhd has re-emerged in the property development scene with the launch of its exclusive condominium, the AIRA Residence. - StarBiz

MSC revamp may have prompted departures: Disagreements over plans to revamp Malaysia Smelting Corp Bhd (MSC) are said to have led to the departure of chief executive officer Chua Cheong Yong and group chief operating officer of mining Mohamed Yakub Ismail. - Edge FD

Komarkcorp shifts focus to S-E Asia: Komarkcorp Bhd is shifting its focus to South-East Asia as the group faces increasing competition in China. The group, which recently lost a “big client” in China, is now targeting to expand its operations in Indonesia, the Philippines and Vietnam, said group executive chairman David Goh. - Edge FD

Axiata will maintain controlling stakes in overseas overseas operation companies: Axiata Group Bhd is not ruling out the possibility of a minor stake sale of its overseas operation companies (opcos) to reinvest in higher potential businesses, but intends to maintain controlling stakes in these opcos if such a rationalisation exercise takes place. - Edge FD

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