KUALA LUMPUR, March 10 - Malaysia's government is to announce it will spend billions of dollars to help prop up the economy when it sets out new spending measures on Tuesday, a source familiar with the government's plans said.
The source told Reuters that Deputy Prime Minister Najib Razak would set out spending worth "much, much more than the 10 billion (ringgit) we announced last week" but did not provide a precise figure.
Tuesday, March 10, 2009
Trader's Highlight
DJI - NEW YORK, March 9 - U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough.
Large mergers and acquisitions are generally viewed as a show of support for equity valuations. But analysts said with major indexes trading around 12-year lows, evidence of thawing credit markets and economic recovery is needed to bring investors back into the market.
The Dow Jones industrial average dropped 79.89 points, or 1.21 percent, to 6,547.05. The Standard & Poor's 500 Index fell 6.85 points, or 1.00 percent, to 676.53. The Nasdaq Composite Index slid 25.21 points, or 1.95 percent, to 1,268.64.
NYMEX - NEW YORK, March 9 - U.S. crude futures ended higher for the second session in a row on Monday, amid jitters following a Chinese-U.S. naval incident, supportive technicals and expectations OPEC may lower output targets again.
On the New York Mercantile Exchange, April crude settled up $1.55, or 3.41 percent, at $47.07 a barrel, trading from $44.97 to $48.83.
CBOT - SOYBEANS - March up 2 cents at $8.81 a bushel. Strong U.S. and South American cash markets amid tight soy stocks and slow farmer selling supporting futures, with front month taking the lead. March/May spread firm. Midwest basis bids firm early Monday along with soy CIF values at the U.S. Gulf.
CBOT - SOYOIL - March up 0.25 cent at 30.51 cents per lb, Support from gains in soybeans and crude oil.
REGIONAL EQUITIES - BANGKOK, March 9 - Singapore shares fell for a third session on Monday, ending at the lowest in nearly six years as banks DBS Group and UOB dropped, while battered bank and energy shares helped pull the Thai market down 2 percent.
Singapore's benchmark stock index closed down 3.7 percent at its lowest since July 2003, with Southeast Asia's largest lender, DBS Group , sliding 6.5 percent and United Overseas Bank off 7 percent.
Large mergers and acquisitions are generally viewed as a show of support for equity valuations. But analysts said with major indexes trading around 12-year lows, evidence of thawing credit markets and economic recovery is needed to bring investors back into the market.
The Dow Jones industrial average dropped 79.89 points, or 1.21 percent, to 6,547.05. The Standard & Poor's 500 Index fell 6.85 points, or 1.00 percent, to 676.53. The Nasdaq Composite Index slid 25.21 points, or 1.95 percent, to 1,268.64.
NYMEX - NEW YORK, March 9 - U.S. crude futures ended higher for the second session in a row on Monday, amid jitters following a Chinese-U.S. naval incident, supportive technicals and expectations OPEC may lower output targets again.
On the New York Mercantile Exchange, April crude settled up $1.55, or 3.41 percent, at $47.07 a barrel, trading from $44.97 to $48.83.
CBOT - SOYBEANS - March up 2 cents at $8.81 a bushel. Strong U.S. and South American cash markets amid tight soy stocks and slow farmer selling supporting futures, with front month taking the lead. March/May spread firm. Midwest basis bids firm early Monday along with soy CIF values at the U.S. Gulf.
CBOT - SOYOIL - March up 0.25 cent at 30.51 cents per lb, Support from gains in soybeans and crude oil.
REGIONAL EQUITIES - BANGKOK, March 9 - Singapore shares fell for a third session on Monday, ending at the lowest in nearly six years as banks DBS Group and UOB dropped, while battered bank and energy shares helped pull the Thai market down 2 percent.
Singapore's benchmark stock index closed down 3.7 percent at its lowest since July 2003, with Southeast Asia's largest lender, DBS Group , sliding 6.5 percent and United Overseas Bank off 7 percent.
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