Energy

Brent crude was 0.92% lower to US$46.06 per barrel at 2.32pm.

Forex

Ringgit down 0.50% to 4.4163 versus the US dollar at 2.36pm.

Top foreign stories

Hot China house prices cool in October as curbs on speculation bite: China’s booming property market showed early signs of a softening in October after a fast and furious price rally that propped up economic growth this year. A National Bureau of Statistics survey out on Friday showed October’s monthly price growth virtually halved to 1.1% from September’s 2.1%, as most of China’s first and second-tier cities posted slowing price growth. — Reuters

Snap’s youthful founders show no fear in race to IPO: The youthful founders of Snap Inc, the red-hot messaging company, are pushing far more aggressively than its predecessors in moving from scrappy startup to public company. Snap is planning an initial public offering valuing it at more than US$20 billion just two years after it first began to generate revenue, even though it has plenty of cash and ample opportunity to raise more on the private markets. — Reuters

ANZ’s sale of insurance unit attracts Meiji Yasuda, AIA Group: Australia and New Zealand Banking Group (ANZ)’s sale of its life insurance and wealth business, which has been valued at US$3.33 billion by the bank, is attracting interest from Japan’s Meiji Yasuda and Hong Kong-based AIA Group, sources said. — Reuters

Thai Q3 growth momentum cooling, Q4 may slow further: Thailand’s economic growth is expected to have slowed slightly in the third quarter on weaker private sector activity even as tourism remained strong and exports surprisingly picked up. A Reuters poll estimated the economy expanded a median seasonally-adjusted 0.7% in the third quarter from April-June, which grew 0.8%. — Reuters

Top local stories

Bank Negara intervenes to help sagging ringgit: official: Bank Negara is intervening in markets to support the beleaguered ringgit, an official said on Friday, as regional authorities grapple with a surging dollar. Assistant governor Adnan Zaylani replied “Yes” when asked by reporters on Friday whether the central back was intervening in the foreign-exchange market, Bloomberg News reported. — AFP

Tanah Makmur shareholders okay selective capital reduction proposal: Non-interested shareholders of Tanah Makmur Bhd have unanimously approved the company’s proposed selective capital reduction and repayment exercise at an EGM on Friday. Tanah Makmur said 84 of its non-interested shareholders, who hold 47.07 million shares, voted in favour of the proposal. — StarBiz

Kanger International in bamboo product JV in Bangladesh: Kanger International Bhd has entered into a memorandum of understanding with A K Khan Plywood Co Ltd to form a joint-venture company to explore the production of bamboo products and furniture. — StarBiz

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