Market News - 29 May 2009

U.S. and European Market Roundup

• The DJIA up 103.78 points to 8,300.02 points.
• U.S stocks rallied, led by banking and energy shares as a rebound in 10-year Treasuries eased concern record government debt sales will trigger higher borrowing costs and oil climbed to a six-month high.
• Over in Europe, stocks retreated for the first time this week, led by financials such as Deutsche Bank and AXA with scant corporate news to give direction and U.S data sending mixed signals on economic recovery prospects.

Macro and Corporate New

• Budget carrier AirAsia is back in the black with a net profit of RM203.2 mln in the first quarter of 2009 after posting two consecutive quarterly losses previously.
• TDM, a plantation group controlled by the Terengganu state government, expects its pretax profit to drop 69% this year due to a lower palm oil price, following a record 2008.