Market News - 18 June 2009

U.S. and European Market Roundup

• The DJIA down 7.49 points to 8,497.18 points.
• U.S stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry.
• European shares fell for the fourth straight session on Wednesday amid doubts about a return to economic growth, which hammered commodity stocks, and with banks in the red on fresh concerns about U.S. financial sector health.

Macro and Corporate New

• Scomi Engineering, the energy and logistics engineering subsidiary of Scomi Group, is one of two front-runners to win a RM3.5 bln monorail project in Riyadh, Saudi Arabia, industry sources said. The other candidate is a partnership between Saudi Binladin Group and Japan's Mitsubishi Corp.