Market News - 26 Aug 2009

U.S. and European Market Roundup

• The DJIA up 30.01 points to 9,539.29 points.
• U.S stocks rose on Tuesday as economic data and the renomination of Federal Reserve chief Ben Bernanke reassured investors and offset concerns about red ink in the federal budget.
• European shares hit their highest close since October on Tuesday after better-than-expected U.S house prices and consumer confidence data lifted investor spirits, with oils and banks rebounding from earlier losses.

Macro and Corporate New

• Bank Negara Malaysia has left borrowing cost unchanged at 2%, citing improvements in domestic and global economic and financial conditions.
• Maybank reported its lowest annual net profit in a decade after it wrote down the value of its overseas banks. Net profit for the year to June 30 2009 came in at RM691.9 mln, some 76% lower than the previous year's RM2.9 bln.