Market Update - 18 April 2013

• Poor performance in technology, energy and financial shares led Wall Street closing lower, with DOW -0.94%, S&P -1.43% and Nasdaq -1.84%. Fed Bullard believes that the Fed should buy more bonds if inflation keeps falling.

• Mailing letters to US President Obama were intercepted due to positive test for ricin.

• Gold producers, ignored as global stocks rebounded in the past two years and investors turned to exchange traded funds that track bullion, face closing mines or shutting themselves down after the metal’s worst slump in three decades this week made 15% of miners unprofitable

• PBOC’s deputy governor, Yi Gang said the yuan’s trading band will be further widened “in the near future”

• Asian stocks fell, led by mining companies, after commodity prices retreated on concern a weaker outlook for global economic growth will crimp demand for raw materials. KLCI closed at another record high on Wednesday, above the 1710 mark, as persistent buying of blue chip stocks supported sentiment in the market.

• Malaysia’s March CPI rose 1.6% yoy after increasing 1.5% in February. This morning, USD/MYR rose on risk-on sentiment, today’s expected range 3.0300 -3.0450