Markets in Asia were higher.
The Nikkei rose .2% to 10,283.
The Hang Seng was up 1.4% to 22,516. China Life (NYSE:LFC) and Sinpoc (NYSE:SNP) rose.
The Shanghai Composite was up 1.9% to 3,108.
At the open in Europe, the FTSE was up .8% to 5,247. The Dax rose 1% to 5,820. The CAC 40 rose 1% to 3,857.
Data from MarketWatch and Reuters.
Douglas A. McIntyre
Markets in Asia were mixed.
The Nikkei rose .2% to 10,258.
The Hang Seng fell .1% to 21,988. Petro China (NYSE:PTR) was up but Sinopec (NYSE:SNP) fell.
The Shanghai Composite fell 1.% to 2,977.
At the open in Europe, the FTSE rose .6% to 5,250. The Dax rose .4% to 5,856. The CAC 40 was up .3% to 3,897
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Markets in Asia were mixed.
The Nikkei dropped .3% to 10,051.
The Hang Seng moved up 1.7% to 21,839. PetroChina (NYSE:PTR) and Sinopec (NYSE:SNP) moved up on oil prices.
The Shanghai Composite rose 1.2% to 2,970
At the open in Europe, the FTSE was up 1.3% to 5,220. Rio Tinto (NYSE:RTP) rose. The Dax was higher by 1.3% to 5,781. and the CAC 40 rose 1.4% to 3,854.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Markets in Asia were slightly down with Japan closed for a holiday.
The Hang Seng was off .5% to 21,404. Sinopec (NYSE:SNP) was up slightly.
The Shanghai Composite fell .6% to 2,894.
At the open in Europe, the FTSE rose .4% to 5,180. The Dax was up .6% to 5,744. The CAC 40 moved higher by .3% to 3,812. Philips was up (NYSE:PHG) on strong earnings.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Markets in Asia were mostly lower.
The Nikkei fell 2.5% to 9,732.
The Hang Seng dropped 2.6% to 20,415. HSBC (HBC) fell sharply. PetroChina (PTR) and Sinopec (SNP) also fell.
The Shangai Comsite was higher by .9% to 2,779.
At the open in Europe, the FTSE fell .6% to 5,019. The Dax was down .6% to 5,520, and the CAC 40 dropped .9%.
Data from Reuters and MarketWatch
Douglas A. McIntyre
Markets in Asia were narrowly mixed.
The Nikkei was up .3% to 10,133.
The Hang Seng was down .6% to 20,841. Sinopec (SNP) fell.
The Shanghai Composite was up .9% to 2,779.
At the open in Europe, the FTSE rose .1% to 5,166. The Dac was up .4% to 5,735 and the CAC 40 rose .6%.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Angola’s state-owned oil company, Sonangol, has exercised its right of first refusal to purchase a 20% stake in block 32 offshore Angola from Marathon Oil Corp. (NYSE:MRO). In July, Marathon announced that it had reached a definitive agreement with China’s CNOOC Ltd. (NYSE:CEO) and China Petroleum & Chemical Corp. (Sinopec; NYSE:SNP) to sell Marathon’s working interest in block 32 to the two Chinese companies for $1.3 billion. Sonangol’s action pulls an estimated 300 million barrels of reserves out of Chinese hands. Read More
Markets in Asia were mixed.
The Hang Seng rose .3% to 21,546. Sinopec (SNP) rose.
The Shanghai Composite was down 2.3% to 2,898.
At the open in Europe, the FTSE rose .6% to 5,164. Rio Tinto (RTP) was up sharply. The Dax was up .7% to 5,708. The CAC 40 moved higher by .6% to 3,837.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
The Times of London claims that people within the British government turned over convicted Lockerbie bombing participant Abdelbaset Ali Mohmed al-Megrahi to Libya as part of an attempt to secure a major oil deal. The Times reported “Gordon Brown’s government made the decision after discussions between Libya and BP over a multi-million-pound oil exploration deal had hit difficulties.” The heinousness of the Lockerbie bombing gives the apparent “trade” a special level of abhorrence, but it is not the first time that the interests of profits have outweighed better ethics. Read More
Reuters: Bernanke will be reappointed as Fed chief.
Reuters: New deficit projects could hurt Obama’s plans.
Reuters: The SEC and Bank of America (BAC) asked a judge again to approve a deal regarding Merrill Lynch bonuses.
Reuters: GM is considering keeping Opel. Read More
Reuters: A faltering stock market may make it hard for China to cut financial support to the capital markets.
Reuters: Roubini warned of a double dip recession.
Reuters: Warner Chilcott will buy the P&G (PG) drug business.
Reuters: The head of Germany said GM must make an immediate decision on Opel. Read More
Markets in Europe were sharply higher.
The Nikkei rose 3.4% to 10,581.
The Hang Seng rose 1.5% to 20,500. Sinopec (SNP) and PetroChina (PTR) both jumped.
The Shanghai Composite was up 1.2% to 2,993.
At the open in Europe, the FTSE was up .5% to 4,784. Rio Tinto (RTP) moved up. The CAC 40 rose .2% to 3,624.
Data from Reuters and MarketWatch.
Douglas A. McIntrye
China is scouring the world for oil as its expanding economy needs more crude to fuel its transportation and infrastructure needs. The world’s most populous nation is close to a deal to loan Brazil oil giant Petrobras $10 billion for off-shore drilling. The deal would help China lock up more than 100,000 barrels of crude a day.
China has been an aggressive bidder for rights to Iraqi oil fields although it is too early to say how that will work out. Sinopec (SNP) has bid $7.2 billion for oil company Addax Petroleum. Read More
Markets in Asia were higher.
The Nikkei rose .9% to 9,786.
The Hang Seng was up 1.3% to 17,878. Sinopec (SNP) and China Petroleum (PTR) rose on a the anticipation oil with rise with the US recovery.
The Shanghai Composte was up .9% to 2,880.
At the open in Europe, the FTSE was up .1% to 4,285. BHP Billiton (BHP) was up as commodities rose. The Dax was up .2% to 4,429. The CAC 40 fell .2% to 3,187.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Reuters: The US faces a long period of economic stagnation.
Reuters: Obama will release plans for a financial market overhaul.
Reuters: The White House will not help California fix its deficit.
Reuters: Large US company bankruptcies are accelerating.
Retuers: News Corp’s (NWS) MySpace fired 30% of its staff. Read More
Reuters: The heads of the emerging markets, the so-called BRICs, held their first global summit.
Reuters: Obama will be tested this week on financial reforms.
Reuters: Rich nations are working on an exit from stimulus packages.
Reuters: Pfizer (PFE) is trying to do deals to improve its emerging market presence. Read More
These are the top pre-market analyst downgrades and cautious research calls we have seen from Wall Street early this Tuesday morning:
Ascent Solar (ASTI) Cut to Neutral at Merriman Curhan Ford.
Bankrate (RATE) Cut to Hold at Citigroup.
China Mobile (CHL) Removed from Conviction Buy List at Goldman Sachs.
Juniper Networks (JNPR) Cut to Neutral at UBS.
Mechel (MTL) Cut to Equal Weight at Morgan Stanley.
Sinopec (SNP) Removed from Conviction Buy List at Goldman Sachs.
Total (TOT) Cut to Hold at Citigroup.
JON C. OGG
The Kuwaiti state oil company, Kuwait Petroleum Corporation, and China Petroleum and Chemical Company, known as Sinopec, (NYSE: SNP) are well along on plans to build a new 300,000 barrel per day refinery in Guangdong province. The total cost of the project is estimated at $8-$9 billion.
Kuwait Petroleum will own 30% of the project, Sinopec will own 50%, and Royal Dutch Shell plc (NYSE:RDS-A) and Dow Chemical Company (NYSE:DOW) will each own 10%.
The $10 billion loan from the China Development Bank to Brazil’s Petroleo Brasiliero SA, known as Petrobras (NYSE: PBR), has been finalized. This deal has been in our pending file since late February. Many of yesterday’s reports had this as a fresh deal, which technically it is and technically it isn’t. Under the deal, Petrobras will supply China Petrochemical Corp., known as Sinopec (NYSE: SNP), with 150,000 barrels/d for the first year of the deal and then 200,000 barrels/d for the next nine years.
The Chinese government has become more aggressive about buying foreign assets. Chinese leaders recently said they would begin to make investments in Europe through their sovereign wealth fund. The country has capital available to buy assets driven down by the recession.
Chinalco, China’s huge metals company, recently spent $19.5 billion buying into global mining giant Rio Tinto (RTP). Rio needed the money to decrease its debt. There is speculation that China wanted to secure access to minerals. To that extent, the investment was a “strategic” one on China’s part. The Australian government considered blocking the deal but did not. Perhaps debt-laden Rio made the case that it needed the money too much to help it through the economic downturn.
| Today’s top tickerspy Indexes | |
| U.S. Equity ETFs | 0.0% |
| Facilities Servic... | 0.0% |
| Diversified Enter... | 0.0% |
| China Travel Stoc... | 0.0% |
| Aerospace and Def... | 0.0% |
 | |
| |
RSS Updates
Email Updates
