Dell Inc’s quarterly earnings report beat investor expectations that have been repeatedly hammered down. But the computer maker’s celebrations could be short-lived.
New Zealand business confidence rose to the highest level in more than four years, adding to signs the economy is recovering from a recession.
Opec-member Qatar told several term buyers it would supply full contracted crude oil volumes for October, while fellow Gulf state and group member Kuwait cut supplies by 5 per cent for the October-December period, both expected moves.
India’s Finance Secretary Ashok Chawla said there’s “no need” for the government to alter its borrowing plan for this year.
Sin-opec Shanghai Petrochemical Co, a unit of Asia’s largest oil refiner, said it is “worried” about the Chinese government’s commitment to its fuel-pricing policy amid speculation of an adjustment to reflect crude costs.
Oil fell towards $71 a barrel yesterday as a drop in China’s key stock index and weaker European equities stoked worries about the pace of economic recovery and a revival in energy demand.
China Oilfield Services, a unit of the nation’s third-biggest oil producer, expects earnings to come under more “pressure” and may delay projects after a profit slump in the first six months on weaker crude prices.
As Manmohan Singh, the Indian prime minister, was invited to turn “the wheel of fortune” that would allow pumping to start at the Mangala oilfield in Rajasthan on Saturday, the academy award-winning song Jai Ho – which in Hindi means “may you be victorious” – pounded from a stereo system.
Pakistan’s benchmark stock index rose to its highest this year, led by energy companies, after Pakistan State Oil Ltd said it expected revenue growth with the opening of 200 outlets by 2012.
India’s stocks fell, ending a seven- day 7.5 per cent rally, on concerns the weak monsoon rainfall may derail economic growth. Metals producers sank after prices of commodities declined.