Stocks, commodities fall on China slowdown
HONG KONG, July 1 (Reuters) - Asian stocks and commodities began the second half of the year on a sour note, with Japanese stocks sliding to a seven-month low after manufacturing data showed China's rapid economic growth was slowing.
"China's economy growth is at a critical stage of levelling off after the climb," said Zhang Liqun, a Chinese government economist, said in a statement regarding an official manufacturing survey.
Petronas may trim overseas exploration, eyes 2010 IPO
KUALA LUMPUR, July 1 (Reuters) - Malaysia's state oil firm Petronas said it may trim overseas exploration and focus more on developing and acquiring discovered oil wells, as it reviews its global expansion strategy.
Petronas also plans to list its petrochemical business, which sources have said could be over $2 billion, later this year. The company said its financial year 2010 profit slipped 23.2 percent from a year earlier.
Oil tumbles 4th day on China economic growth worries
SINGAPORE, July 1 (Reuters) - Oil fell for a fourth straight day, shedding as much as 1.3 percent, on signs that China's economic growth was slowing, raising concerns about energy demand.
"Market confidence remains very fragile and people are concerned about the risks to the international economic recovery," said David Moore, an analyst at the Commonwealth Bank of Australia.
Asian stocks fall; worst quarter since Lehman
SINGAPORE, June 30 (Reuters) - Asian stocks fell on Wednesday and ended the second quarter with their worst performance since the collapse of Lehman Brothers as investors got out of shares and high-yielding currencies on concerns over bank funding in Europe.
"Given that the market has risen pretty sharply since late May, I am not overly alarmed by the size of falls we are seeing today," said Choi Seong-lak, a market analyst at SK Securities. KOSPI has gained 8 percent in the past month after hitting a six-month low on May 25.
July 1 (Bloomberg) -- Spain’s top credit ranking was placed on review for a possible downgrade by Moody’s Investors Service as the country prepares to sell as much 3.5 billion euros ($4.3 billion) of five-year notes today. “Deteriorating” growth prospects and challenges in meeting fiscal targets mean Spain’s Aaa classification may be lowered by as much as two grades, Moody’s analysts including Senior Vice President Kristin Lindow in New York said yesterday in a statement. The review will be concluded within a three- month period, the ratings company said.
July 1 (Bloomberg) -- China’s manufacturing expanded at a slower pace for a second month in June, adding to signs that growth in the world’s third-largest economy is moderating. The Purchasing Managers’ Index fell to 52.1 from 53.9 in May, the Federation of Logistics and Purchasing said in an e- mailed statement today. That was less than the median 53.2 estimate in a Bloomberg News survey of 12 economists.
Stocks steadier as torrid quarter ends, ECB eyed
LONDON, June 30 (Reuters) - World stocks steadied on Wednesday after their biggest one-day plunge in over a year but fresh banking stress and fears of a double-dip global recession preyed on investors on the final day of a torrid second quarter.
"The banks are in effect swapping a comfy sofa for a stool -- but at least there are plenty of stools," said Societe Generale rate strategist Suki Mann.
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