Asian Stocks Advance on Greek Debt Talk Progress, Toyota Profit Forecast
Feb. 8 (Bloomberg) -- Asian stocks rose for a third day as Greece’s government edged closer to securing a bailout package and Toyota Motor Corp. (7203) raised its profit forecast. Toyota rallied 2.8 percent in Tokyo after Asia’s largest carmaker raised its earnings outlook by 11 percent as new models boosted sales. Panasonic Corp. (6752) advanced 1.9 percent amid a report the company is in talks with Fujitsu Ltd. and Renesas Electronics Corp. to merge their chip operations. BHP Billiton Ltd. (BHP) slid 0.9 percent in Sydney after earnings fell short of analyst estimates. The MSCI Asia Pacific Index climbed 0.3 percent to 125.33 as of 10:07 a.m. in Tokyo, extending the gauge’s highest level since September. Japan’s Nikkei 225 Stock Average and the broader Topix Index both advanced 0.5 percent. Australia’s S&P/ASX 200 Index increased 0.1 percent and South Korea’s Kospi Index rose 0.5 percent.
GLOBAL MARKETS-Shares becalmed, euro eases as Greek talks drag
SINGAPORE, Feb 8 (Reuters) - Asian shares remained becalmed on Wednesday and the euro edged off an 8-week high as further delay in agreeing on details of a new Greek bailout package tempered the optimism that had driven U.S. stocks and commodities higher.
"Despite uncertainty about the Greek situation, global markets have remained steady, with the recently positive economic data out of the United States supporting gains for the time being," said Yumi Nishimura, senior technical analyst at Daiwa Securities.
S.Korea says Saudi Arabia ready to consider additional crude supplies
SEOUL, Feb 8 (Reuters) - South Korea's presidential office said in a statement on Wednesday that Saudi Arabia would "actively consider" support including additional crude supplies if requested by Seoul, as it looks for alternatives to Iranian oil.
The remarks came in a meeting between Saudi Arabia Oil Minister Ali al-Naimi and South Korean President Lee Myung-bak.
China buys up Saudi, Russian oil to squeeze Iran
BEIJING/LONDON, Feb 7 (Reuters) - China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia.
Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months.
EIA cuts 2012 non-OPEC oil output growth forecast
NEW YORK, Feb 7 (Reuters) - The U.S. Energy Information Administration cut its forecast for oil output growth by producers outside of OPEC by 140,000 barrels per day for 2012, but boosted estimates for 2013 by 90,000 bpd, according to the agency's monthly outlook released on Tuesday.
The EIA said it expects an oil exports dispute between South Sudan and Sudan to cut the South's oil production by more than half this year, to 210,000 bpd from 425,000 bpd in 2011. Output was expected to bounce back to around 340,000 bpd in 2013.
Oil rises on spread trade, Canadian outage
NEW YORK, Feb 7 (Reuters) - Brent oil rose slightly on Tuesday and U.S. crude jumped more than 1.5 percent, bolstered by an unplanned outage at a Canadian oil sands plant and optimism about an agreement on Greece's debt problems.
"The spread got above $20 and it looks like some big players came in and pulled it back, then the dollar fell on expectations a Greece debt deal is coming," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut.
US natgas ends lower despite cooler forecast
NEW YORK, Feb 7 (Reuters) - U.S. natural gas futures ended lower on Tuesday, shrugging off colder forecasts for the Northeast and Midwest as mounting concerns about record high supplies pressured the complex.
"The 11-15 day forecast does have some cooler weather, but I think the market is flinching ahead of a storage report on Thursday that's not going to be very supportive," said Tim Evans, energy analyst at Citi Futures Perspective in New York.
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