GLOBAL MARKETS: Asia stocks fall but still outperform other markets
SINGAPORE, July 28 (Reuters) - Asian stocks fell ahead of a long list of corporate results on Thursday that may shed light on the year's earnings outlook, though the region continued to outperform Wall Street in July.
"Buying on dips in companies with good earnings may continue, but exporters may not fare well for the time being as long as there are concerns about the U.S. economy," said Hideyuki Okoshi, general manager at Chibagin Securities in Tokyo.
Obama to announce new fuel economy standards Friday
WASHINGTON/DETROIT, July 27 (Reuters) - The Obama administration has reached a compromise with automakers on a new fuel economy target for cars and trucks, ending months of negotiations on this pivotal mandate for the auto industry.
Automakers' fleets will now have to average 54.5 miles per gallon by 2025, according to people familiar with the plan.
OIL: Oil falls as US inventories rise, debt talks falter
NEW YORK, July 27 (Reuters) - Oil prices fell on Wednesday as data showed the first release of crude from the U.S. petroleum reserve unexpectedly pushed up domestic inventories last week, adding to concerns over weak economic data.
"(The inventory report) was clearly a disappointment ... although we are trading much more off of the problems of the broader financial market and debt ceiling", said Bill O'Grady, chief investment strategist at Confluence Investment Management in St. Louis, Missouri.
Japan oil sales seen up 2.2 pct if reactors shut
TOKYO, July 27 (Reuters) - Japan's total oil product sales are expected to rise 2.2 percent in the financial year to next March if local authorities keep nuclear reactors shut after routine maintenance due to safety concerns after Fukushima, the nation's top energy forecaster said on Wednesday.
Under that scenario, sales of thermal fuel to utilities would be expected to rise 138.1 percent to 14.7 million kilolitres (92.5 million barrels) in 2011/12 from 6.2 million kl a year earlier, the Institute of Energy Economics for Japan (IEEJ) said in its latest report.
Ivory Coast oil refinery to boost capacity by 25 pct
July 26 (Reuters) - Ivory Coast's 80,000 barrel-per-day (bpd) refinery plans to boost its capacity by 25 percent in the next decade to 5 million tonnes a year, from 4 million now, its director general Joel Dervain told Reuters on Tuesday.
The SIR refinery, one of the biggest in sub-Saharan Africa, supplies fuel domestically and exports to several West African countries.
Iran may cope with India oil money loss, but no more
DUBAI, July 27 (Reuters) - International sanctions designed to stop Iran's disputed nuclear programme would only really bite if its other big Asian buyers follow India's lead and bow to U.S. pressure to cut the flow of oil money to Tehran.
The Islamic Republic will forego around $45 million a day or a total of $1.4 billion in August -- if it halts around 400,000 barrels per day (bpd) of crude exports to India -- where refiners have run up a $5 billion debt since India's central bank blocked payments to Iran after pressure from Washington.
NATURAL GAS: August natural gas settles flat at expiration
NEW YORK, July 27 (Reuters) - Most U.S. natural gas futures ended slightly lower on Wednesday for a third day, but the front month August contract expired unchanged, underpinned by warmer late week forecasts for the Northeast and Midwest.
"Futures ended (expired) right near cash. It's still hot and tropical activity is picking up, but there's no shortage of gas," said Ed Kennedy, senior vice president at INTL Hencorp Futures in Miami.
EURO COAL: Sep DES trades at $125/T
LONDON, July 27 (Reuters) - Prompt physical coal prices were stable on Wednesday after creeping higher by $1.50 a tonne during the previous three days on the South African strike and firmer oil.
"There are more of the usual players active in the market this week than last week but few trades are going through, liquidity's still very low," one European trader said.
COMMODITIES: Oil tumble, dollar rebound leads broad decline
NEW YORK, July 27 (Reuters) - Commodities fell in thin volumes on Wednesday as the dollar rebounded on uncertainties over U.S. debt talks, with oil leading the decline as U.S. crude stockpiles mounted.
"We think a sharper sell-off in the US equity markets will likely materialize by week's end and climax on Monday if no (debt) agreement is reached, in which case we could see the divergence we are seeing between various markets snap, leading to broad-based declines in all complexes, except perhaps in precious metals and foreign currencies," said Edward Meir, analyst at MF Global in New York.
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