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HONG KONG (MarketWatch) -- India's economy grew by 8.2% in the three months ended Dec. 31 from the same period a year earlier, led by a strong growth in agriculture production, according to official data released Monday. The agriculture sector grew by 8.9% during the quarter, while the manufacturing sector expanded by 5.6%. The overall growth was smaller than the 8.6% expansion estimated in a survey of economists by Reuters, and also lagged the 8.9% growth recorded in the three months ended Sept. 30.
# India budget, China PMI on tap in week ahead (Feb. 26)
# India budget, China PMI on tap in week ahead (Feb. 26)
# Mumbai markets set to fall on federal budget (Feb. 27)
# Australian shares weak ahead of rate decision (12:35a)
# China to target slower growth through 2015: Wen (Feb. 27)
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J.P. Morgan eyes Twitter
J.P. Morgan's new digital growth fund considers Twitter for a possible minority stake. What does it mean for the red-hot microblogging service?
• J.P. Morgan to buy into Twitter, reports say
NoahsArch.itscoming.com
J.P. Morgan eyes Twitter
J.P. Morgan's new digital growth fund considers Twitter for a possible minority stake. What does it mean for the red-hot microblogging service?
• J.P. Morgan to buy into Twitter, reports say
ENTERTAINTMENT & MEDIA
'King' takes Oscar crown
'The King's Speech,' a drama about King George VI's struggle to overcome a stammering problem as he tries to lead Britain into World War II, takes Best Picture and Best Actor at Academy Awards.
• Oscars and box-office bounce
# Central Florida News 13
High winds, dry weather spark fires across Texas Sunday
4 hours ago
By the CNN Wire Staff (CNN) -- Heavy winds and dry weather helped set off a rash of fires across a wide swath of north, central and west Texas on Sunday, ...
CNN - 57 related articles - Shared by 100+
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For Mets, Another Storm to Weather
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Where's Mick?
Hearing that too....
Loading up silver~
Indeed
That's a lot of money..
"India's October-December GDP rises less-than-expected 8.2% from year earlier http://on.mktw.net/fCFGTa"
India October-December GDP growth slows to 8.2%
Related stories
* India budget, China PMI on tap in week ahead (Feb. 26)
* Mumbai markets set to fall on federal budget (Feb. 27)
* Australian shares weak ahead of rate decision (12:35a)
* China to target slower growth through 2015: Wen (Feb. 27)
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By V. Phani Kumar
HONG KONG (MarketWatch) -- India's economy grew by 8.2% in the three months ended Dec. 31 from the same period a year earlier, led by a strong growth in agriculture production, according to official data released Monday. The agriculture sector grew by 8.9% during the quarter, while the manufacturing sector expanded by 5.6%. The overall growth was smaller than the 8.6% expansion estimated in a survey of economists by Reuters, and also lagged the 8.9% growth recorded in the three months ended Sept. 30.
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"Japanese stocks open weaker, with retailers lower on sales data; Nikkei Average down 0.3% http://on.mktw.net/fIBMtC"
"Hong Kong shares open lower, as policy fears drag on property; Hang Seng Index down 0.2% http://on.mktw.net/fSwpHO"
"Natalie Portman takes Best Actress Oscar for Fox Searchlight's 'Black Swan' http://on.mktw.net/h5weoT"
"Colin Firth wins Best Actor for Weinstein Co.'s 'King's Speech' http://on.mktw.net/eUtzAt"
"Weinstein Co.'s 'The King's Speech' wins Academy Award for Best Picture http://on.mktw.net/hWxWWI"
But the production bump is more of a psychological band-aid than a real problem solver. That’s because most Saudi crude is sour. That means it has a high sulfur content. Most Libyan crude is sweet, or low in sulfur content.
Since most European refiners are set up to process sweet crude, extra oil coming out of Saudi Arabia is not terribly useful to them. They still have to scour the globe looking for sweet grades of crude to produce diesel and gasoline, which means other sweet grades, such a West Texas Intermediate, are going to continue to carry a premium.
But that’s almost a minor detail. What frightens the market far more than finding replacement barrels for Libyan oil is the possibility that uprisings sweeping the Arab world, which have already toppled dictators in Tunisia and Egypt, will continue to spread to other major oil producers.
The industrialized world has for decades counted on the Saudis to crank up production when prices get too high or step in when supplies get too tight. And they’ve usually complied, playing the role of the swing producer to smooth out the ups and downs of a volatile marketplace.
That’s why this latest version of the Arab revolt is so frightening. What happens if it erupts in Kuwait, Oman, the United Arab Emirates or even the world’s biggest exporter of them all, Saudi Arabia?
No one knows if this will happen, but given recent developments in the region, can it be ruled out? It’s a threat hanging over most of the industrialized world for decades, yet very little has been done to reduce our monumental economic dependency on the goodwill of a desert monarchy.
We might not like to talk about it, but it’s something oil traders have to live with every day.
It’s hard to get a handle on how much Libyan crude is actually missing right now from the market. Several companies have pulled personnel out of the country and shut down production as a precaution, so perhaps as much as half of the country’s output is affected. We just don’t know. And while it’s not an insignificant volume of crude, it’s hardly catastrophic.
But tell that to the traders. The crisis in Libya briefly drove Brent Blend, the benchmark North Sea crude traded in the London futures market, to $119 a barrel this week, a two-year high.
Global oil facing 'sea change'
Daniel Yergin, author of "The Prize," says Mideast turmoil is a "sea change" for the global oil market, with the U.S. and emerging markets most vulnerable to oil prices.
The move reflected in part concerns that Libya’s oil fields might be shut for a long time or even damaged by hostilities, leaving European refiners scrambling to find replacement barrels on the world market. But far more frightening is the prospect of violence spreading to other key Arab oil exporting nations.
To soothe traders’ frayed nerves, the Saudis are bumping up output by about 8%, which would put them just above 9 million barrels per day, or 12% of the world’s total production. The increase is more than enough to cover any supply gap left by Libya. And it did a lot to calm the market. Brent prices came off their recent highs, as did the Light Sweet crude contract traded in New York. Read the latest on oil futures markets.
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Saudi Arabia calms oil markets
Commentary: Slapping a patch on a much bigger problem
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By MarketWatch
SAN FRANCISCO (MarketWatch) — Saudis to the rescue!
As the oil market frets about chaos in Libya, Saudi Arabia is quietly assuring everyone it will boost production to make up any shortfalls. It’s a bit of a bogus reassurance, but it seems to be working. At least for now.
Libya, like Saudi Arabia, is a member of the Organization of Petroleum Exporting Countries. But Libya’s exports pale in comparison.
Prior to the uprising, Libya was pumping about 1.6 million barrels a day, or roughly 2% of the world’s total output. Most of that oil was being exported to nearby European refineries.
“A great deal of uncertainty hovers over any wholesale restart while the political impasse continues,” they said.
Political instability across the region — including protests erupting for the first time in Oman on the weekend, and fresh riots in Tunisia — has continued to support oil prices.
The March Brent crude contract at London’s ICE also traded higher, up $1.20, or 1.1%, to trade at $113.39 a barrel.
Royal Bank of Scotland analysts said in a note that, with the exception of Japan, rising oil prices pose a significant risk to the Asian region.
“At $120 a barrel, we estimate oil prices to shave off 1.5% from baseline growth,” the RBS analysts said.
“The growth impact is greatest in Taiwan and Korea, where oil prices could subtract as much as 2.7 percentage points from growth in 2011.”
Virginia Harrison is a MarketWatch reporter based in Sydney.
Oil futures extend gains, nearing $100 mark
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Oil settles higher, but under $100 a barrel
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By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Benchmark crude-oil futures moved closer to the key $100-a-barrel level in electronic trade during Asian trading hours Monday, as political uncertainty in the Mideast and North Africa continued to rattle supply fears.
Iraq oil refinery attacked
Militants shut down Iraq's largest oil refinery after a bomb attack leaves four dead. Video courtesy of Reuters.
Nymex light, sweet crude for April delivery /quotes/comstock/21n!f:cl\j11 (CLJ11 99.26, +1.38, +1.41%) — the most actively traded contract — gained $1.69 or 1.73% to $99.57 a barrel in electronic New York Mercantile Exchange trading.
In Libya, opponents of the current regime took control of a key city near the capital Tripoli on Sunday, declaring a provisional government, and also saying they would allow oil shipments to resume from territory under their control, The Wall Street Journal reported on its website.
“Although the [Libyan] Sirte Basin infrastructure is relatively self-contained, with fields and ports now ‘liberated’ from [Libyan leader Moammar] Gadhafi’s forces, the likelihood remains of the country’s oil remaining virtually offline for the near term, although sporadic cargoes may be exported,” analysts from IHS World Markets Energy Perspective said.