October 2013

Statoil Posts Above-Forecasted Q3 Earnings

Statoil, the world’s eleventh largest oil and gas Company posted its upbeat third-quarter earnings on Wednesday, following an increase in the company’s oil production.

The Norwegian energy company said its adjusted net income after tax increased by 2% to NOK 12.1 billion ($2.1 billion) from NOK 11.9 billion ($2.02 billion) from the previous year, exceeding analysts’ forecasts of NOK 11.9 billion.

The company’s basic earnings per share rose NOK 4.48 (¢0.78) higher against the consensus of NOK 3.59 (¢0.61), compared to NOK 4.52 (¢0.77) seen in the previous year.

“Statoil delivered strong strategic progress in the third quarter. We added high value barrels through the Bay du Nord discovery offshore Canada, the world’s largest oil discovery this year,” CEO Helge Lund said in a statement. Read more

Asian Shares In Green; Fed Meeting In Spotlight

Major Asian shares in the Asia-Pacific region moved higher on Wednesday, following the string of positive trend in global stocks as investors continue to speculate that the Federal Reserve would most likely delay tapering its stimulus program until next year March. Gains in the region were lead by Japanese shares.

Members of the Federal Reserve continue their two-day Federal Open Market Committee (FOMC) meeting and are expecting to postpone tapering its $85-billion monthly bond-buying program, after the release of the disappointing US macro data and the negative impact of the 16-day US government shutdown. Read more

Asian Shares Mixed On Firm Yen

Asian shares were seen declining on Tuesday, as the strong yen dragged Japanese stocks lower and market investors  awaits the decision from the US Federal Reserve two-day meeting over the future for its monetary stimulus.

Analysts are predicting the Fed to delay tapering its $85 billion monthly asset-purchasing program until next year, following the 16-day government shutdown.

The Japanese benchmark Nikkei 225 index declined 0.98% to 14,254.49 as of 1:07am GMT, with the firmer yen dragging exporters to decline, while Tokyo’s broader Topix index dropped 0.65% lower to 1,190.53.

Meanwhile, shares in Nissan Motors and Isuzu Motors dropped by more than 1% as the stronger yen dropped dragged the company lower. Read more

Gold Prices Little Unchanged Ahead of Fed Meeting

Gold prices were seen trading flat during the Asian trading hours on Tuesday ahead of the Federal Reserve’s two-day meeting, which will begin today.

Yellow metal futures edged 0.08% higher at $1,353.30 an ounce during the Asian trading session on Tuesday, while silver futures declined 0.02% to $22.535 an ounce at the time of writing.

While holdings in the world’s biggest gold-backed exchange-traded fund, SPDR Gold Trust came in at 872.02 tonnes on Monday.

 

Gold Prices – Federal Reserve Meeting

Policymakers from the Federal Reserve are expected to meet this week and release its statement by Wednesday, with predictions that the Fed will delay tapering its monthly asset-purchasing program after the release of the disappointing US payroll data and the 16-day government shutdown. Read more

Crude Futures Mixed Ahead of U.S Industrial Output Data

Crude futures traded little changed before the release of the US economic data which may show when the Federal Reserve will begin to taper its monetary stimulus in the world’s largest economy.

In New York, crude futures fluctuated after dropping by 2.9% last week, the most in five weeks; meanwhile a series of U.S government data is expected to be released this week, including figures for industrial production which are expected to show a climb in its output in September.

Its “premature” to comment on what decision OPEC will take on production at a December meeting, U.A.E. Energy Minister Suhail Mohammed Al Mazrouei said in Singapore, earlier today. Read more