The Malaysian state-owned oil and gas company,Petronas,intends to make a major Canadian acquisition.The firm is expected to spend about five billion dollars for a substantial foothold in North America.It's following China's lead in seeking global energy assets.In June 2011,the company aqcuired a stake in Canadian shale gas assets for just over a billion dollars.
China's purchasing managers' index came in stronger than expected.The PMI reading was at 53.1,with 50 showing economic expansion.The index is focused on large enterprises and is affected by seasonality.Natural resources such as rubber and copper will be more in demand on the China and U.S. outlooks.
Tropical Storm Pakhar has hit the coast of Vietnam.The first storm of the year,it will also be troubling Thailand.
Mainland Chinese and Vietnam markets are closed today,Monday,for holidays.It is Tomb Sweeping in China and the Hung Kings' Anniversary in Vietnam.China's markets will remain closed through Wednesday.The rest of the Asian markets opened largely higher this morning,with the MSCI Asia Pacific Index up 0.28%.Japan's markets rose despite a gloomy Bank of Japan Tankan survey of business sentiment,which logged a -4 reading,showing more pessimists than optimists among large businesses.
It was partly cloudy in Kuala Lumpur,Malaysia this morning,with a temperature of 82F.
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