Asian stocks were mixed Monday morning,with the Japanese Nikkei down 31.07 and the Australian ASX dropping 5.40,while China showed some strength as both the Hong Kong and Shanghai indexes were up modestly.
In Japan,repair work on the Fukushima reactors is still delayed because of a radioactive water leak;it can't resume until the leak is fixed,an official said.Two workers have substantial skin contamination from standing in the water.
Power shortages continue in Japan,and automakers there may cooperate,staggering production schedules to deal with the shortfall.
Sinopec,the Chinese oil and petrochemical major,reported its 2010 earnings.It posted record earnings,with net income up 14% for 2010 and 31% for Q4.Sinopec will now cut costs and expand overseas activity and investments.
Other Chinese energy firms exceeded Sinopec's results,with Cnooc reporting profits up 85% and Petrochina's 35% higher.They are less exposed to crude oil price hikes than Sinopec,which is more heavily into refining and hence restricted by government price controls on fuel.
Sinopec(SNP),Cnooc(CEO),Petrochina(PTR)
Update:Hong Kong shares later took a tumble,falling 0.72%.Only Shanghai remained in the green.
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