Asian markets opened lower this morning,Monday.China has set 7.5% for its growth target as the European debt crisis continues.It's the lowest target in eight years.The MSCI Asia Pacific Index declined 0.88 % on the news.
The CNOOC Chairman sees the Chinese energy titan's 2012 oil and gas output being the same as in 2011.
Rising oil prices are being considered the principal threat to the global pocketbook today.It would be hard to have any further increses without damage to the world economy.For example,Airline profits are expected to drop 50% because of them.Singapore Air is already seeing weakness in forward bookings.
Oil futures rose on news of an Enbridge Inc. oil pipeline fire in Illinois.Enbridge says it will try to work around the mishap.The pipeline carries oil from Canada to the U.S. Meantime,China intends to increase retail sales by 14% in 2012.It will also keep pursuing its low birth rate policy,President Wen Jiabao said.
India's Nifty Fifty Index fell 0.80% this morning.The local election results in Utar Pradesh come out tomorrow,and there is fear of a possible change in government.
Enbridge Inc.(ENB)
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