Asia News
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Chinese Premier Wen Jiabao said business conditions may be “relatively difficult” this quarter and monetary policy will be fine-tuned as needed.
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China Petroleum & Chemical Corp. agreed to buy a one-third stake in five Devon Energy Corp. exploratory oil projects covering 1.2 million acres in the U.S. for $900 million.
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Stocks surged, driving the Standard & Poor’s 500 Index to a two-month high, and commodities climbed on signs of increasing manufacturing output around the world. The dollar weakened and U.S. Treasuries fell.
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Singapore’s economy shrank for the second time in three quarters, highlighting Asia’s vulnerability to the European debt crisis even as manufacturing strengthens in India and China.
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