PM Abe of Japan will probably call a snap election after dissolving the Diet.
China caused waves across our portfolio. First of all, in an admission that something was needed to set GNP growth back on track, China cut interest rates in a new stimulus initiative.
Then some of the details of the deal on cutting carbon emissions made with the other gross polluter (the USA) were revealed. Bloomberg wrote: “China, which does nothing in small doses, will need about 1,000 nuclear reactors, 500,000 wind turbines, or 50,000 solar farms as it takes up the fight against climate change.”
*Any boost in China demand for anything is good for China stocks. So Tencent is up in US trading. TCTZF.
*My personal holding in a US uranium mine (Uranerz) went ballistic on the Bloomberg forecast. However, Canadian Cameco remains boringly flat, maybe because it has gained lately.
*The market is skeptical whether China will be able to replace coal fired filthy power stations with alternative energy. The bet is that China will require more oil and gas imports as well as clean energy.
This has boosted several of our oily shares, starting with Anton Oilfields, up 18.6% to a high of $50.75 this morning. We sold half at $44.75 and then bravely decided to stop selling.
Helping its gain is the new link between Shanghai and Hong Kong, the latter its listing site, and also the spate of deals in the oil and gas service sector.
*A boost went to Schlumberger, SLB, which provides also wellhead services.
*Also up is Ecopetrol, EC, of Colombia.
*And even Australia’s Origin Energy (part owner of a gasification plant for China) rose 3.6%. OGFGF is more likely to benefit from growth than from more gas consumption.
*On the growth side, lower interest rates boosted .
