Morning briefing: China becomes world's No. 1 energy consumer, U.S. stock-index futures climb
By Ariana Eunjung Cha
*China has surpassed the United States to become the world's biggest energy consumer, according to new data from the International Energy Agency. China used 2,252 million tons of oil equivalent last year, or about 4 percent more than the 2,170 million tons of oil equivalent the U.S. consumed. The U.S. had held the top spot for more than a century. The oil-equivalent encompasses all forms of energy, including crude oil, nuclear, coal, natural gas and hydroelectric power. The U.S. remains the top user of energy per capita.
*The yuan was weaker as the People's Bank of China reset the daily reference rate at 6.7800 per dollar. Premier Wen Jiabao said the government will continue policies to ensure favorable conditions for its businesses as the global economy recovers at a "very slow" pace. China signed agreements with Hong Kong to ease restrictions on yuan transfers between banks and companies in the city as it encourages the use of its currency over the dollar and euro for settlements between its exporters and importers in other countries.
*Hungary's budget deficit might be near 3.8 percent of GDP next year if the country is unable to reach a new agreement with the International Monetary Fund, the country's economy minister, Gyorgy Matolcsy, said at a conference in Vienna. If the government is able to get a new agreement, it would be closer to 2.8 percent.
*Ireland's credit rating was cut one level by Moody's Investors Service, which cited the high cost of bank bailouts and said the country had experienced a "significant loss of financial strength."
*Nokia announced it will acquire most of Motorola's wireless network operations for $1.2 billion. The company said the deal would significantly strengthen its presence around the world, especially in Japan and the United States.
*U.S. stock-index futures climbed, setting the stage for a possible rebound Monday that may help the U.S. markets recover from the worst sell-off this month on Friday. IBM rose in Germany as the computer services company prepares to report earnings this morning, Google climbed 1.2 percent on optimism over a recent slew of mobile-display advertising acquisitions and Boeing edged up 1.4 percent after a $9.1 billion order from the Emirates.
Ariana Eunjung Cha
July 19, 2010; 8:25 AM ET
Save & Share: Previous: Michael Boskin: Stimulus 'mostly a tragic waste of money'
Next: Sen. Levin on Goldman Sachs: Whether or not anyone goes to jail is up to Justice Dept.
Posted by: Anonymous | July 19, 2010 9:38 AM | Report abuse
Posted by: Anonymous | July 19, 2010 9:43 AM | Report abuse
Posted by: adrienne_najjar | July 19, 2010 10:08 AM | Report abuse
Posted by: 6thsense79 | July 19, 2010 11:51 AM | Report abuse
Posted by: pmancoll | July 19, 2010 11:57 AM | Report abuse
Posted by: Anonymous | July 19, 2010 12:03 PM | Report abuse
Posted by: MSinTexas | July 19, 2010 12:09 PM | Report abuse
Posted by: geotherm21 | July 19, 2010 1:35 PM | Report abuse
Posted by: geotherm21 | July 19, 2010 1:36 PM | Report abuse
Posted by: Airborne82 | July 19, 2010 3:40 PM | Report abuse
Posted by: Anonymous | July 19, 2010 5:14 PM | Report abuse
Posted by: rohit57 | July 19, 2010 5:34 PM | Report abuse
Posted by: Anonymous | July 19, 2010 6:26 PM | Report abuse
Posted by: icurhuman2 | July 19, 2010 8:01 PM | Report abuse
Posted by: 54465446 | July 19, 2010 10:33 PM | Report abuse
The comments to this entry are closed.