Brent crude reversed early losses to trade back towards $57 a barrel on Tuesday, as a weaker dollar overshadowed signs of slowing growth in China and Saudi Arabian oil production close to an all-time high.
Tags: China
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The euro rose and European shares edged up on Tuesday, responding to signs the euro zone economy is gaining momentum, while a slowdown in factory activity in China kept oil and commodities-linked assets under pressure.
IBM Corp will share technology with Chinese firms and will actively help build China's industry, CEO Virginia Rometty said in Beijing as she set out a strategy for one of the foreign firms hardest hit by China's shifting technology policies.
Hutchison Whampoa Ltd (0013.HK) is expected to finalize a deal to buy Telefonica SA's (TEF.MC) British mobile unit O2 for 10.5 billion pounds ($15.70 billion) as early as Tuesday morning, the Financial Times reported.
Companies could issue a record $30 billion in so-called "green bonds" this year, but further growth in the market will depend on developments in China and common standards, Standard & Poor's Rating Services said on Monday.
Oil prices declined on Monday, holding near $55 a barrel after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns of global oversupply.
China National Chemical Corp (ChemChina) is to buy Pirelli (PECI.MI), the world's fifth-largest tire maker, in a 7.1 billion euro ($7.7 billion) deal that will place one of the symbols of Italy's manufacturing industry in Chinese hands.
China's economy faces increased downward pressure this year but the slowdown is stabilizing, with employment and services among the bright spots, Vice Premier Zhang Gaoli said on Sunday.
China will take steps to rein in possible risks from short-term local government bonds, including converting such bonds into long-term debt, the country's vice finance minister, Zhu Guangyao, said on Saturday.
Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from OPEC and the United States.
