-- Shandong Molong Petroleum Machinery (HKG:0568, SHE:002490) recorded a 3% rise in attributable profit for the three months ended March 31 to 5.6 million yuan from 5.4 million yuan a year prior, according to a Tuesday Hong Kong bourse filing.
Earnings per share rose to 0.007 yuan from 0.0068 yuan in the corresponding period of the previous fiscal year.
Operating revenue soared 129% in the quarter to 665.9 million yuan from 291.4 million yuan in the year-ago period.
Crude futures eased on Wednesday as the US extended its ceasefire with Iran, temporarily stalling a direct military escalation.The Brent futures contract slipped 0.8% to $97.74 per barrel. Murban closed at $96.29 on April 21 and was not trading as of the time of publishing this oil price update.US President Donald Trump said Tuesday that he extended the ceasefire with Iran while maintaining a blockade, as negotiations remain uncertain.Trump said in a Truth Social post, "... upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal."Trump said the US blockade would be maintained, signaling continued pressure, and also indicated that talks remain conditional on Iran presenting a clear negotiating position.While President Trump delayed military action against Iran at Pakistan's request, the continued closure of the Strait of Hormuz is suppressing global demand."The conflict is curbing supply, with demand destruction near 4 million barrels per day and possibly rising to 5 million mainly impacting Asia," Saxo Bank analysts said.On the supply side, data from the American Petroleum Institute revealed Tuesday that US crude oil inventories declined by 4.40 million barrels in the week ended April 17.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.
Malaysia has delayed its planned carbon tax implementation, citing ongoing geopolitical tensions in the Middle East, The Star reported Tuesday, citing Natural Resources and Environmental Sustainability Minister, Arthur Joseph Kurup.The tax, which was previously expected to start this year for sectors such as iron, steel and energy, has been deferred to avoid adding pressure on industries and consumers. Kurup said the government will instead prioritize setting up a carbon credit framework, including verification systems and a national carbon registry, reportedly.The National Carbon Market Policy (DPKK), approved on April 1, will serve as the basis for Malaysia's participation in both voluntary and compliance carbon trading markets. He added that Malaysia remains committed to emissions reduction targets for 2035 and its net-zero goal by 2050, while continuing to push the green transition, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Japanese equities closed higher on Wednesday, with the Nikkei 225 gaining after J.P. Morgan raised its year-end target for the benchmark to 70,000 from 61,000, citing momentum in AI and a weaker yen.On Wednesday, the Nikkei 225 rose 0.4%, or 236.69 points, to close at 59,585.86.Analysts at J.P. Morgan said concerns about overheating in the Nikkei 225 outweigh improving long-term growth prospects for Japanese equities, even as crude prices stay elevated.The benchmark index climbed to a record on Wednesday, nearing the 60,000 mark, as it recovered from a broad global selloff linked to tensions in the Middle East.In economic news, Japan's trade surplus widened to 667 billion yen in March as exports grew faster than imports, with shipments to China and the U.S. offsetting a sharp slump in Middle East trade amid the Iran conflict, data from the Ministry of Finance Japan showed.The Bank of Japan said the financial system remains stable but flagged rising risks from geopolitical tensions, higher oil costs, and exposures to real estate, foreign funds and leveraged market activity.On the corporate front, Mitsubishi UFJ Financial (TYO:8306) fell over 1% after a report said it is considering offering higher deposit rates for a planned digital bank to compete on speed and cost.Tokyo Electric Power (TYO:9501) rose about 4% after securing 4.7 billion yen in fresh grants to support ongoing nuclear compensation payouts.Advantest Corporation (TYO:6857) gained around 3% after joining Applied Materials' EPIC platform and opening a Silicon Valley research center to advance chip development.