Saudi Arabia will not expand oil-production capacity and instead will focus on developing natural gas reserves, said Saudi Aramco CEO Khalid Al-Falih. "Our focus is to invest heavily in gas, in downstream, in refining and, something that is new to Aramco, in chemicals," he said.
Asian-Pacific share markets were mixed Tuesday as traders remained cautious because of concerns about the U.S. and Europe. Japan's Nikkei 225 lost 0.4%, Australia's S&P/ASX 200 fell 0.7% and China's Shanghai Composite slipped 0.1%. Hong Kong's Hang Seng Index gained 0.1%, and South Korea's Kospi rose 0.3%. India's Sensex was up 1.5% at midday.
Canadian natural gas prices increased after a rally of New York futures. On the New York Mercantile Exchange, gas for December delivery closed up 8.3 cents Monday, to $3.399 per million British thermal units. Gordy Elliott, a risk-management specialist at INTL FC Stone, said the activity was triggered by funds' short covering.
BPV Family of Funds introduced two publicly traded mutual funds that focus on wealth accumulation and preservation. The Core Diversification Fund is designed to deliver equitylike returns with reduced risk. The Wealth Preservation Fund pursues an absolute-return investing strategy.