HSCNOOC@EC2612A(20872.HK)

The Hang Seng Index turned positive, with CHINA SHENHUA rising over 4% and CNOOC rising over 2%

Oil giants brace for a bruising earnings season — with shareholder returns at risk

A weaker crude price environment has ramped up the pressure on Big Oil’s commitment to allocating cash to shareholders.

According to a report by ZhuoChuang Information, as of the close on February 2, the reference crude oil change rate for the 10th working day in the domestic market was 4.71%. The retail ceiling prices for gasoline and diesel were raised by 205 yuan and 195 yuan per ton, respectively, with the prices for 92# gasoline, 95# gasoline, and 0# diesel increasing by 0.16 yuan, 0.17 yuan, and 0.17 yuan, respectively. The price adjustment window is set for 24:00 on February 3, and this adjustment will mark the first "double increase" since 2026

"Hong Kong Stocks" Hang Seng Index drops 656 points in half a day, commodities, Chinese telecommunications, and automotive stocks under pressure

The Hong Kong stock market fell in the morning session, with the Hang Seng Index down 656 points or 2.4%, reporting at 26,730 points. The National Index fell 252 points or 2.7%, and the Hang Seng Tech Index dropped 210 points or 3.7%. The commodity market is volatile, with gold and silver prices continuing to decline, leading to a general drop in related stocks. Brent crude oil fell by more than 4%, with noticeable declines in PetroChina and CNOOC. Domestic property stocks and telecom stocks also experienced declines due to VAT adjustments, with the overall market turnover at HKD 178.124 billion

Uganda lowers annual growth forecast to 6.5%-7%, to start crude output in west

Uganda's finance ministry has revised its economic growth forecast for the upcoming financial year to between 6.5% and 7%, down from a previous estimate of 10.4%. The ministry did not provide a reason for this adjustment. The forecast was shared on the X platform, and the growth was initially expected to be bolstered by the commencement of oil production from western reserves, managed by TotalEnergies and CNOOC.