Fitch and other raters think the China Natl Petroleum Corp $400 bn deal is good for OGZPY long term but it could hurt the Russian gas exporter's rating short term as it has to borrow money to develop the new fields.

The boost came from a Japanese shopping spree ahead of a rise in the sales tax April 1, to 8% from 5%. So the boom in consumption was a one-off.

Today's publication of two contrasting purchasing managers' indexes (PMIs) may mark a major market shift. On the one hand, the HSBC March 'flash' survey of Chinese manufacturing outlook came up with a prediction of further decline.