Sumitomo Corporation

Asian Activities Report for December 22, 2011 includes: Sumitomo Corporation (TYO:8053) and J-Power Systems Corporation have been awarded a joint contract worth 31 billion yen for a submarine power cable project in Taiwan; Huaneng Power International, Inc. (HKG:0902) (SHA:600011) (NYSE:HNP) has received government approvals for its Huaneng Chongqing Liang Jiang Gas-fired Combined Cooling-Heating-Power Project; Yaskawa Electric Corporation (TYO:6506) has decided to establish a robot manufacturing subsidiary in Jiangsu Province, China, to expand the company's current robot production capacity.

The Australian market rebounded to above 5000 points today after Wall Street gained on hope of upbeat US corporate earnings. On Wednesday, investors would look to consumer sentiment data from Wespac and Melbourne Institute. The local market fell back to below the 5000 points level on a weaker performance in Asian markets. Today Asian shares were mostly higher following the positive lead from Wall Street.

Canada-based Viterra Inc. (TSE:VT) (ASX:VTA) has confirmed that it is selling its 50 per cent interest in the Australian Bulk Alliance (ABA) joint venture, a grain handling and supply chain services provider, to Japan's Sumitomo Corp (TYO:8053)for A$8.6 million.

Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is pleased to announce positive results from a detailed Pre Feasibility Study (PFS) into downstream processing of battery grade electrolytic manganese dioxide (EMD) at its Jiangsu site in the in the Zhangjiagang Yangtze River International Chemical Industrial Park.

Asian shares declined in thin trade on Monday. Tokyo stocks fell on the pre-weekend fall on Wall Street and monetary tightening in China, despite a slightly better than expected gross domestic product figure in fourth quarter was released yesterday. Australian stocks Monday was also lower, weighed down by some disappointing earnings reports. There is no lead from Wall Street and major Asian markets including Shanghai, Hong Kong, Taiwan and Singapore are still in holiday break on Tuesday.

U.S. stocks closed slightly lower on Tuesday, giving up early gains boosted by consumer confidence data and strong earnings from Apple. Investors remained cautious as there were continued concerns over bank regulation plans.

US stocks closed at 14-month highs on the news of Dubai's US$10 billion funding and a big acquisition by Exxon Mobil, which agreed to acquire XTO Energy for US$31 billion in stock.

Asian investors continued cautious trading on Thursday amid ongoing debt jitters. Most Asian shares reversed to positive territory after some small drops at opening. Yesterday bourses across the region were hit by a series of credit rating downgrade. Japan's Nikkei fell 1.3 per cent, Hong Kong's Hang Seng Index dropped 1.4 per cent, and China's Shanghai Composite was down 1.7 per cent.

Asian markets mostly opened higher this morning, but reversed early gains after profit taking selling. Tokyo market fell in a choppy trade despite a positive support from Wall Street. This is largely due to a stronger yen and worries over some corporate financing plans. Korean market was down as foreign investors continued to offload Seoul stocks.

The Australian shares ended with little changes on Friday. The S&P/ASX200 index just added 1 point to 3776.7 points, while the broader All Ordinaries gained 2.5 points to 3728.1. The local market is likely to be lifted on the back of the stronger metals prices. Today Rio Tinto's Australian annual meeting will also be the market focus.