China to Slow Petrol Imports

FT via Naked Capitalism, we are alerted to the fact that China is to stop its massive purchases of refined petroleum products. Now that the Olympics are over (and the stockpiles are full) the Big Buy is coming to an end.

Quick! Snatch up that marked-down Hummer, stat!

China’s state-owned oil companies are likely to stop imports of refined products such as diesel and petrol next month after a nine-month buying spree that has left stockpiles overflowing, one of Asia’s largest refiners said.
...
Since late last year, the two Chinese state-owned refiners had been importing increasing amounts of diesel, peaking at 960,000 tonnes in June, and the country be­came a net petrol importer for the first time in May.
...
However, much of the imported petrol and diesel has been stockpiled rather than consumed.

“The state refiners’ stockpiles are so full that they have been reselling the stuff,” FPCC said.

FDIC seeks Treasury Funds

Hmm...surely this ain't good. FDIC seems to think it's gonna need more cash in the future. IndyMac started the hurt, now what's next? (From WSJ)

Probably good for a 200 point DOW pop tomorrow.

FDIC Weighs Tapping Treasury as Funds Run Low

WASHINGTON -- Federal Deposit Insurance Corp. Chairman Sheila Bair said Tuesday her agency might have to borrow money from the Treasury Department to see it through an expected wave of bank failures.

Ms. Bair said the borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank. The borrowed money would be repaid once the assets of that failed bank are sold.

Note, this comes hot on the heels of the release of the release of the updated "Problem Banks" list from the FDIC earlier today. The list increased from 90 to 117.

Ugliness keeps on coming, but nothing seems to happen...