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BP says its fourth-quarter profits fell by nearly a third as the company felt the impact of asset sales following the Gulf of Mexico oil disaster. Net income dropped 30 percent to $1.04 billion from $1.49 billion in the same quarter the year before. The Gulf of Mexico spill continues to eat into profits. The aftermath of the 2010 Deepwater Horizon disaster cut pretax profit by $189 million in the quarter and $469 million over the year. U.S. stocks were poised to rise at the open on Tuesday, underpinned by a slew of sturdy corporate results, as the market regained its footing following its largest selloff in months a day earlier. Wall Street kicked off a global equities selloff Monday, with the S&P 500 suffering its worst drop since June, after weaker-than-expected U.S. data added to concerns over growth in China and the outlook for some emerging economies. Bank shares could get a bump as U.S-traded shares of UBS and Itaú Unibanco rallied in premarket trading. The Swiss bank UBS reported higher-than-expected fourth-quarter earnings on Tuesday as a far-reaching restructuring started to pay off and it benefited from a tax gain. The bank said net profit for the last three months of 2013 rose to 917 million Swiss francs, or $1 billion, from a loss of 1.9 billion francs in the period a year earlier, when the bank faced legal costs. A Reuters poll of 16 banks and brokerages forecast an average net profit of 354 million francs.

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