Asian stocks rose after Chinese data quelled fears of a massive
slowdown in the world's second largest economy.
China's July CPI rose 2.7% from a year ago, just below forecasts
for a 2.8% gain. PPI fell 2.3% from a year ago, easing from a 2.7%
drop the previous month. A Dow Jones survey had expected a decrease
of 2.2%. On a monthly basis, the CPI rose 0.1%, and the PPI fell
Industrial production rose 9.7% in July from a year earlier, 0.8
percentage points higher than forecast in a Bloomberg survey.
Retail sales eased to a 13.2% growth rate from June's 13.3%,
though it still ranked as the second-best month this year. The
growth lagged expectations of a 13.5% increase in the Reuters
Around the region, Australia's central bank cut its GDP
forecast. It now sees calendar 2013 economic growth of 2.25% from a
forecast in May of 2.5%.
Markets in India, Singapore, Malaysia, Indonesia, and the
Philippines were closed for holidays.
In ADR news, News Corp (
) said Kim Williams, the chief executive of its Australian
operations, has resigned and will be replaced by a former head of
its Melbourne-based newspaper business.
Yongye International (
) says Q2 sales rose 69.6% to $301.3 million from a year earlier.
Adjusted net income was $1.51 per share, up from $0.78 a year
The Nikkei ended up 0.07% at 13,615.19, the Hang Seng up 0.7% at
21,807.56 and Shanghai up 0.36% at 2,052.23.
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