Asian Shares Rise After China Data


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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 0.3%.

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 poll.

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 ( NWSA ) 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 ( YONG ) 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 ago.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: NWSA , YONG

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