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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: NWSA , YONG

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