Thursday, April 14, 2011

Asian stocks mostly lower as Chinese inflation up

sian stock markets were mostly lower Friday as reports showed Chinese inflation climbed again despite government efforts to cool living costs while the country’s economy slowed slightly in the first quarter.

China’s Shanghai Composite Index was flat at 3,036.89 while the smaller while the smaller Shenzhen Composite Index fell 0.6 percent to 1,275.81.

Japan’s Nikkei 225 stock average fell 0.4 percent to 9,612.23, South Korea’s Kospi was down 0.4 percent to 2,134.40 and Australia’s S&P/ASX 200 was down 0.3 percent at 4,868.70.

Hong Kong’s Hang Seng Index rose 0.7 percent to 24,173.01. Benchmarks in Singapore, Indonesia and New Zealand were slightly higher.

In New York on Thursday, stock indexes were lower for most of the day after claims for unemployment benefits rose unexpectedly but pared losses after rallying late in the day.

The Dow Jones industrial average rose 14.16, or 0.1 percent, to 12,285.15. The broader Standard and Poor’s 500 stock index added 0.11 point, or less than 0.1 percent, to close at 1,314.52. The Nasdaq composite lost 1.30, or 0.1 percent, to 2,760.22.

In currencies, the dollar slipped to 83.51 yen from 83.73 yen late Thursday. The euro fell to $1.4470 from $1.4503.

Benchmark oil for May delivery rose 43 cents at $108.54 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.00 to settle at $108.11 per on Thursday.


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